The Wildwood Apartments For Sale! (18-Units) 600 Wildwood Way 18 Unit Apartment Building $3,400,000 ($188,889/Unit) 6.50% Cap Rate Clearwater, FL 33756

ASSUMABLE FINANCING AVAILABLE!
THE WILDWOOD APARTMENTS IS AN 18-UNIT APARTMENT COMPLEX LOCATED IN CLEARWATER, FL. MINUTES FROM WORLD-FAMOUS CLEARWATER BEACH, ONE OF THE TOP-RATED BEACHES IN THE COUNTRY! CLEARWATER HAS SEEN ENORMOUS GROWTH OVER THE PAST 10 YEARS AND HAS BECOME THE FASTEST-GROWING MARKET IN THE TAMPA/ST. PETERSBURG AREA. All UNITS HAVE BEEN RECENTLY UPDATED AND ARE IN GREAT CONDITION, AS THE PROPERTY HAS UNDERGONE SIGNIFICANT IMPROVEMENTS OVER THE PAST 3 YEARS.
THE PROPERTY HAS MASSIVE VALUE-ADD POTENTIAL AS ALMOST ALL OF THE RENTAL RATES ARE STILL VERY MUCH BELOW THE MARKET AVERAGE. WITH THE LIMITED NUMBER OF UPDATED UNITS AVAILABLE FOR RENT IN CLEARWATER, THE DEMAND IS OFF THE CHARTS! CURRENTLY, THE RENTAL RATES ARE $150–$300 PER MONTH BELOW THE MARKET AVERAGE! WITH THE RECENT UPGRADES, A BUYER CAN INSTANTLY RAISE THE RENTAL RATES WITHOUT SPENDING MONEY ON CAPEX! DUE TO THE PROPERTY'S PRIME LOCATION, THESE UNITS WILL STAY RENTED, AND THE RENTAL RATES WILL ONLY CLIMB OVER TIME!
THIS UNIQUE OPPORTUNITY TO PURCHASE PRIME REAL ESTATE IN ONE OF THE FASTEST-GROWING MARKETS IN ALL OF FLORIDA WILL NOT LAST LONG. CURRENTLY, THE PROPERTY BOASTS AN IN-PLACE CAP RATE OF OVER 6%, AND AS THE BUYER BRINGS EACH UNIT'S RENTAL RATE CLOSER TO THE MARKET AVERAGE, THAT WILL RISE. A BUYER CAN EXPECT A CAP RATE OF OVER 6.5% IN 2027 AND A CAP RATE OF OVER 7% BY THE BEGINNING OF 2028!
THIS NEWLY UPDATED 18-UNIT PROPERTY SITS JUST MINUTES FROM WORLD-FAMOUS CLEARWATER BEACH, ONE OF THE TOP-RATED BEACHES IN THE COUNTRY, AS WELL AS DOWNTOWN CLEARWATER, MORTON PLANT HOSPITAL, BELLEAIR COUNTRY CLUB, AND THE CHARMING SHOPS OF BELLEAIR! WITH ALL OF THE RECENT DEVELOPMENT, CLEARWATER HAS SEEN ENORMOUS GROWTH OVER THE PAST 10 YEARS. IT HAS BECOME THE FASTEST-GROWING MARKET IN THE TAMPA/ST. PETERSBURG AREA, AND RENTAL RATES IN THE IMMEDIATE CORRIDOR HAVE SKYROCKETED! THE PROPERTY CONSISTS OF AN 18-UNIT MIX OF 1-BEDROOM (10) AND 2-BEDROOM APARTMENTS (8). ALL OF THE UNITS HAVE BEEN UPDATED, AND THE PROPERTY HAS UNDERGONE SIGNIFICANT IMPROVEMENTS OVER THE PAST 3 YEARS.
THE EXTERIOR OF THE PROPERTY IS ALSO IN GOOD CONDITION, WITH RECENT ROOF IMPROVEMENTS, AMPLE ASSIGNED/SURFACE PARKING, UPDATED HVAC UNITS, AND FRESH LANDSCAPING IN FRONT OF THE BUILDING. THIS WILL ALLOW A BUYER TO RAISE RENTAL RATES WITHOUT HAVING TO SPEND ANY MONEY ON FUTURE CAPEX. THE UNITS ARE APPROXIMATELY $150–$300 PER MONTH BELOW THE MARKET AVERAGE, GIVING THE BUYER MASSIVE VALUE-ADD OPPORTUNITY AND THE ABILITY TO INCREASE THEIR NOI INSTANTLY!
THE OWNER HAS DONE A FANTASTIC JOB MAINTAINING AND UPDATING THE UNITS, WHICH HAS LED TO MOST TENANTS STAYING IN THEIR RESPECTIVE UNITS FOR AN EXTENDED TIME. THE OWNER HAS NOT PUSHED THE RENTAL RATES UP ANYWHERE CLOSE TO THE MARKET AVERAGE, AS THEY PREFERRED TO KEEP THE PROPERTY FULLY OCCUPIED WITH THEIR ALREADY IN-PLACE TENANTS, RATHER THAN GOING TO THE MARKET EACH YEAR TO ACHIEVE THE HIGHEST RENT POSSIBLE. THIS WILL ALLOW THE BUYER TO COME IN AND PUSH THE RENTS CLOSE TO THE MARKET AVERAGE FOR THE BEST POSSIBLE RETURNS!
RECENT UPGRADES AND RENOVATIONS AT THE PROPERTY INCLUDE BUT ARE NOT LIMITED TO: MAINTAINED ROOF, LUXURIOUS INTERIORS, NEW HVAC UNITS, INTERIOR AND EXTERIOR PAINT, NEW KITCHENS WITH WHITE SHAKER CABINETS, GRANITE COUNTERTOPS, AND TOP-OF-THE-LINE APPLIANCES, NEW TILE AND VINYL FLOORING, NEW LANDSCAPING, COMMON AREA PAVERS, NEW TANKLESS WATER HEATERS, UPGRADED DOORS AND WINDOWS, NEW BATHROOMS WITH ALL NEW FIXTURES, PARKING LOT UPGRADES, SIGNAGE, AND MUCH MORE!
THIS IS AN AMAZING VALUE-ADD OPPORTUNITY TO PURCHASE PRIME REAL ESTATE IN CLEARWATER! THE PROPERTY FEATURES ON-SITE LAUNDRY FACILITIES THAT PRODUCE ADDITIONAL INCOME FOR THE OWNER. IT IS VERY CLEAN AND EASY TO MANAGE WHETHER THE BUYER IS LOCAL OR OUT OF STATE. THE MANY UPGRADES AND IMPROVEMENTS WILL ONLY HELP THE BUILDING APPRECIATE OVER TIME, AND AS THE DEMAND CONTINUES TO RISE IN THE CLEARWATER AREA, THE RENTAL RATES WILL ONLY FOLLOW!