601 24th St E
Bradenton, FL 34208
Multifamily Property For Sale · 5 Units

***Reduced Price! Renovations necessary and factored into analysis. Preference for all-cash buyers.*** Ayres Point is an opportunity to purchase five fully-occupied rental units located at 601 24th Street East near downtown Bradenton. This investment opportunity is being offered with an in-place yield of over 10% after including management fees and other expenses not currently incurred by the owner. The owner understands that renovations will be necessary. Post-renovation, the property will yield 8.7% on a superior asset. The attractive price of only $52,000/unit ($81 psf) allows this renovation budget (estimated at $65,000) to be enacted by a investor willing to put in some work to achieve long-term yield. The property includes five rental units consisting of three 2BR/1BA units and two 1BR/1BA units within two adjacent buildings on a single parcel. All five units are presently occupied, with two tenants having been at the property for over three years. The property is located just off Manatee Avenue (SR 64) immediately east of Downtown Bradenton. The property allows for easy access to employment bases, US 41, and I-75. It's proximity to downtown and access to numerous east-west and north-south thoroughfares allow the property to attract tenants from a wide area.