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Legacy Trail Apartments 605 Osceola Rd 16 Unit Apartment Building $2,997,000 ($187,313/Unit) 6.70% Cap Rate Nokomis, FL 34275
INVESTMENT HIGHLIGHTS
- Assumable Financing at 5.19% Interest Rate w/ Interest-Only Payments Through Sept 2027. Fixed Rate at 5.19% to 2032 (30-yr Amortization after I/O)
- NON-Flood Zone | Flood Insurance NOT Required by Lender | Massive Property-Wide Capital Improvements Completed in Last 3-Years
- Utility Reimbursement Fees Paid by Nearly All Units | Recently Connected to City Water and New Septic Tanks, Lift Stations & Drain Fields
- Rare Opportunity to Assume Loan Near a 75% LTV at at Below Market Rate | +10% Cash-on-Cash Return at List Price
- Favorable Unit Mix | Spacious Screen-In Patios, Convertible to an Extra Bedroom or Personal Office | Masonry Construction
- 8-Mins from the New Sarasota Memorial Hospital-Venice; Largest Employer in Sarasota County (SMH) | Mins from Downtown Venice, Nokomis & Venice Beach
EXECUTIVE SUMMARY
**PRICE REDUCTION | View Offering Memorandum for full details & financials at MultifamilyFirm.com or see links section below**
*NON-Flood Zone Location (FEMA Approved LOMA Request) - Floor Insurance No Longer Required by Lender**
The Multifamily Firm is pleased to present the Legacy Trail Apartments, a 16-unit apartment community in Sarasota County, Florida, minutes from Downtown Venice & Casey Key. Offered with attractive assumable financing consisting of interest-only payments through September 2027, the property has undergone extensive property-wide capital improvements, including interior renovations to 15 of the 16 units, upgraded with city water connections, new septic systems, lift stations, drain fields and much more! Situated on 1.65 acres, the property features rock-solid masonry construction with metal roofs on 6 buildings and a favorable unit mix of 75% two/three-bedroom units equipped with washer/dryer hookups. The Legacy Trail apartments are situated just steps from the Legacy Trail and minutes from Downtown Venice, Nokomis Beach, Venice Beach & Casey Key. Additionally, the property is just 8-minutes from the New Sarasota Memorial Hospital-Venice Campus; an new expansion site by Sarasota County’s largest employer; Sarasota Memorial Hospital.
*NON-Flood Zone Location (FEMA Approved LOMA Request) - Floor Insurance No Longer Required by Lender**
The Multifamily Firm is pleased to present the Legacy Trail Apartments, a 16-unit apartment community in Sarasota County, Florida, minutes from Downtown Venice & Casey Key. Offered with attractive assumable financing consisting of interest-only payments through September 2027, the property has undergone extensive property-wide capital improvements, including interior renovations to 15 of the 16 units, upgraded with city water connections, new septic systems, lift stations, drain fields and much more! Situated on 1.65 acres, the property features rock-solid masonry construction with metal roofs on 6 buildings and a favorable unit mix of 75% two/three-bedroom units equipped with washer/dryer hookups. The Legacy Trail apartments are situated just steps from the Legacy Trail and minutes from Downtown Venice, Nokomis Beach, Venice Beach & Casey Key. Additionally, the property is just 8-minutes from the New Sarasota Memorial Hospital-Venice Campus; an new expansion site by Sarasota County’s largest employer; Sarasota Memorial Hospital.
PROPERTY FACTS Under Contract
| Price | $2,997,000 | Building Class | C |
| Price Per Unit | $187,313 | Lot Size | 1.65 AC |
| Sale Type | Investment | Building Size | 14,411 SF |
| Cap Rate | 6.70% | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1979/2023 |
| Property Subtype | Apartment | Parking Ratio | 2.22/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | RMF-1 - Multifamily | ||
| Price | $2,997,000 |
| Price Per Unit | $187,313 |
| Sale Type | Investment |
| Cap Rate | 6.70% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.65 AC |
| Building Size | 14,411 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1979/2023 |
| Parking Ratio | 2.22/1,000 SF |
| Zoning | RMF-1 - Multifamily |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Washer/Dryer Hookup
- Tile Floors
- Granite Countertops
- Stainless Steel Appliances
- Garden
- Porch
- Vinyl Flooring
SITE AMENITIES
- Courtyard
- Picnic Area
- Grill
- Pet Play Area
- Trash Pickup - Door to Door
- Walking/Biking Trails
- Storage Space
- Bicycle Storage
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+1 | 2 | - | 996 |
| 2+1 | 10 | - | 800 |
| 1+1 | 4 | - | 600 |
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PROPERTY TAXES
| Parcel Number | 0405-12-0002 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,494,955 |
PROPERTY TAXES
Parcel Number
0405-12-0002
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,494,955
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Legacy Trail Apartments | 605 Osceola Rd
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