8301 Blind Pass Rd
Saint Pete Beach, FL 33706
Sun Island · Hospitality Property For Sale · 5,692 SF

Sun Island consists of one building which is comprised of three efficiencies, four studios with kitchenettes, four large studios with full-sized kitchens and one two-bedroom/one-bathroom floor plans. Eleven of the units have been upgraded with vinyl wood plank flooring throughout, granite countertops, new shaker style cabinetry, new stainless steel appliances, new vanities in the bathrooms, new furniture/bedding as well as new SMART televisions. The roof was replaced and the parking lot was repaved/restriped in 2017. Other recent capital improvements include new exterior building paint and stained walkways. Amenities include a sparkling swimming pool, lush tropical landscaping, leasing office, on-site laundry facility and an abundance of off-street parking. Over the course of 2018, the property underwent a full renovation. Eleven of the units were renovated with the exception of the owner’s unit, the largest floor plan on-site which is a two-bedroom/one-bathroom unit that is currently being renovated. The two-bedroom/one-bathroom unit was offline the entire year of 2018 due to being occupied by the property manager and has not yet been rented. The eleven units which were renovated, were typically offline in batches of three units at a time. Three units took approximately three to four months to renovate/furnish in entirety which resulted in a significant vacancy loss. Since the renovation was completed in 2018, it is now time for new ownership to step in and take advantage of the fully upgraded property while maximizing cash flow through minimizing vacancy since turn costs/time will be substantially lower due to the capital infused on the unit interiors and common areas.