Five Rental Units with New Roof

Multi-Family for Sale
Catylist Listing ID: 30259087
Property Subtypes: Low-Rise/Garden
Number of Units: 5 Units
Building Size (RSF): 3,203 SF
Gross Land Area: 0.28 Acres
Sale Price: $300,000
Unit Price: $60,000 Per Unit
Property Use Type: Investment
Building Name: Ayres Point Apartments
Sale Terms: Cash to Seller
Cap Rate: 9.5%
Average Occupancy Rate: 100
Last Updated: 7/17/2018

Overview / Comments

Ayres Point is an opportunity to purchase five fully-occupied, cash-flowing rental units located at 601 24th Street East near downtown Bradenton. This investment opportunity is being offered with an in-place yield of 9.5%. The owner has just finalized a complete re-roofing of both buildings (June 2018) and the property is still being priced with an implied allowance of $10,000/unit for any future renovations a future owner may wish to undertake. Post-renovation (if elected to pursue), the property will still yield 8.6% on an improved asset. Note, however, that the property is fully-leased so no renovations are currently affecting cash flow or tenancy. The attractive price of only $60,000/unit ($93 psf) allows this renovation budget (estimated at $50,000) to be enacted by an 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.

* Owner just completed re-roofing both buildings (June 2018).
* Investment offered at a 9.5% unlevered yield with management fees.
* At $60,000/unit ($93 psf), investment offers below market investment opportunity with value-add potential.
* Five units (3 month-to-month and 2 Annual) are 100% occupied today.
* Long-standing tenants with no events of default allow for ease of management.

Financials

Finance Data Year 2017
Real Estate Taxes - Annual($) $1,807 (Annual)
Potential Rental Income $46,440 (Annual)
Net Operating Income $28,414 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Manatee
Tax ID/APN: 1343100002
Zoning: R4
Percent Occupied: 100%
Total Number of Buildings: 2
Property Condition: Fair
Number of Stories: 1
Year Built: 1945

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,544 78,409 183,497
Median Age: 30.92 40.48 43.05
Households: 2,879 31,168 76,257
© Copyright 2001-2018 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither My Florida Commercial Real Estate nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.