11.5 CAP MultiFamily Weekly Rental property

Multi-Family for Sale
Also listed as Business Opportunity
Catylist Listing ID: 30611915
Property Subtypes: Low-Rise/Garden, Other
Number of Units: 8 Units
Building Size (RSF): 2,616 SF
Gross Building Area: See Agent
Gross Land Area: 0.45 Acres
Sale Price: $800,000
Unit Price: $100,000 Per Unit
Property Use Type: Investment, Business
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: 11.5%
Average Occupancy Rate: 100
Last Updated: 9/26/2020

Overview / Comments

Located just North of Whitfield Ave. on Old US 301/15th Street East. Very close proximity to many commercial, retail and fast food employment. This well maintained and recently updated property has newer Central AC units on both buildings 2 years on Main building and 4 years on rear building. New membrane roof on main building. New windows installed. All units tiled and will remain furnished with existing furniture. Formerly a Motel property with recent upgrades. 100 percent occupancy with calls daily from new potential tenants. Washer and Dryer hookups on main building. W&D can be re-installed by new owner/buyer. Pole barn located on back area of property with additional shed and storage area. Property also zoned Light Manufacturing. Handyman onsite to handle lawn mowing, light bulb replacement, minor work etc.

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Manatee
Taxing Authority: Manatee County
Tax ID/APN: 6621700001
Zoning: LIGHT MANUFACTURING MF3-10
Percent Occupied: 100%
Property Located Between: Just North of Whitfield Ave. on 15th Street E West side of street.
Highway Access: I75 roughly 5 miles awa. US41/Tamiami Trail 1 mile US 301 1/2 mile away
Airports: Sarasota/Bradenton Intl 2 miles away
Site Description: Located just North of Whitfield Ave. on Old US 301/15th Street East. Very close proximity to many commercial, retail and fast food employment. This well maintained and recently updated property has newer Central AC units on both buildings 2 years on Main building and 4 years on rear building. New membrane roof on main building. New windows installed. All units tiled and will remain furnished with existing furniture. Formerly a Motel property with recent upgrades. 100 percent occupancy with calls daily from new potential tenants. Washer and Dryer hookups on main building. W&D can be re-installed by new owner/buyer. Pole barn located on back area of property with additional shed and storage area. Property also zoned Light Manufacturing. Handyman onsite to handle lawn mowing, light bulb replacement, minor work etc.
Total Number of Buildings: 2
Property Condition: Good
Number of Stories: 1
Year Built: 1953
Year Renovated: 2019
Roof Type: Gable
Parking Type: Surface
Parking Description: Unassigned Parking is all surface in front of main building as well as rear building. Also area behind rear building can be used.
Total Parking Spaces: 10
Laundry: Shared
Heat Type: Electricity
Heat Source: Central, Heat Pump
Air Conditioning: Package Unit
Internet Access: Cable
Interior Description: Tile floors, open room type units 3 Efficiency and 5 Studio/Room style apartments. High demand, Low Overhead Attractive CAP rate @11.5% This small but cash producing property has calls coming in daily inquiring about vacancy and or availability. The owner says he gets at least 5 calls per day. Always 100% Occupied.
Zoning Description: Multi Family 3-10 units per acre and Light Manufacturing.
Land Ownership: Fee Simple in Trust
Legal Description: COM AT THE SE COR OF SEC 24, (SAME BEING IN THE C/L OF U.S. HWY 301); RUN TH N ALG C/L OF SD HWY, A DIST OF 495 FT; RUN TH W 50 FT TO THE W R/W LN OF SD U.S. HWY 301 FOR A POB. CONT TH W 480 FT, M/L, (ACTUALLY 397.85 FT AS DETERMINED BY SURVEY) TO THE C/L OF A DRAIN OR DITCH CONSTRUCTED BY THE STATE ROAD DEPARTMENT SHORTLY PRIOR TO 1953 (SAID PT BEING ALSO THE CENTER OF A DITCH OR DRAIN EXISTING PRIOR TO SD CONSTRUCTION BY STATE ROAD DEPARTMENT); RUN TH SELY IN A STRAIGHT LN ALG C/L OF SD DRAIN OR DITCH SO CONSTRUCTED BY THE STATE ROAD DEPARTMENT, A DIST OF 442 FT, M/L, TO THE W BDRY LN OF SD U.S. HWY 301; RUN TH N ALG THE W BDRY LN OF SD U.S. HWY 301, A DIST OF 224 FT, M/L TO THE POB; LESS AND EXCEPT THE PORTION OF SD PROPERTY LYING WITHIN 20 FT OF THE C/L OF SD NEW DITCH OR DRAIN SO CONSTRUCTED BY THE STATE ROAD DEPARTMENT; ALSO LESS: A PARCEL OF LAND SITUATE IN A PART OF THE SE1/4 OF THE SE1/4 OF SEC 24, WHICH IS MORE PARTICULARLY DESC AS FOLLOWS: COM AT THE SE COR OF SD SEC 24, TH N 00 DEG 00 MIN 00 SEC, W ALG THE C/L OF OLD U.S. HWY 301, ALSO KNOWN AS 15TH ST E, A DIST OF 495.26 FT; TH N 89 DEG 55 MIN 12 SEC W, A DIST OF 50 FT TO THE W R/W LN OF SD OLD U.S.HWY 301 TO THE POB; TH S 00 DEG 00 MIN 00 SEC W, ALG SD WLY R/W LN, A DIST OF 100 FT; (THE NEXT FOUR COURSES ARE ALG THE DIVISION LINES); TH N 74 DEG 04 MIN 09 SEC W, A DIST OF 86.30 FT; TH N 71 DEG 22 MIN 22 SEC W, A DIST OF 100.59 FT; TH N 76 DEG 19 MIN 08 SEC W, A DIST OF 103.49 FT; TH N 00 DEG 04 MIN 48 SEC W, A DIST OF 19.32 FT TO THE N LN OF PROPERTY DESC IN OR 715 P 753; TH N 89 DEG 55 MIN 12 SEC E, ALG SD N LN A DIST OF 278.88 FT TO TH POB. (OR 2702/4727), PI#66217.0000/1

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,603 72,051 196,167
Median Age: 36.49 45.05 44.79
Households: 1,968 31,614 84,464

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