Lemon Bay Apartments

Multi-Family for Sale
Catylist Listing ID: 30368717
Property Subtypes: Duplex/Fourplex, Low-Rise/Garden
Number of Units: 12 Units
Building Size (RSF): 8,627 SF
Gross Building Area: 10,933 SF
Sale Price: $1,250,000
Unit Price: $104,166.67 Per Unit
Property Use Type: Investment
Building Name: Lemon Bay Place
Sale Terms: Cash to Seller
Cap Rate: 6.46%
Last Updated: 2/16/2019

Overview / Comments

A value-add opportunity with market rents situated at higher levels than exist
currently at this complex. With some subtle interior and exterior improvements, the
market rents are more achievable.
6 separate parcels with a duplex on each one, this cul-de-sac private community
exists for the tenants only as they reside on the same street and look out for each
other. This owner has created that community setting and culture on the surface
and this can be fostered and cultivated to even stronger levels with new ownership
moving forward.

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Sarasota
Zoning: RSF3 - RESIDENTIAL, SINGLE FAMILY
Percent Occupied: 100%
Site Description: Located 1/2 mile East from Lemon Bay and Snook's Waterside restaurant, this apartment community offers privacy and comfort for tenants while allowing for strong upside in current rents and meeting the market.
Total Number of Buildings: 6
Property Condition: Good
Number of Stories: 1
Year Built: 1974
Year Renovated: 2016
Zoning Description: RSF3 - RESIDENTIAL, SINGLE FAMILY

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,450 17,670 37,264
Median Age: 55.23 62.68 60.46
Households: 2,287 9,222 18,779

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