Catylist ID: #30344418
5-units offered at a 10+ % return
Multi-Family for Sale
|Catylist Listing ID:||30344418|
|Number of Units:||5 Units|
|Building Size (RSF):||3,203 SF|
|Gross Land Area:||0.28 Acres|
|Unit Price:||$57,800 Per Unit|
|Property Use Type:||Investment|
|Building Name:||Ayres Point Apartments|
|Sale Terms:||Cash to Seller|
|Average Occupancy Rate:||100|
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 10.3%. 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 $7,000/unit for any future renovations a future owner may wish to undertake. Post-renovation (if elected to pursue), the property will still yield 9.6% 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 $57,000/unit ($89 psf) allows this renovation budget (estimated at $35,000) 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 10.3% unlevered yield with management fees.
* At $57,000/unit ($89 psf), investment offers below market investment opportunity with value-add potential.
* Five units (3 month-to-month and 2 Annual) are 100% occupied today.
* Long-standing tenants with no events of default allow for ease of management.
Attachments & Media
|Finance Data Year||2017|
|Real Estate Taxes - Annual($)||$1,807 (Annual)|
|Potential Rental Income||$46,440 (Annual)|
|Net Operating Income||$28,414 (Annual)|
|Actual or Proforma Year||Actual|
|Nearest MSA:||North Port-Sarasota-Bradenton|
|Total Number of Buildings:||2|
|Number of Stories:||1|
|Proximity:||1 mile||3 miles||5 miles|
Sean A DrezninKELLER WILLIAMS REALTY SELECT MFCRE Member
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