Category Archives: Nettamorfasis

Random stories, articles and musings on many things

Sarasota, FL Apartment Complex For Sale – 54-units – This won’t last!

Source: Sarasota, FL Apartment Complex For Sale – 54-units – This won’t last!

Plans submitted for shopping center revitalization in Sarasota, FL

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Picture via Gator Investments website
Town and Country Plaza at Beneva and Fruitville roads in Sarasota.

SARASOTA — Benderson Development Co. filed redevelopment plans with Sarasota city officials on April 28 for the Town and Country Plaza shopping center at the northwest Corner of Beneva and Fruitville roads.

Sarasota, FL Apartment Complex For Sale – 54-units – This won’t last!

 

CLICK HERE for detailed information and Offering Memorandum

Ian Black Real Estate is pleased to present a turnkey duplex villa complex in Sarasota, FL.

The Saulstars Court rental community is a 54-unit property; each unit a separate condo with its own deed.

The complex is designed to feel like a community for its tenants and almost all units (47 of 54) have an attached garage to further give the sense of a home-like setting. All units have washer/dryer hook-ups and most units also include screened lanais and other features to enhance the units for the tenants. Presently 34 of the 54 units (63%) are renovated, including 22 units with new floors, kitchens and appliances. The complex itself offers tenants an outdoor pool/deck, an indoor heated pool and a large multi-purpose community building that would allow a new owner numerous possibilities for expanded use.

This investment is being offered at an attractive price to the right buyer.

The property is priced at tax assessed value, which is below current offerings and minimizes risk of an increased tax basis for the new owner. At only $85,000 per large duplex unit, the per unit offering is at or below sales comparables in the greater Sarasota market.

Any investor focused on yield should be excited by the possibilities at Saulstar.

Even with excess management/labor costs, the property cash flows over $260,000 based on last year’s rents. Considering current rents and a modest adjustment to management, although still run at 20% of revenue (a number that could be substantially trimmed by the right owner), the yield on ask price increases to 6.5% with rental rates well below market at less than $1.00 psf. Basic proforma adjustments substantially increase the yield to an unlevered 7.7% on purchase. Any investor looking to push rents to even a reasonable $1.20 psf would enjoy outsized yields exceeding 9% on this well-located multifamily property.

CLICK HERE for detailed information and Offering Memorandum

CONTACT BROKER

Square Sean Dreznin

Commercial Real Estate Sales Associate
sean@ian-black.com

(C) 941.961.8199
(O) 941.961.8199
(F) 941.906.8228
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Square George Kruse

Commercial Investment Sales Advisor
george@ian-black.com

(C) 941.321.6393
(O) 941.321.6393
(F) 941.906.8228
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Ian Black Real Estate named exclusive property manager for Centauri Insurance headquarters in Lakewood Ranch

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Rendering via Fawley/Bryant

The 30,000-square-foot property is expected to be completed this summer

SARASOTA, Fla. (May 15, 2017) – Ian Black Real Estate has been named the exclusive property manager for the Centauri Insurance headquarters, currently under construction on the southwest corner of Lakewood Ranch Blvd. and Communications Parkway in the Lakewood Ranch Corporate Park. The 30,000-square-foot property will serve as the corporate headquarters for Centauri Insurance and will have an additional 11,000 square feet available for lease.

 

The three-story modern facility, which sits on a 5-acre parcel of land with sweeping lake views and outdoor plazas on each floor, is expected to be completed this summer and will welcome tenants in late July. Cheri O’Neil with Savills Studley will handle the leasing of the property.

 

“We are very excited to be joining forces with Ian Black Real Estate,” said J. Mark Jones, chief financial officer of Centauri Insurance. “We believe their longstanding presence in Sarasota County and Lakewood Ranch in particular, as well as their impressive resume of similar caliber properties best aligned with our vision for our new property and the level of service we envision for Centauri and its prospective tenants.”

 

Ian Black Real Estate currently manages over 800,000 square feet of commercial real estate space in the greater Sarasota area. The firm recently added the former Sarasota Herald-Tribune building in downtown Sarasota to its growing property management portfolio.

CLICK HERE <—- for complete article

CLICK HERE <—-for Management services

5-Unit Multifamily opportunity in Sarasota, FL

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CLICK HERE FOR Detailed Offering Memorandum

Price: $624,000
Number of Units: 5
Building Size: 4,025 SF
Property Type: Multi-Family
Lot Size: 25,543 SF
Year Built: 1983

 

  • Reasonable increases to market rent increases yield over 7%
  • Newly renovated units provide turn-key investment opportunity
  • SFR tenant pays all utilities; 4-plex tenants pay electric and cable
  • Property includes a 4-plex and a single family home
  • Close proximity to A-Rated Schools including Riverview High School and Phillippi Shores Elementary
  • Located near Publix, shopping, restaurants and most importantly, Siesta Key Beach!

Description

This is an opportunity to acquire five renovated apartments/rental units in the central submarket of Ridgewood Heights in Sarasota, FL. The property is an infill four-plex plus one adjacent single family home in a predominantly residential neighborhood.

The property’s proximity to top-rated schools, secondary schools, retail and employment bases make these units attractive rentals to a wide variety of potential future tenants. The current owner has handled most deferred maintenance including new roofs, painting, fencing and a new a/c for the SFR all within the past two years.

With rents near market, renovations performed and expenses stabilized, this is truly a turnkey opportunity and perfect for out-of-market investors and 1031 exchanges.

Location

Located just North of the intersection of Proctor and Swift, this property sits on the West side of Swift Road. The property’s tenants enjoy close proximity to numerous retail centers and A-rated schools. Its location affords ease of commute for employment via US 41 and I-75. The quiet, centrally-located neighborhood is ideal for both families and young professionals alike.

Contact

Sean Dreznin at sean@ian-black.com

or

George Kruse at george@ian-black.com

International REIT drops more than $200 million on Don CeSar and its sister property

Source: International REIT drops more than $200 million on Don CeSar and its sister property

Multifamily community sells for $6.6M

May 11, 2017

TAMPA — Investors Alan Soroory and Bobby Soroory sold Montierra Apartment Homes in Tampa for $6.6 million or $68,750 per unit.

Montierra Apartment Homes is a 96-unit, garden-style apartment community near University of South Florida. The property was built in 1970 and sits on over five acres of land. It has over 81,000 rentable square feet.

According to a press release, they invested over $1 million since acquisition of the property for repositioning.

“We acquired the asset at the bottom of the cycle in 2009,” says Bobby Soroory in a statement. “At the time, the asset was more than 50% vacant and required significant capital expenditures throughout the property. Our repositioning program was able to bring the asset’s performance back to it’s full potential and subsequently create significant cash flows through our hands-on management approach.”

For information on Multi-family / Apartments and investing, click here <——

Former executive offers advice as more ESPN marriages end

Via Sports Daily

By John Ourand, Staff Writer

Published April 17, 2017 


Gerry Matalon’s phone started ringing in the weeks before ESPN laid off around 100 anchors, reporters and analysts late last month.

http://m.sportsbusinessdaily.com/Journal/Issues/2017/05/08/Media/~/media/CBFB158FA6DD4AAEA6453AC037958D95.ashx
Matalon’s phone continued ringing April 26, as ESPNers started to learn their fate. Now, a full week after the layoffs became public, Matalon’s phone continues to ring with people seeking advice on how to move forward with careers that seemed to be forever linked to ESPN.

All told, Matalon, who used to be ESPN’s senior coordinating producer of talent planning and development before he was laid off 18 months earlier, says he has talked or texted with around 100 people, both current and recently laid-off ESPNers.

Many of the affected talent view Matalon as a good person to give advice. Many of them have deep relationships with Matalon, who spent 27 years in Bristol. Plus, Matalon already experienced what they were going through. In October 2015, he was one of more than 300 ESPN colleagues who were let go as part of another cost-cutting purge. He’s now an independent talent consultant.

Matalon described the phone calls of the past week as more sad than angry, an emotion that mimicked how he felt in 2015.

“People are heartbroken,” Matalon said. “Before I was laid off, I thought that I was going to get to retire from ESPN. It’s such a great opportunity. But it’s different. When you work in the big city, there’s so much else going on that it kind of takes you away. When you’re in Bristol, it’s all right there. You’re it. You don’t date ESPN. You marry ESPN when you live in Bristol. Divorces don’t necessarily go that well.”

I heard that many ESPNers were calling Matalon, so I reached out to him last week to hear his advice. It was easy to see why so many people reached out to him — he has a relentlessly upbeat message.

He said he used a lot of the advice that was given to him by others in 2015. It breaks down into six areas.
DON’T GET DOWN ON YOURSELF

Days before Matalon was laid off, he was walking with ESPN NFL analyst Herman Edwards on the Bristol campus. Rumors of pending job cuts had been swirling, and Matalon confided in Edwards that he was concerned that he was going to be let go. Standing right outside of ESPN’s gleaming digital center, Edwards looked at Matalon and said, “No matter what happens, don’t get down on you.”

“There are many times that I’ve gotten down, and I hear Herm’s voice,” Matalon said. “When I would get down, I wouldn’t get down on me as a person. Those circumstances didn’t define me.

“I revisit that day often. What I thought was an incredibly simplistic line, I had no idea how powerfully that was going to speak to me.”

Gerry Matalon’s career at ESPN ended in October 2015. Many of those laid off last month have reached out to him for advice.
‘MAKE THEM PAY’

When NBC’s “Sunday Night Football” executive producer Fred Gaudelli left ESPN in 2005, he had a line that he used with Matalon several times: “Make them pay.” Matalon reflected on that line after he was laid off and said that kind of emotion can be helpful at future jobs.

“I took that in a positive and inspirational way,” Matalon said. “It wasn’t said with resentment and malice. The best way I can move forward is just being me.

“Everyone wants to say to ESPN: ‘I’ll show you’ and ‘You should have found a reason to keep me around.’ That’s what Freddy was saying. Life is filled with these kinds of moments. It’s about getting out of your own way and leaning on others.”
Follow him on Twitter @Ourand_SBJ.

Really, really, really ridiculously good investment for sale in Sarasota, FL – Across from Southgate mall on the gateway to Siesta Key!

Under-Contract-Sign

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3 tenant retail center

Lease terms in place expire in 2019, 2022 & 2025

5% annual increases

All electrical updated

Plumbing & Drain lines were recently re-done

HVAC ages – One new in 2014 — Two new in 2015

Property NETS approx $55,000

Contact our office for a CA and detailed data

ian-black-logotype1

(941) 906-8688

srqcre@gmail.com

Really, really, really ridiculously good investment for sale in Sarasota, FL – Across from Southgate mall on the gateway to Siesta Key!

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Siesta Key Resort For Sale * A special place offering luxury in one of the nations favorite beaches!

Source: Siesta Key Resort For Sale * A special place offering luxury in one of the nations favorite beaches!

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