Tag Archives: apartments for sale

Recent Apartment Sales on the Gulf Coast of Florida (Sarasota, Bradenton, St. Petersburg, Tampa, Clearwater, etc) 2017 YTD

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Picture representative of properties shown below – via S Dreznin

Contact Sean Dreznin at (941) 961-8199 or at srqcre@gmail.com to update any data or sales.

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Villa Vacilia Apartments in St. Petersburg, FL

SOLD May 2017

$990,000

9-units

$110,000 per unit (blocks from the beach)

Property Details:

9250 Blind Pass Rd
Saint Petersburg Beach, FL 33706

The property consists of one, two story building located on .41 acres of land. The building was constructed of concrete block and features a unique carport feature on the first floor of the building.

The unit mix consists of 6 1Bdr/1Bath apartments at 640 square feet, 2-2Bdr/1Bath apartments at 950 square feet, and 1- 2Bdr/1Bath unit at 1024 square feet. Residents of Villa Vacilia enjoy centralized heating and air as well as rentable storage units outside of their unit. The roof over the property was recently replaced in 2014, and rents are significantly below market for the surrounding area.

There is an ability to upgrade interior units and increase rents. The property enjoys significant additional income through renting storage space and carports which have little to no maintenance expense.

  • Year built:1974
    Units:9
    Square Footage:14,716 Sq Ft
    Lot Size:0.41+/-
    CAP Rate:6.51%

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North Tampa Portfolio

SOLD May 2017

$2,833,000

84-units

$33,726 per unit

Property Details:

– Currently 95% Occupied with Immediate Rent Upside
– Over 90% of the Units Have Ceramic Tile Throughout
– Two-Property Portfolio Located Within a Half-Mile of Each Other in North Tampa
– Value-Add Opportunity with Strong Cash Flow Potential Through Management Efficiency
– Located in the Densely Populated University Area Submarket
– Minutes From Three Major Employers in the Area, The University of South Florida, Busch Gardens and James A. Haley Veteran’s Hospital

Year built:1969
Units:84
Lot Size:1.34+/-

Unit Mix:

    • Units:16
    •   |  1Bdr 1Bath (Casita Bella)
    •   |  500 +/- Sq Ft
    • Units:44
    •   |  1Bdr 1Bath (Villa Amor)
    •   |  650 +/- Sq Ft
    • Units:24
    •   |  2Bdr 1Bath (Villa Amor)
    •   |  850 +/- Sq Ft

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 Oak Bend Apartments in Tampa, FL

1550 University Woods Pl
Tampa, FL 33612

SOLD January 2017

$6,700,000

112 units

$59,821 per unit

Property Details:

Oak Bend Apartments is a 112-unit garden style apartment community located in Tampa, Florida. The property consists of 15 residential buildings and 1 leasing office building spread across approximately 6.31 acres of land. The residential buildings are all wood frame with a pitched roof and each was constructed in 1986.

The unit mix at Oak Bend consists of 104 2Bdr-2Bath apartments (972 SF) and 8 2Bdr-2.5Bath apartments (1,268 SF). Each apartment home comes with two master-size bedrooms with large walk-in closets and private bathrooms, a large kitchen pantry, and valet trash service. Some of the apartments have beautifully renovated kitchens.

The community amenities include a swimming pool and sundeck area, brand new laundry facility, coffee cafe with Wi-Fi, and a remodeled fitness center. Presently over 30% of the units at the property have been completely renovated and 20% have been partially renovated, leaving significant room for rental upside and added value through the completion of the rehab projects.

Unit Mix:

    • Units:104
    •   |  2 Bed 2 Bath
    •   |  972 +/- Sq Ft
    • Units:8
    •   |  2 Bed 2 Bath, Townhome
    •   |  1,268 +/- Sq Ft

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Ringling College Apartments in Sarasota, FL

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1052 Indian Beach Dr, Sarasota, FL

SOLD May 2017

$2,195,000

26 units

$84,423

18 – 2Bdrm/1Bath

7 – 1 Bdrm/1 Bath units

1 – 3 Bdrm/3 Bath

Located directly across from Ringling College of Art, Design & Technology, this complex presented the buyer with a strong opportunity to capitalize on an under-served market with rents substantially below market.

Sold by Sean Dreznin & George Kruse of Ian Black Real Estate

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Gardenwood Apartments in Bradenton, FL

Image result for ("gardenwood apartments") bradenton, fl sold

3223 W. Third St, Bradenton

55-units

SOLD June 2017

$3,000,000

$54,546 per unit

built in 1980, rents studio, one- and two-bedroom apartments

Wood frame, one-story buildings

Located just North of Desoto Square Mall.

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Oakridge Apartments in Palmetto, Fl

Image result for oakridge apartments palmetto fl

501 W. 14th St, Palmetto

144-units (Duplexes)

SOLD June 2017

$7,000,000

$48,611 per unit

all two-bedroom and one bathroom, average 620 square feet and rent for $625 per month. The complex was built in 1967

$5.6 million was seller financed

 

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The Bungalows on 50th in St. Petersburg, FL

2595 50th Avenue North in St. Petersburg, Florida

SOLD May 2017

$472,500

12-units

$39,375 per unit

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Holly & Pleasant Oaks Apartments

SOLD June 2017

$2,217,600

56-units

$39,600 per unit

13609-13613 North 20th Street in Tampa

The Holly property features 20, one-bedroom/one bath units with 550 rentable square feet and 14 two-bedroom/two-bath units with 600-650 rentable square feet in a total of 17 one-story buildings. The buildings were constructed in 1972 and are concrete block with a pitched roof.

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Thomas Street Apartments in Fort Myers, FL

2930 Thomas Street

SOLD June 1027

$1,225,000

32-units

$38,281 per unit

“Thomas Street offered a strong value-add opportunity for the buyer, who intends to reposition the asset through furthered strategic renovations.  It was this upside that enabled us to close within approximately 99% of the list price

 

 

Contact Sean Dreznin at (941) 961-8199 or at srqcre@gmail.com to update any data or sales.

 

 

 

 

What to Look for in a Multifamily Investment Property

Presented by Sean Dreznin

Ext Neighborhood1

MULTIFAMILY INVESTING TIPS

via 100units.com

How to Find a Profitable Apartment Building Investment

Investing in multifamily properties is extremely rewarding and profitable for many reasons. Not only is the rental market currently very strong, but the potential to earn money is much greater in multifamily properties than single family properties. However like all real estate investments, the success of your multifamily investment property will depend heavily on a number of factors.

Before you start your search, here is what you need to look for in a multifamily investment property:

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Location – Where your apartment building is located will greatly affect the performance of your investment. Find information on local employment rates, per capita incomes, crimes rates, and types of crime. Knowing your potential renter demographics will allow you to determine whether the property will be a good investment.

Cash Flow – Like any smart investor, you want the largest possible profit margin for your rental properties. Don’t rely on the advertised or published capitalization rate and instead, conduct your own property analysis to make an educated decision.

Capital Improvements – One of the things you should also look for is capital improvement opportunities. Look for easy, low-cost replacements or improvements that will quickly boost the value of your property and earn you a better ROI.

Price – Of course, even if you find a property that has great location and cash flow, the success of your investment will depend on your initial purchase price. Make sure you do your research or consult a multifamily expert to avoid overpaying on your multifamily investment property.

 

As an experienced multifamily sales agent, apartment owner and former property manager, I know that buying apartment buildings can be a challenging process. Our team of multifamily property investment advisors are experienced in providing investors like you with the confidence and peace of mind that only comes from working with highly-driven and passionate multifamily property investment advisors. If you are interested in acquiring an apartment building on the West Coast of Florida from Naples North to Tampa or Central Florida from Lakewood Ranch to Orlando, contact us today and allow us to tell you exactly how we can help you secure a profitable property at the right price.

 

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The remodeled El Patio Apartments near the bayfront in Bradenton. A classic building with character!

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 <——

Condominium Ownership Is Becoming the American Nightmare

Condominium Ownership Is Becoming the American Nightmare

Another storm brewing in the Condo market?

Another storm brewing in the Condo market?

By Amanda Alix

Many homeowners who have bought into the American dream by purchasing a condominium are now regretting that decision, as some find themselves unable to sell or rent their units, while others face court battles with investors trying to force them out of their homes.

Condo boom gone bust
Like other types of housing, condos experienced buyer popularity during the housing boom. But the housing crash put an end to that party, too, and numerous condominium owners are still being negatively affected by the housing crisis. Many are finding themselves stuck as stringent lending regulations make selling nearly impossible – even as condo rules stop them from renting their homes as a stopgap measure.

Part of the problem concerns changes made by the Federal Housing Administration over the past few years. In an effort to protect taxpayers from risk, the FHA has tightened condo lending rules to the point where obtaining a mortgage for such a purchase is almost impossible.

Because the FHA rules apply to the entire development, even buyers who would qualify for such a loan won’t be able to get one. FHA loans are often used by first-time homebuyers, a group particularly apt to buy less-expensive condo units as a starter home. Though other types of credit are available, these potential buyers may not qualify.

Some owners try to salvage their soured investment by renting their home, but often run afoul of condo board rules on the subject. Many developments only allow a certain percentage of units to be non-owner occupied, often because financing options will be much more restrictive for buyers if too many apartments are rented. But, that rule can backfire, essentially dampening prices in the entire complex when prospective buyers realize that they won’t be able to rent their unit if the need arises. In addition, condo prices can be depressed if desperate owners need to sell the unit at fire-sale prices, just to be free of the problem.

Investors give owners the boot
In Florida, some condominium owners are suing a large group of investors who bought their condo building, and now want the individual unit owners out.

Madison Oaks was originally an apartment complex, but was turned into condos in the mid-2000s by developers looking to cash in on the southern Florida condo craze. Fewer than 20% of the units sold before the crash, while the rest became rentals. Now, an investor group has purchased the complex, and wants to turn it back into leased apartments.

To read complete article, CLICK HERE <—–=========

To sell apartment building, find specialist agent – article from Beacon Journal

To sell apartment building, find specialist agent – article from Beacon Journal.

If you needed heart surgery, would you call a podiatrist?

If you needed a wedding cake done, would you call a baker or someone who specifically does wedding cakes?

Just because the the title has the word ‘Broker’ in it does not mean they are a good real estate broker/agent.

Business Brokers
Stock Brokers
Bail Bond Brokers

Florida predicted to be No. 1 market in 2014

Florida predicted to be No. 1 market in 2014

By Josh Salman
Published: Friday, October 25, 2013 at 1:00 a.m.

Follow the sun ~ pic via Sean Dreznin

Follow the sun ~ pic via Sean Dreznin

Housing analysts predict Florida’s real estate market will be the one to watch in 2014 — again.

The Home Buying Institute predicts the Sunshine State will surpass housing markets in California, Las Vegas and Phoenix to retake the national spotlight next year, edging out other recovering markets, according to a new report.

The institute’s prediction comes as housing supply is waning in some of Florida’s most popular areas, including Sarasota and Manatee counties.

At the same time, demand to purchase real estate is rising statewide, from a combination of retiree growth, job gains and other economic improvements.

For those reasons, the institute says Florida will be the top market to watch in 2014.

The institute’s forecast also predicts mortgage interest rates will top 5 percent next year.

That could spell minor trouble for some housing markets around the country, but the impacts will likely be less significant in Florida, where an overwhelming number of homebuyers are now using cash for their purchases, according to the report.

300 days of sunshine ~ Pic Via Sean Dreznin

300 days of sunshine ~ Pic Via Sean Dreznin

Overall, the institute sees Florida in 2014 experiencing a housing market that continues to favor sellers over buyers, and that the economic trends in the state could influence the nation as a whole.

“Florida is once again going to be a very good indicator,” McCabe said.

For complete article, CLICK HERE <——=====