Tag Archives: apts for sale

Sarasota, FL Apartment Complex For Sale – 54-units – UNDER CONTRACT in less then 7 business days!!

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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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.”

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