Tag Archives: dreznin

Landmark building in Burns Court, Sarasota sells for $245 PSF.

Pic via Sean Dreznin

I am proud to announce the sale of the Dolphin Bldg.  This 10,912 SF mixed-use property consists of 17-units.  10 residential units and 7 retail spaces which are home to some of the most dynamic local businesses such as the Burns Court Cafe, Srq Spot (Dog Grooming), Two Barbers (opening soon) & Sarasota One Realty.

This landmark property changed hands at approx $245 PSF and the new buyers intend to improve the property and capture the charm character of this building and reinvigorate its pulse!  Can’t wait to see the results!

Sean Dreznin at Ian Black Real Estate is a specialist in investment style commercial real estate, including multi-family, retail and cash flowing properties. 

Florida will need 669,000 more apartments by 2030, according to a new study. 

Read the full article:

Demographic Shift, Investor Demand Reshaping Broward’s Apartment Market which shows similarities to Pinellas & Sarasota counties.

Pic credit – Jason Ludwig


Broward County multifamily housing and retail is undergoing a remarkable transformation as millennials and empty nesters are embracing urban living and young professionals seek similar experiences in suburban settings.

Having been built out for some time, much of the development in Broward has shifted from gated communities in western suburbs to multifamily housing in the urban core. About 4,000 condominium and apartment units in 20 blocks of Fort Lauderdale are set to come online in the next few years. 

Most of the new properties will resemble The Manor at Flagler Village, a mixed-use complex with residential units between 700 and 1,350 square feet. Rents range from $1,826 to$2,921 per month, about 30 percent higher than other nearby Class A buildings. The retail component, which is managed by Franklin Street, occupies the first floor and includes popular restaurants such as The Brass Tap, a craft brewery and Mellow Mushroom. Other service-based retailers range from a dentist office and fitness center to nail and hair salons. Nearby is a Fresh Market grocery store, a museum and parks. These amenities appeal to millennials. 

Young adults are looking for the best apartment spaces available regardless of unit size. Millennials care more about the fact that there’s a restaurant that they like in the lobby and Wi-Fi access throughout the entire building.

Their interests are altering the retail environment. Traditional retail is being replaced with service-oriented businesses where people can eat, have a drink, get their nails done or meet with a financial advisor.

Baby boomers want similar amenities. Many retirees are selling their four-bedroom houses in the suburbs and moving into an apartment where they don’t have to worry about things like lawn care. They can travel for pleasure or to visit grandchildren and want the freedom that comes from not owning a home. 


As part of the population move to the downtown core, more people are doing something unusual in South Florida: they are giving up their cars. With easy access to ride-sharing programs, consumers are taking the money budgeted for a vehicle and putting it toward rent instead. 

Broward municipalities such as Coral Springs and Plantation are following suit. An urban core is emerging in Coral Springs centered around a new downtown city hall that is under construction and over 300 apartments have been built. One is Bainbridge at Coral Springs, a five-story development with top-of-the-line amenities and rents $300-$700 a month less than in downtown Fort Lauderdale.

Properties like that attract young professionals. Millennials that have small children prefer neighborhoods with A-rated schools. While some couples have started families, they are still active and want to go out and socialize with their friends in places like those in downtown Fort Lauderdale.

They’re attracted to places such as Plantation Walk, which will go up on the site of the former Plantation Fashion Mall. Plans call for 700 rental apartments, 200,000 square feet of retail and a Class-A office tower. It appeals to young people who don’t want to travel 25-plus minutes to downtown Fort Lauderdale for work or fun. They would prefer a short walk or ride to their office and to have restaurants, bars and shopping close to home.

Multifamily investors have noticed the trend and started to grow their portfolios. Demand has so outstripped supply that an investor that would normally purchase a Class A or Class B property in an established area is going out of their comfort zone and buying a Class C property in an emerging neighborhood.

In Broward County, much of the buyer interest is coming from out-of-area investors working with local conduits. When Franklin Street recently marketed 167 units in downtown Plantation, we garnered about 17 written offers in two weeks, half of them from investors in New York, Philadelphia, New Jersey and Canada.

Outsiders are active in Florida for two reasons: The first is cap rate compression. Investors are seeing deals at 1 to 2 percent, and at zero percent in some cases in New York. Florida cap rates are also being squeezed, but they are still at 5-6 percent.
Second, Florida offers significant tax benefits. Out-of-state investors can re-capitalize their portfolios, sell their properties at a premium, come down here, and trump everybody at the local market level.

Today’s investors are not looking for immediate cash. Many are buying properties in neighborhoods that they think are up and coming. These buyers expect that their apartments or mixed-use buildings will be smack in the middle of a redevelopment play five to 10 years down the line. Given current trends, they are likely to be right.





Southeast Real Estate Business



SOLD – 54-unit apartment complex in Sarasota, FL

We are pleased to announce the closing of a 54-unit multifamily property located at 3400 Tyne Lane in Sarasota, FL. 

The sale had multiple offers from both local and out-of-town investors. The final price approached $95,000/unit. 

The sale is a testament to the continued strength of the Sarasota/Bradenton apartment market in spite of new construction in the area.

If you are considering buying or selling, don’t hestitate to contact us to discuss your options.

Sean Dreznin — Srqcre@gmail.com

George Kruse — gwkruse@gmail.com

Improve Your Commercial Property Cash Flow


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The Value of Cost Segregation and Reducing Your Taxes

The Situation

In any economic time, it is important to manage your cash flow wisely.  For property owners, it can mean the difference between protecting your investment and foreclosure.  One way to improve cash flow and reduce taxes on commercial property is through Cost Segregation.  Cost Segregation allows the owner to accelerate depreciation of certain components of the building from the standard thirty-nine or twenty-seven and a half year schedule to fifteen, seven or five years.  Increasing the rate of depreciation will offset earnings, which in turn reduces federal taxes and provides improved cash flow.

Who Should Consider Cost Segregation?

Cost Segregation can be beneficial in a number of commercial property scenarios including new construction, the purchase of an existing building, with renovation or tenant improvements, or on a property where a Cost Segregation Study has not previously been conducted.  The best candidate for the process is a building or improvements of a value greater than $500,000, and in some cases, lesser expenditures for build-outs can be beneficial.  In addition to the financial opportunity, one real advantage of a Cost Segregation Study is that it can be done on real estate put into service in prior years without needing to amend prior tax returns.  With the new investment income tax, Cost Segregation has become an even more valuable tax savings tool.

How Can We Help?

A Strong Construction Services Team can take you through the Cost Segregation process.  Our staff works directly with a qualified construction cost expert to conduct an analysis of your building, determine allowable depreciation benefits and ensure that all deductions are fully documented and verifiable.  The time needed to conduct a Cost Segregation study varies based on the specific attributes of the property and the owner’s tax situation.

Article via Shirley Fieber, CPA at Kerkering Barberio

Ms Fieber concentrates her practice in the areas of Construction Services which she leads for the firm, Individual and Business Tax Consulting and Real Estate Support Services. She has experience in Partnership and Limited Liability Company taxation. She also provides Cost Segregation Study services to businesses and investors.

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


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.


Villa Vacilia Apartments in St. Petersburg, FL

SOLD May 2017



$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
    Square Footage:14,716 Sq Ft
    Lot Size:0.41+/-
    CAP Rate:6.51%


North Tampa Portfolio

SOLD May 2017



$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
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


 Oak Bend Apartments in Tampa, FL

1550 University Woods Pl
Tampa, FL 33612

SOLD January 2017


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



Ringling College Apartments in Sarasota, FL


1052 Indian Beach Dr, Sarasota, FL

SOLD May 2017


26 units


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



Gardenwood Apartments in Bradenton, FL

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

3223 W. Third St, Bradenton


SOLD June 2017


$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.



Oakridge Apartments in Palmetto, Fl

Image result for oakridge apartments palmetto fl

501 W. 14th St, Palmetto

144-units (Duplexes)

SOLD June 2017


$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




The Bungalows on 50th in St. Petersburg, FL

2595 50th Avenue North in St. Petersburg, Florida

SOLD May 2017



$39,375 per unit



Holly & Pleasant Oaks Apartments

SOLD June 2017



$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.



Thomas Street Apartments in Fort Myers, FL

2930 Thomas Street

SOLD June 1027



$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.





Panel to Discuss Sarasota New Urbanism, Planning, Traffic Next Week



Panelists will discuss the New Urbanism planning philosophy, public approval for new developments, traffic and more during the next Sarasota Tiger Bay Club luncheon.

Panelists will discuss the new citizens’ group STOP!, the New Urbanism planning philosophy, public approval for new developments, traffic and more during the next Sarasota Tiger Bay Club luncheon. The panel will include STOP! member and Sarasota Planning Board member Eileen Normile, STOP! member Kate Lowman, architect and Planning Board member Chris Gallagher and traffic planner Damian Miller. The luncheon begins at 11:30 a.m. Thursday, July 6, with the panel beginning at noon. The event takes place at Michael’s on East, 1212 S. East Ave., Sarasota. Registration is $25 for Tiger Bay members and $30 for non-members.

What to Look for in a Multifamily Investment Property

Presented by Sean Dreznin

Ext Neighborhood1


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:


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.



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

Top Tech Tools Driving the CRE Industry

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MAY 9, 2017

Marketing Tools

Technology changed how real estate marketers present client properties. Thanks to virtual reality, a buyer no longer needs to see a space in person before initiating an offer. VR technology captures spaces with incredible detail. Buyers tour properties anytime from anywhere. Augmented reality is equally exciting because real estate marketers can impose a client’s branding into a space to show them the potential. A report on virtual reality by Goldman Sachs estimated the real estate market will represent $2.6 billion of VR/AR use by 2025. Top industry VR/AR providers include Matterport and VR Global.

Certain commercial spaces may be better represented through drone photography. This is especially true for spaces where marketing potential retail locations would benefit from an aerial sense of the property’s placement amongst the surrounding amenities. These video tours are marketable across numerous platforms, social and MLS.

The most essential tool agents and brokers rely on is an intelligent customer relationship management solution (CRM). Today’s CRM solutions either offer marketing options or integrate with other marketing software providers. Agents use CRMs to better market properties to the right potential buyers, set up drip email campaigns, chase leads, and much more. Top CRMs built specifically built for the commercial real estate industry include AptoClientlook, and REthink CRM.


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Real Estate Listing Tools

In a 2016 survey by theBrokerList and Buildout, 72% of respondents said they regularly used listing tools. Exposing a listing to as many potential buyers or leasing representatives increases chances of success. New service providers aid both ends of the spectrum: the agents that need to promote and the clients searching for the right location. Take Digsy. These experts help those searching for commercial real estate find the right space. RealMassive streamlines an agent’s marketing efforts and keeps them in charge of the listing information. Loopnet and Commercial Search are two other top providers of commercial real estate sale and leasing information with additional marketing opportunities.

Big Data for Real Estate

The power of big data unlocks actionable steps real estate professionals use to maximize their efficiency and success rate. Over 72% of commercial firms encourage the use of comparative market analysis software, according to a 2016 profile of real estate firmsVTS is a leading leasing and asset management platform for a reason. The real-time access to data and market intelligence generates easy-to-use reporting for better decision making. Compstak is another provider of real estate data. Using the power of crowdsourcing, Compstak helps researchers, lenders, investors, and other real state representatives find and trade the comparables they need. Other data and analytics service providers like REIS and Real Capital Analytics (RCA), apply market intelligence to vacancy rates, rent levels, new construction, and more to guide brokers and agents.

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Software to Improve Efficiency

Commercial real estate professionals no longer need to visit a central office every day to conduct business. Smartphone apps allow us to schedule appointments, sign and send contracts, search listings, and complete other work for our clients. The majority of marketing and CRM providers have mobile apps or online access. A few other mobile tools assist for real estate agents stay productive on the go. Lease Matrix provides lease analytics in minutes. 360 Panorama stitches together 360-degree photos of a space using a phone. Document signing apps like dotLoop and DocuSign make it easy to electronically signed documents from anywhere. Other non-industry specific tools like Evernote keep real estate professionals organized or allow for digital document storing and sharing like Dropbox.

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A 26-unit apartment complex near the Ringling College of Art & Design in Sarasota, FL has been sold for $2.195 million.



Developer Harvey Vengroff sold the Indian Beach Apartments, which includes a 16-unit, two-story apartment building, a three-bedroom house, a one-bed house with pool, four one-bed cottages and two two-bed duplexes.  Sean Dreznin handled the sale of the property.

Vengroff’s West 32nd LLC sold the complex to Ixora LLC, a Sarasota company headed by Malcolm Stevenson.

“As we expand throughout Florida, the time was right for us to sell this property,” said Vengroff, whose One Stop Housing provides affordable housing in Sarasota and Manatee counties. “This is a great property with upside potential, and we expect the complex to continue to be an important part of the community.”

The complex, on Indian Beach Drive just west of North Tamiami Trail, is 100 percent occupied with a consistent waiting list, according to a news release.

“The multifamily market is extremely dynamic in Sarasota right now, and as a result we saw a good amount of activity with this property,” said Sean Dreznin, a sales associate at Ian Black Real Estate who represented the seller. “We expect this trend to continue as multifamily properties continue to be a desired asset.”

Vengroff is seeking city approval to build a 368-unit affordable housing rental complex on Fruitville Road east of downtown.

George Kruse of Ian Black also represented Vengroff in the sale of the apartment complex.

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Contact us here for more properties like this or to discuss your property!