Tag Archives: investor

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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Sarasota is No. 1 midsized-market destination for movers

Sarasota is No. 1 midsized-market destination for movers

By Harold Bubil, Herald-Tribune

 Sarasota is #1

Sarasota is #1

Sarasota ranks No. 10 in the nation among U.S. moving destinations, according to a just-released report by Penske Truck Rental.

The other nine metropolitan areas are major cities, such as Atlanta, Chicago, Dallas, Seattle, Orlando and Charlotte, N.C.

North Port-Bradenton-Sarasota is the 73rd largest metropolitan statistical area in the U.S. with more than 709,000 inhabitants in 2011, according to the Census Bureau. Orlando is No. 26 with nearly 2.2 million; Charlotte, N.C., is No. 33 at 1.7 million.

Penske, a global transportation services provider, said the list is compiled through online consumer truck rental reservations and through Penske Truck Rental call centers. Only one-way moves in 2012 were considered.

2012 Top 10 Moving Destinations:

Previous year’s ranking is noted in parentheses

1. Atlanta (unchanged)

2. Dallas/Fort Worth (4)

3. Phoenix (2)

4. Orlando (3)

5. Chicago (unchanged)

6. Houston (unchanged)

7. Denver (unchanged)

8. Seattle (unchanged)

9. Charlotte, N.C. (10)

10. Sarasota (9)

CLICK HERE <——======== for full article