Tag Archives: marcus & millichap

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

IMG_1735

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

$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%

____________________________________________________________________________________________

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

____________________________________________________________________________________________

 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

____________________________________________________________________________________________

 

Ringling College Apartments in Sarasota, FL

DSC_0208

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

____________________________________________________________________________________________

 

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.

____________________________________________________________________________________________

 

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

 

____________________________________________________________________________________________

 

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

____________________________________________________________________________________________

 

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.

____________________________________________________________________________________________

 

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.

 

 

 

 

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
Linkedin small
Square George Kruse

Commercial Investment Sales Advisor

george@ian-black.com

(C) 941.321.6393
(O) 941.321.6393
(F) 941.906.8228
Linkedin small

Is Real Estate Headed For Another Plunge?

Is Real Estate Headed For Another Plunge?

Tampa & Sarasota, FL

Tampa & Sarasota, FL

By Matthew Frankel via Motley Fool

Traditionally, the summer months are the peak time of year for home sales. With children off from school, it’s easier for families to house hunt, pack up, and move, without disrupting their lives too much. In fact, about 50% of all home sales occur during the summer months, according to Realtor.com.

If this is the case, than why are sales of new homes plummeting? Inventories of new houses are up, but sales are dropping at double-digit percentages from the same time last year. Maybe the real estate market recovered too far, too fast, and now it’s due for a pullback.

The data doesn’t look good

Home sales are down pretty much across the board. New home sales suffered the worst, with sales down 8.1% from May’s numbers, and far off from what economists had expected. In June, new homes sold at an annual pace of about 406,000, or more than 15% less than the 480,000 pace that was expected.

While new home sales are a relatively small part of the market, the bad news doesn’t stop there. Pending home sales, which are an excellent short-term forward indicator, fell 1.1% in June and are 7.3% less than they were a year ago. In other words, just as the summer heats up, sales are actually falling. This should be very disturbing news for real estate professionals as we head in to the “peak” selling season.

And finally, mortgage applications dropped 2.2% in last week alone. While a lot of this is due to a drop in refinancing activity, mortgage applications to purchase homes barely moved, rising just 0.2%. This is simply an anemic pace for this time of year, especially considering the damper put on sales activity by the harsher-than-normal winter.

A combination of factors

So, where have the buyers gone? Why is this summer not seeing the selling activity you might expect?

Well, for starters, houses are a lot more expensive this year. Since hitting bottom in early 2012, the average home value in the U.S. has increased by 27%. And just since last year at this time, home values have risen by nearly 9%.

While homes have gotten much more expensive since the financial crisis, people aren’t making a whole lot more money. The latest data shows just 2% wage growth over the past year, virtually identical with the rate of inflation. And the rate has been stuck between 1.5% and 2.25% since the end of the crisis.

The combination of higher prices and slow wage growth has simply made homes much less affordable to millions of people.

For complete article, CLICK HERE <——======</strong>

Sarasota multimillionaire sailing on to Belize; Selling Investment Portfolio in Sarasota & Manatee

Sarasota multimillionaire sailing on to Belize; Selling Investment Portfolio in Sarasota & Manatee

By Michael Pollick
Published: Wednesday, November 6, 2013 at 1:00 a.m.

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

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

Great Property in Highly Desired Location - Contact NAI Tampa Bay;s Sean Dreznin or Keller William's Andrew Haddad for more information.

Great Property in Highly Desired Location – Contact NAI Tampa Bay’s Sean Dreznin or Keller William’s Andrew Haddad for more information.

Harvey Vengroff, a self-made multimillionaire who moved to Southwest Florida 23 years ago so he could go sailing every day, is sailing on — to Belize.

NAI Global (Sean Dreznin, Kyle Keelan, Phillip Paul Ginexi) & Keller Williams (Andrew Haddad) are proud to present... A portfolio of investments

NAI Tampa Bay (Sean Dreznin, Kyle Keelan, Phillip Paul Ginexi) & Keller Williams (Andrew Haddad) are proud to present… A portfolio of investments


Vengroff, the 72-year-old founder of one of the world’s largest collection agencies, plans to sell a $75 million Southwest Florida property portfolio that he amassed after arriving in 1990. He has hired NAI Tampa Bay and Sean Dreznin, Phil Ginexi & Kyle Keelan & Andrew Haddad of Keller Williams to sell the portfolio investments. He is also making it possible for his real estate employees to acquire another $20 million worth of apartments on favorable terms.

NAI Tampa Bay - Sean Dreznin

NAI Tampa Bay – Sean Dreznin

Since he got here, Vengroff has been a colorful character who prefers casual clothes, rails against government bureaucrats and tends to do things his own way.



Vengroff renamed the collection agency that is still in the family as Vengroff Williams Inc.

That company, which employs more than 100 in this region, maintains larger offices in Long Island, N.Y.; Chicago and Orange County, Calif., collecting on commercial delinquent accounts for a large number of clients, including General Electric Co., Microsoft Corp. and Google Inc.

“We are not moving anybody out of Sarasota,” Vengroff told the Herald-Tribune. “We are just going to add new people in Belize, that’s all.”

One of them will be Harvey Vengroff.

On a more personal level, Vengroff said he has been disappointed in the reception he has gotten from the City of Sarasota when he has asked for higher density rights on properties so that he could build rental apartments. Specifically, he has sought permission to build high-rise rental buildings at 2211 Fruitville Road, the close-in, 8-acre site now on the market for $8 million.

“If you want to build luxury condos you can get 200 per acre,” Vengroff said. “If you want to build affordable housing, you cannot get 50 per acre.”

Vengroff says he has empowered three agents to liquidate the roughly $75 million in real estate, most of it affordable housing.

These agents are Sean Dreznin, Kyle Keelan and Phil Ginexi from NAI Tampa Bay.

CLICK HERE for complete article <—==========

“I don’t think there was anybody who ever dedicated themselves more to affordable housing for the work force than Harvey,” said Kerry Kirschner, executive director of Argus Foundation, who in a former political life helped recruit Vengroff to Southwest Florida.