Tag Archives: marcus & millichap

Sarasota, FL Apartment Complex For Sale – 54-units – This won’t last!

 

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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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.