Parkview Apartments
26 Unit Apartment Building | $5,000,000 ($192,308/Unit) | 7.76% Cap Rate | Clearwater, FL 33764
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $5,000,000
- Property Type
-
Multifamily
- Square Feet
- 26,530 SF
Listing Contacts
Nick Hull
Verified Profile
Austin Hull
Verified Profile
- Property Info
Property Overview
The Hull Multifamily Advisors (HMA) are pleased to present the exclusive offering of Parkview Apartments in Clearwater, FL. Built in 1985, this 26-unit, three-building asset consists of all 1,100 SF Two Bed Two Bath Units. Parkview Apartments has seen a significant amount of recent capital improvements with two new roofs and approximately 18/23 A/C Units Replaced. The Parkview Apartments boasts several amenities such as individual entrances, individual screened-in porches, and washer/dryer hookups just to name a few. Additionally, current ownership is paying for water/sewer, while tenants are responsible for paying electricity and individually metered electric A/C.
Parkview Apartments are located in a superb location just seven miles from world renowned Clearwater Beach. This asset is being offered to the market as a stabilized cash flowing asset, however, several value-add opportunities present themselves. Most notable, this asset has significantly below market rents with occupancy levels historically averaging near 100%. After doing an in-depth rent comparable study (located on page 16 of the OM), it has been determined that current average rent is $400-$500 below similar competing properties. This leaves investors with an opportunity to increase rents to market and further increase not only cashflow, but also significantly increase value. Please contact HMA for more information before this significant value-add opportunity is gone.
Parkview Apartments are located in a superb location just seven miles from world renowned Clearwater Beach. This asset is being offered to the market as a stabilized cash flowing asset, however, several value-add opportunities present themselves. Most notable, this asset has significantly below market rents with occupancy levels historically averaging near 100%. After doing an in-depth rent comparable study (located on page 16 of the OM), it has been determined that current average rent is $400-$500 below similar competing properties. This leaves investors with an opportunity to increase rents to market and further increase not only cashflow, but also significantly increase value. Please contact HMA for more information before this significant value-add opportunity is gone.
Property Details
- Class
- C
- Year Built
- 1985
- Stories
- 2
- Lot Size (sq. ft)
- 66,211 SF
- Units
- 26
Highlights
- All 1,100 SF Two Bed, Two Bath Units
- Historically Near 100% Occupancy with $1,391.25 Average Rent
- $400-$500 Below Market Rent; Current Average rent is $1,391.25 while immediate competing 2 Bed 2 Baths are achieving $1,850-$2,200
- 2 New Roofs (2023), Approximately 18/23 AC Units Replaced Since 2019
- Exceptional Location just 7 miles from Clearwater Beach
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