THE CLEARWATER BEACH DUPLEXES FOR SALE!
4 Unit Apartment Building | $1,100,000 ($275,000/Unit) | 7% Cap Rate | Clearwater, FL 33755
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $1,100,000
- Property Type
-
Multifamily
- Square Feet
- 1,408 SF
Listing Contacts
David Rosenthal
Verified Profile
Kari Grimaldi
Verified Profile
- Property Info
Property Overview
THE CLEARWATER DUPLEXES, MINUTES FROM WORLD-FAMOUS CLEARWATER BEACH!
2-UNITS LOCATED AT 1739 OVERBROOK AVE, CLEARWATER, FL
2-UNITS LOCATED AT 901 VIN E AVE CLEARWATER, FL
THE CLEARWATER BEACH DUPLEX IS AN 4-UNIT MULTIFAMILY PORTFOLOIO LOCATED IN THE LUXURIOUS COUNTRY CLUB ESTATES NEIGHBOORHOOD OF CLEARWATER, FL! THE PROPERTY SITS JUST 2 MILES FROM WORLD-FAMOUS CLEARWATER BEACH! THESE TWO CLASSIC DUPELEXES CONSIST OF SPACIOUS 2-BEDROOM AND 3-BEDROOM UNITS IN FANTASTIC CONDITION. THE PROPERTIES ARE LOCATED IN CLEARWATER, FL THE FASTEST GROWING MARKET IN THE TAMPA/ST. PETERSBURG AREA! THE UNITS HAVE BEEN RECENTLY UPDATED AND ARE IN GREAT CONDITION! THE PROPERTIES CONSIST OF (3) TWO-BEDROOM UNITS AND (1) THREE-BEDROOM UNITS WITH AN AVERAGE OF 755 RENTABLE SQUARE FEET M.O.L. THE PROPERTY SITS JUST 5 MINUTES FROM DOWNTOWN CLEARWATER AND CLEARWATER BEACH, MAKING THIS EXTREMELY RARE AND VALUABLE REAL ESTATE TO OWN!
THE PROPERTY IS CURRENTLY 100% OCCUPIED AND WITH THE LIMITED NUMBER OF UNITS AVAILABLE FOR RENT IN CLEARWATER, THE DEMAND IS OFF THE CHARTS. THIS WILL BE A HUGE POSITIVE FOR A BUYER AS THEY CAN RAISE THE RENTS QUICKLY WITHOUT SPENDING EXCESS MONEY ON CAPEX. DUE TO THE PROPERTY'S PRIME LOCATION, THESE UNITS WILL STAY RENTED AND THE RENTAL RATES WILL ONLY CLIMB OVER TIME!
ALL OF THE UNITS ARE UPDATED AND THE PROPERTY HAS UNDERGONE SIGNIFICANT IMPROVEMENTS IN 2022 & 2023. THE PROPERTIES HAVE MASSIVE UPSIDE POTENTIAL AS ALMOST ALL OF THE RENTAL RATES ARE STILL VERY MUCH BELOW THE MARKET AVERAGE! CURRENTLY, THE AVERAGE RENTAL RATE FOR A 3-BEDROOM APARTMENT, OF SIMILAR SIZE, IN CLEARWATER FL IS OVER $2,200 A MONTH, WHILE A 2-BEDROOM APARTMENT RENTS FOR AN AVERAGE OF $2,000 A MONTH. WITH THE CURRENT RENTAL RATES ALMOST $350 BELOW THE MARKET AVERAGE, A BUYER CAN INCREASE THE RENTAL RATES AND THIER NOI QUICKLY, JUST BY BRINGING THESE UNITS UP TO THE CURRENT MARKET AVERAGE RENTAL RATES!
GIVEN THE ABILITY TO INCREASE THE RENTAL RATES AT THE PROPERTY, A BUYER CAN OBTAIN A CAP RATE OF OVER 8% AND A CASH-ON-CASH RETURN OF APPROXIMATELY 9% BY THE BEGINNING OF 2025! BY 2026 A BUYER CAN OBTAIN A CAP RATE OF ALMOST 9% AND A CASH-ON-CASH RETURN OF OVER 11%!
2-UNITS LOCATED AT 1739 OVERBROOK AVE, CLEARWATER, FL
2-UNITS LOCATED AT 901 VIN E AVE CLEARWATER, FL
THE CLEARWATER BEACH DUPLEX IS AN 4-UNIT MULTIFAMILY PORTFOLOIO LOCATED IN THE LUXURIOUS COUNTRY CLUB ESTATES NEIGHBOORHOOD OF CLEARWATER, FL! THE PROPERTY SITS JUST 2 MILES FROM WORLD-FAMOUS CLEARWATER BEACH! THESE TWO CLASSIC DUPELEXES CONSIST OF SPACIOUS 2-BEDROOM AND 3-BEDROOM UNITS IN FANTASTIC CONDITION. THE PROPERTIES ARE LOCATED IN CLEARWATER, FL THE FASTEST GROWING MARKET IN THE TAMPA/ST. PETERSBURG AREA! THE UNITS HAVE BEEN RECENTLY UPDATED AND ARE IN GREAT CONDITION! THE PROPERTIES CONSIST OF (3) TWO-BEDROOM UNITS AND (1) THREE-BEDROOM UNITS WITH AN AVERAGE OF 755 RENTABLE SQUARE FEET M.O.L. THE PROPERTY SITS JUST 5 MINUTES FROM DOWNTOWN CLEARWATER AND CLEARWATER BEACH, MAKING THIS EXTREMELY RARE AND VALUABLE REAL ESTATE TO OWN!
THE PROPERTY IS CURRENTLY 100% OCCUPIED AND WITH THE LIMITED NUMBER OF UNITS AVAILABLE FOR RENT IN CLEARWATER, THE DEMAND IS OFF THE CHARTS. THIS WILL BE A HUGE POSITIVE FOR A BUYER AS THEY CAN RAISE THE RENTS QUICKLY WITHOUT SPENDING EXCESS MONEY ON CAPEX. DUE TO THE PROPERTY'S PRIME LOCATION, THESE UNITS WILL STAY RENTED AND THE RENTAL RATES WILL ONLY CLIMB OVER TIME!
ALL OF THE UNITS ARE UPDATED AND THE PROPERTY HAS UNDERGONE SIGNIFICANT IMPROVEMENTS IN 2022 & 2023. THE PROPERTIES HAVE MASSIVE UPSIDE POTENTIAL AS ALMOST ALL OF THE RENTAL RATES ARE STILL VERY MUCH BELOW THE MARKET AVERAGE! CURRENTLY, THE AVERAGE RENTAL RATE FOR A 3-BEDROOM APARTMENT, OF SIMILAR SIZE, IN CLEARWATER FL IS OVER $2,200 A MONTH, WHILE A 2-BEDROOM APARTMENT RENTS FOR AN AVERAGE OF $2,000 A MONTH. WITH THE CURRENT RENTAL RATES ALMOST $350 BELOW THE MARKET AVERAGE, A BUYER CAN INCREASE THE RENTAL RATES AND THIER NOI QUICKLY, JUST BY BRINGING THESE UNITS UP TO THE CURRENT MARKET AVERAGE RENTAL RATES!
GIVEN THE ABILITY TO INCREASE THE RENTAL RATES AT THE PROPERTY, A BUYER CAN OBTAIN A CAP RATE OF OVER 8% AND A CASH-ON-CASH RETURN OF APPROXIMATELY 9% BY THE BEGINNING OF 2025! BY 2026 A BUYER CAN OBTAIN A CAP RATE OF ALMOST 9% AND A CASH-ON-CASH RETURN OF OVER 11%!
Property Details
- Class
- C
- Year Built/Renovated
- 1957/2022
- Stories
- 1
- Lot Size (sq. ft)
- 7,405 SF
- Units
- 4
Highlights
- 2 DUPLEXES LOCATED IN CLEARWATER FLORIDA, MINUTES FROM WOULD-FAMOUS CLEARWATER BEACH!
- EXTREMELY LOW RENTAL RATES IN PLACE AT THE PROPERTY GIVING THE BUYER MASSIVE UPSDIE!
- 7% CAP RATE IN PLACE! 8% CAP RATE IN 2025! 9% CASH-ON-CASH RETURN IN 2025! 9% CAP RATE IN 2026! 11% CASH-ON-CASH RETURN IN 2026!
- CURRENT RENTAL RATES ARE ALMOST $350 PER UNIT BELOW THE MARKET AVERAGE RENTAL RATE!
- 100% OCCUPIED, WITH SHORT-TERM LEASES IN PLACE.
- EASY TO MANAGE FOR A LOCAL OR OUT-OF-STATE INVESTOR! UPDATED ROOFS AND HVAC UNITS IN THE PAST 5 YEARS!
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