1000 Stickney Point Rd, Sarasota, FL 34231
18 Unit Apartment Building | For Sale | Sarasota, FL 34231
For Sale
Active
- Property Type
-
Multifamily
- Square Feet
- 8,640 SF
Listing Contacts
Sean Dreznin
Property Overview
Investment Highlights
• Rare Opportunity to acquire a portfolio totaling 18-units with
a desirable Unit mix.
OWNERSHIP WILL CONSIDER SELLER FINANCING.
For further information, communications with the listing
agent and an executed CA will be required.
Prospective Purchasers are encouraged to visit the subject
properties prior to submitting offers. However, all property
tours must be arranged with the exclusive Dreznin Pappas
Commercial Real Estate agents. At no time shall the tenants,
on-site management or staff be contacted without prior
approval.
• Per ownership, Unit mix is as follows
* (8) Two Bedroom / Two Bath units
* (8) Two Bedroom / One Bath units
* (2) One Bedroom / One Bath units
This is a value-add opportunity based on current rents and
capitalizing on the gap between in-place and market rates.
They Don't make them like this anymore! Trophy Assets with
Strong Historic Occupancy Rates and Significant Upside
Potential with Implementing Modern Interior Cosmetic
Updates
The possibility to increase income through storage units
onsite exists as well.
• Concrete Block Construction on both buildings with each
being built in the Mid to Late 1960's.
Positively positioned with both properties per FEMA's website
being located in Non-Flood ('X') zones.
Well Maintained with ownership highlighting improvements
such as newer HVAC's, Exterior Painting, Interior
improvements including new flooring and remodeled
kitchens.
Per ownership, current rents quoted represent highest inplace
monthly amount achieved per unit type. There are
some tenants in place who are longer term and their rents
may be below market. This is an organic value-add position
where turnover or renewals can achieve rents in line with
market rates.
Currently the tenants all pay their individual electricity and at The Baywood, tenants are paying towards their Water/Sewer costs as part of their lease. At The Quartz, the ownership pays the Water/Sewer costs.
• Ownership currently manages the properties in-house and
performs a good deal of the repairs and maintenance (R&M)
as well hereby substantially reducing the expenses incurred
at takeover. The Year One numbers have increased
management costs and realistic escalations for R&M along
with other inflationary increases.
Extensive Interior/ Exterior Renovation Completed in 2020 |
Average Single-Family Home Sale Price of $1,250,000 Within 1
Mile Radius
• Both properties have new roofs (July 2023) which should help
with insurance costs.
DEMOGRAPHICS: Approximately 75,000 people live within 3-
miles of the Property with an average household income of
$131,484. More than 151,200 people live within 5-miles of the
Property with an average household income of $137,580. The
area anticipates population growth at a rate of 2.3% per year
for the next 5 years.
• Rare Opportunity to acquire a portfolio totaling 18-units with
a desirable Unit mix.
OWNERSHIP WILL CONSIDER SELLER FINANCING.
For further information, communications with the listing
agent and an executed CA will be required.
Prospective Purchasers are encouraged to visit the subject
properties prior to submitting offers. However, all property
tours must be arranged with the exclusive Dreznin Pappas
Commercial Real Estate agents. At no time shall the tenants,
on-site management or staff be contacted without prior
approval.
• Per ownership, Unit mix is as follows
* (8) Two Bedroom / Two Bath units
* (8) Two Bedroom / One Bath units
* (2) One Bedroom / One Bath units
This is a value-add opportunity based on current rents and
capitalizing on the gap between in-place and market rates.
They Don't make them like this anymore! Trophy Assets with
Strong Historic Occupancy Rates and Significant Upside
Potential with Implementing Modern Interior Cosmetic
Updates
The possibility to increase income through storage units
onsite exists as well.
• Concrete Block Construction on both buildings with each
being built in the Mid to Late 1960's.
Positively positioned with both properties per FEMA's website
being located in Non-Flood ('X') zones.
Well Maintained with ownership highlighting improvements
such as newer HVAC's, Exterior Painting, Interior
improvements including new flooring and remodeled
kitchens.
Per ownership, current rents quoted represent highest inplace
monthly amount achieved per unit type. There are
some tenants in place who are longer term and their rents
may be below market. This is an organic value-add position
where turnover or renewals can achieve rents in line with
market rates.
Currently the tenants all pay their individual electricity and at The Baywood, tenants are paying towards their Water/Sewer costs as part of their lease. At The Quartz, the ownership pays the Water/Sewer costs.
• Ownership currently manages the properties in-house and
performs a good deal of the repairs and maintenance (R&M)
as well hereby substantially reducing the expenses incurred
at takeover. The Year One numbers have increased
management costs and realistic escalations for R&M along
with other inflationary increases.
Extensive Interior/ Exterior Renovation Completed in 2020 |
Average Single-Family Home Sale Price of $1,250,000 Within 1
Mile Radius
• Both properties have new roofs (July 2023) which should help
with insurance costs.
DEMOGRAPHICS: Approximately 75,000 people live within 3-
miles of the Property with an average household income of
$131,484. More than 151,200 people live within 5-miles of the
Property with an average household income of $137,580. The
area anticipates population growth at a rate of 2.3% per year
for the next 5 years.
Property Details
- Class
- C
- Year Built/Renovated
- 1964/2023
- Stories
- 2
- Lot Size (sq. ft)
- 25,265 SF
- Units
- 18
Highlights
- Location, Location, Location (Not in Flood Zones but close to beaches)
- Concrete Block Construction
- Many Updates (New Roofs, newer HVAC units, plumbing, electrical, interior renovations, etc)
- Desirable Unit Mix - Majority large 2 Bedroom Units with 2 Bathrooms and some with 1 Bathroom
Nearby Properties
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