THIS 10-UNIT CONDOMINIUM PORTFOLIO CONSISTS OF CLASS A UNITS IN MULTIPLE BUILDINGS ACROSS SOUTH TAMPA AND CLEARWATER BEACH, FL. ALL UNITS ARE IN FANTASTIC CONDITION WITH LONG TERM TENANTS IN PLACE. CURRENTLY, THE RENTAL RATES ARE BELOW THE MARKET AVERAGE, GIVING THE BUYER MASSIVE UPSIDE TO INCREASE THE RENTS RIGHT AWAY AND BOOST THEIR NOI WITHOUT HAVING TO SPEND MONEY ON ADDITIONAL EXPENSES. SIMILAR UNITS OF THIS QUALITY ARE RENTING FOR OVER $150-$200 MORE PER MONTH ON AVERAGE. THIS CLEARLY SHOWS THE MASSIVE POTENTIAL FOR INCREASING THE RENT INSTANTLY AS WELL AS IN THE FUTURE. WHEN THE NEW OWNER RAISES THE RENTAL RATES TO THE MARKET AVERAGE THEY CAN EXPECT A CAP RATE OF OVER 8.4% AND A CASH-ON-CASH RETURN OF OVER 20% AS SOON AS 2021! EACH UNIT HAS BEEN FULLY RENOVATED/ UPDATED IN THE PAST 2 YEARS AND ARE IN FANTASTIC CONDITION! ALL UNITS ARE LOCATED IN STATE-OF-THE-ART HIGH-RISE BUILDINGS WITH AMENITIES, INCLUDING COVERED PARKING, POOL ACCESS, WASHER DRYER UNITS, AND TENNIS COURT AND GYM ACCESS FOR RESIDENTS. MOST UNITS ALLOW PETS AND ARE IN THE BEST LOCATIONS IN TOWN! THE UNITS CONSIST OF LARGE KITCHENS WITH BEAUTIFUL CABINETS AND THE BEST FINISHES YOU CAN FIND. ALL UNITS HAVE WOOD FLOORS RUNNING THROUGHOUT THE ENTRANCE, LIVING ROOM, AND DINING AREA. EACH KITCHEN COMES STOCKED WITH A BREAKFAST BAR, AMPLE CABINETRY, STORAGE SPACE, A REFRIGERATOR AND A STOVE. ALL UNITS HAVE SPACIOUS MASTER BEDROOMS AND LARGE CLOSETS! EACH BATHROOM HAS BEEN UPDATED WITH NEW TILE AND NEW APPLIANCES! THE OWNER HAS SPENT A LOT OF MONEY KEEPING THESE UNITS IN FANTASTIC SHAPE AND THIS WILL ONLY HELP THE BUYER INCREASE THE RENTAL RATES IN THE FUTURE. THIS IS THE PERFECT INVESTMENT FOR A BUYER WHO WANTS TO OBTAIN GREAT RETURNS WITHOUT HAVING TO SPEND A GREAT DEAL OF TIME MANAGING THE PROPERTIES. THIS OPPORTUNITY IS PERFECT FOR A LOCAL OR OUT-OF-STATE INVESTOR! THE BEST PART ABOUT THIS AMAZING INVESTMENT OPPORTUNITY IS THAT ALL OF THE UNITS ARE PART OF A HOMEOWNER'S ASSOCIATION. THE HOA HAS A SET YEARLY FEE OF $28,512 TOTAL FOR THE ENTIRE PORTFOLIO. THE HOA COVERS ALL REPAIRS AND MAINTENANCE TO THE EXTERIOR OF THE BUILDING, WATER, SEWER AND GARBAGE EXPENSES', LAWN CARE, LANDSCAPING, PLUMBING, INSURANCE, MANAGEMENT, CAM CHARGES, ALL EXTERIOR BUILDING MAINTENANCE, ROOF REPAIRS, AND THE REPAIR AND MAINTENANCE OF ALL HVAC UNITS IN THE PORTFOLIO. PAYING A SET MONTHLY HOA FEE OF $2,851 WILL LIMIT FUTURE EXPENSES! THIS CAN HELP THE BUYER LIMIT THE AMOUNT OF POTENTIAL FUTURE REPAIRS, INCLUDING MAJOR REPAIRS ON THE ROOF AND THE HVAC SYSTEM! HAVING THIS EXPENSE ALREADY SET FOR FUTURE YEARS WILL KEEP THE CURRENT EXPENSES THE SAME, WHILE THE NEW OWNER RAISES THE RENTS AND INCREASES THEIR RETURNS EACH YEAR. THE DEMAND FOR THIS TYPE OF PROPERTY IS EXTREMELY HIGH, AND WITH THE AMAZING LOCATIONS THESE UNITS WILL STAY RENTED FOR YEARS TO COME!
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