Multi-Family Space For Sale @ 811 Lotus Path

THE CLEARWATER VILLAS IS A 6-UNIT APARTMENT COMPLEX LOCATED IN BEAUTIFUL CLEARWATER, FL. THE PROPERTY HAS FIVE (2-BEDROOM/2BATHROOM) UNITS AND ONE (1-BEDROOM/1-BATHROOM) UNIT WITH EXTREMELY UNDER-MARKET RENTAL RATES CURRENTLY IN PLACE. THE PROPERTY CONSISTS OF SPACIOUS APARTMENTS AND A LARGE PARKING LOT IN THE REAR OF THE COMPLEX FOR TENANTS AND THEIR GUESTS. THE PROPERTY IS LOCATED MINUTES FROM WORLD-FAMOUS CLEARWATER BEACH, MAKING THIS ONE OF THE MOST DESIRABLE LOCATIONS IN ALL OF SOUTH FLORIDA!

THE CLEARWATER VILLAS ARE CURRENTLY 100% OCCUPIED AND HAVE EXTREMELY LOW RENTAL RATES, MAKING THIS AN IDEAL VALUE-ADD OPPORTUNITY FOR AN INVESTOR LOOKING FOR THE PERFECT CASH-FLOWING ASSET. THE PROPERTY CONSISTS OF APARTMENTS WITH SEVERELY BELOW-MARKET RENTAL RATES FOR THE AREA AND PRESENTS MASSIVE UPSIDE FOR AN INVESTOR.

CURRENTLY, THE TENANTS ARE PAYING APPROXIMATELY $200-$300 PER MONTH BELOW THE AVERAGE MARKET RATE! THIS WILL ALLOW FOR A MASSIVE JUMP IN THE POTENTIAL NOI THAT IS EASILY OBTAINABLE WITH THE CURRENT RENTS BEING SO UNDERVALUED DUE TO THE PROPERTY'S FANTASTIC CONDITION, LOCATION, AND DEMAND! A BUYER CAN EASILY OBTAIN A CAP RATE OF OVER 7% AND A CASH-ON-CASH RETURN OF OVER 11% BY THE BEGINNING OF 2022 BY SIMPLY RAISING THE RENTAL RATES TO THE MARKET AVERAGE! IT GETS EVEN BETTER GIVEN THAT EACH UNIT HAS BEEN RECENTLY REDONE, A BUYER CAN INCREASE THE RENTAL RATES WITHOUT HAVING TO SPEND MONEY ON CAPEX! THIS CREATES IMMENSE UPSIDE FOR AN INVESTOR LOOKING FOR VALUE-ADD PROPERTY IN CLEARWATER, FL!

THE PROPERTY IS CURRENTLY IN FANTASTIC CONDITION AND ALL 6 UNITS HAVE BEEN FULLY REDONE IN THE PAST 12 MONTHS. WITH THE SPACIOUS 2-BEDROOM/ 2-BATH FLOOR PLAN THAT ALL BUT ONE OF THE UNITS POSSESSES, THE BUYER WILL BE ABLE TO RAISE THE RENTS WITHOUT ISSUE. DUE TO THE LACK OF QUALITY 2BEDROOM/ 2-BATHROOM UNITS CURRENTLY AVAILABLE FOR RENT IN BELLEAIR, THE DEMAND HAS NEVER BEEN HIGHER. THESE UNITS WILL STAY RENTED FOR YEARS TO COME AS THE PROPERTY VALUE WILL ONLY CONTINUE TO RISE!

A 2-BEDROOM/2-BATHROOM APARTMENT IN THIS PART OF BELLEAIR (OR CLEARWATER), FL SHOULD BE RENTING FOR NO LESS THAN $1,175 PER MONTH. SOME COMPARABLE UNITS ARE RENTING FOR AS MUCH AS $1,300 PER MONTH! DUE TO THE FACT THAT THE PROPERTY HAS CONSISTENTLY STAYED OCCUPIED WITH HIGH-QUALITY TENANTS, THE OWNER HAS NOT ACTIVELY TRIED TO INCREASE THE RENTAL RATES. HOWEVER, BASED ON THE RENTAL RATES OF COMPARABLE PROPERTIES IN VERY SIMILAR CONDITIONS, A $275-$375 INCREASE SHOULD BE VERY EASILY ATTAINABLE. AS A RESULT, THE PROPERTY SHOULD PRODUCE A CASH-ON-CASH RETURN THAT IS ALMOST IMPOSSIBLE TO FIND ANYWHERE ELSE IN THE BELLEAIR/CLEARWATER AREA. EACH UNIT HAS A VERY SIMILAR LAYOUT, AND THE LARGE INTERIOR OF THESE UNITS IS EXTREMELY RARE FOR A PROPERTY IN THIS AMAZING LOCATION!

ALL UNIT INTERIORS HAVE BEEN RECENTLY REDONE IN 2020 AND ARE IN FANTASTIC CONDITION. THE PROPERTY IS WELL-MAINTAINED BY THE MANAGER AND HAS MANY GREAT ADDITIONS AND IMPROVEMENTS WHICH INCLUDE, BUT ARE NOT LIMITED TO, NEW TILE FLOORING, HVAC REPAIRS, ROOF REPLACEMENT (BUILDING 1 2020), INTERIOR AND EXTERIOR PAINTING, NEW TOILETS, NEW BATHROOM TILES, UPDATED PLUMBING, NEW KITCHEN APPLIANCES, COUNTERTOPS, AND BEAUTIFUL FINISHES IN ALL UNITS.

GIVEN ALL OF THESE RECENT UPGRADES, THE PROPERTY IS CLEARLY IN PRISTINE CONDITION AND WILL BE EASY TO MAINTAIN IN THE FUTURE. THE MANAGEMENT COMPANY IS OPEN TO STAYING ON BOARD AFTER THE SALE, WHICH WOULD MAKE THIS AN EASY TRANSITION FOR A LOCAL OR AN OUT-OF-STATE BUYER. This space offers accomodations for: lowrisegarden.