Multi-Family Space For Lease @ 1130 Pinellas Bayway S

TIERRA VERDE GARDENS IS A ONE-OF-A-KIND MIXED-USE PROPERTY FEATURING 3 DIFFERENT TYPES OF RENTAL INCOME. THE PROPERTY CONSISTS OF FOUR LARGE 2-BEDROOM/2-BATHROOM MULTIFAMILY UNITS, TWO LARGE RETAIL BAYS, AND A CELL TOWER THAT WILL PRODUCE FUTURE INCOME WHICH IS LOCATED IN THE REAR OF THE PROPERTY. THESE UNITS ARE IN EXCELLENT CONDITION AND LOCATED ON ONE OF THE MOST LUXURIOUS PARTS IN ALL OF ST. PETE. TIERRA VERDE GARDENS SITS DIRECTLY ON PINELLAS BAY, ONE OF THE ONLY ACCESS ROADS TO ST. PETE BEACH! TIERRA VERDE GARDENS HAS AMAZING VALUE-ADD POTENTIAL AND CAN EASILY PRODUCE A CAP RATE OF ALMOST 8% AND A CASH-ON-CASH RETURN OF OVER 11% BY 2020!

WHEN A NEW CELL TOWER LEASE IS EXECUTED, THE CASH-ON-CASH RETURN CAN INCREASE TO OVER 23% PER YEAR!

CURRENTLY, THE PROPERTY FEATURES EXTREMELY UNDER MARKET RENTAL RATES AS THE CURRENT OWNER HAS NOT RAISED RENTAL RATES FOR THE MULTIFAMILY OR RETAIL TENANTS IN OVER 5 YEARS. DUE TO ITS AMAZING LOCATION AND THE HIGH DEMAND FOR RETAIL AND RESIDENTIAL RENTAL UNITS, A BUYER CAN IMMEDIATELY INCREASE THE RENTAL RATES TO AT LEAST THE MARKET RATE. THIS WILL SIGNIFICANTLY BOOST THE POTENTIAL CASH FLOW AND CREATE EVEN MORE UPSIDE FOR A BUYER.

SELLER FINANCING AVAILABLE!
APPROXIMATE TERMS:
DOWN PAYMENT: $850,000

FIXED INTEREST RATE: 4.5%-4.0%

INTEREST ONLY PAYMENTS!

BALLOON LENGTH: 5- YEARS

MONTHLY DEBT SERVICE: $3,300

THE BEST PART OF THIS SALE IS THAT THE SELLER IS WILLING TO PROVIDE SELLER FINANCING AT AMAZING TERMS. CURRENTLY, THE SELLER IS OFFERING THE FOLLOWING SELLER FINANCING TERMS: 850K DOWN PAYMENT, 4.5%-4.0% FIXED IR, INTEREST ONLY PAYMENTS WITH A 5-YEAR BALLOON. THESE TERMS ALONG WITH THE RENTAL INCREASES AVAILABLE TO THE BUYER WILL EASILY PRODUCE A CASH-ON-CASH RETURN OF APPROXIMATELY 11%+ BY THE END OF 2020!

CURRENTLY, THE MONTH-TO-MONTH MULTIFAMILY TENANTS PAY APPROXIMATELY $400 PER MONTH, BELOW THE AVERAGE MARKET RATE! THIS IS 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! THIS ONLY ADDS TO THE AMAZING VALUE-ADD OPPORTUNITIES THIS ASSET OFFERS! JUST BY INCREASING THE MULTIFAMILY RENTAL RATES TO THE AVERAGE MARKET RATE, A BUYER CAN OBTAIN A CASH-ON-CASH RETURN OF OVER 11% BY 2020!

THE FOUR MULTIFAMILY UNITS AT THE TERRA VERDE GARDENS ARE CURRENTLY 100% OCCUPIED. EACH 2-BEDROOM/2-BATHROOM UNIT IS CURRENTLY RENTED FOR $400 PER MONTH, BELOW THE CURRENT MARKET RENTAL RATE. THE TENANTS HAVE OCCUPIED THESE UNITS FOR A VERY LONG TIME AND THE OWNER HAS HAD TREMENDOUS SUCCESS WITH THE CURRENT TENANTS AND HAS OPTED TO NOT RAISE THEIR RENTAL RATES HIGHER THAN $100 PER YEAR. THE UPSIDE WITH THESE PARTICULAR UNITS IS ENORMOUS AS THERE IS A TON OF ROOM TO INCREASE THESE RENTS JUST TO THE MARKET RATE. THE PROPERTY IS ALSO CURRENTLY HOME TO THE FAMOUS GOOD TIMES CONTINENTAL RESTAURANT, WHICH HAS ANCHORED THE RETAIL PORTION OF THE PROPERTY FOR OVER 15 YEARS. GOOD TIMES IS AN EXTREMELY STRONG TENANT THAT RUNS ONE OF THE MOST FAMOUS RESTAURANTS IN TOWN!

THIS IS BY FAR THE BEST VALUE-ADD OPPORTUNITY CURRENTLY ON THE MARKET. CURRENTLY, THE SECOND RETAIL BAY IS VACANT, WHICH CAN BE EASILY RENTED WITH THE PROPER MARKETING. THERE IS VERY LITTLE RETAIL SPACE CURRENTLY AVAILABLE IN TIERRA VERDE. ESP RETAIL SPACE, WITH FRONTAGE ON S. PINELLAS BAY WAY AND AMPLE PARKING FOR ALL TENANTS AND THEIR CUSTOMERS, SHOULD BE RENTED FOR A MINIMUM OF $3,500-$4,000 PER MONTH. ADDING THIS TYPE OF INCOME TO THE PROPERTY WILL SIGNIFICANTLY BOOST THE NOI AND CREATE AN ENORMOUS RETURN FOR THE BUYER. THE BEST PART IS THAT THE CURRENT SPACE IS IN GOOD CONDITION AND SHOULD REQUIRE VERY LIMITED CAPEX TO PREPARE THE SPACE FOR A NEW TENANT.

THIS AMAZING VALUE-ADD OPPORTUNITY ONLY GETS BETTER AS THE CURRENT LEASE ON THE CELL-TOWER WILL BE EXPIRING IN APPROXIMATELY 4 YEARS! WHILE THE LEASE PAYMENTS HAVE NOW BEEN FULLY SATISFIED, THE VALUE IS IN THE POTENTIAL FUTURE INCOME A BUYER CAN OBTAIN FROM OWNING ONE OF THE ONLY CELL-TOWER READY LOCATIONS IN ALL OF TIERRA VERDE! PROPERTY WITH CELL-TOWERS ON-SITE ARE ONE OF THE MOST SOUGHT AFTER ASSET TYPES IN TODAYS REAL ESTATE MARKET. DUE TO THE FACT THAT CELL-TOWER LEASES CAN PRODUCE MASSIVE AMOUNTS OF INCOME, IN SOME CASES OVER $50,000 PER YEAR, A BUYER CAN PURCHASE THE PROPERTY AND OBTAIN AMAZING CASH-FLOW INITIALLY, AND MASSIVELY INCREASE THIS WHEN A NEW LEASE IS NEGOTIATED WITH THE CURRENT CELL TOWER TENANT OR ANOTHER COMPANY LOOKING TO EXPAND THEIR SERVICE IN TIERRA VERDE, FL! ADDING $80,000-$120,000 PER YEAR TO A PROPERTY ON A LONG-TERM LEASE WHERE THE OWNER REALLY HAS VERY LITTLE, IF ANY, RESPONSIBILITIES IS JUST THE ICING ON THE CAKE OF THIS AMAZING ASSET. A BUYER CAN COME IN, RENT THE VACANT RETAIL BAY, INCREASE THE MULTIFAMILY UNITS TO MARKET RATE, AND THEN HOLD THE ASSET, WHICH WILL ONLY INCREASE IN VALUE WHEN A NEW CELL-TOWER LEASE IS AGREED UPON. IT REALLY DOES NOT GET MUCH BETTER THAN THIS FOR A VALUE-ADD ASSET IN TODAY'S MARKET. This space offers accomodations for: lowrisegarden.