Multi-Family Space For Lease @ 1761 19th St S St Pete

THE ST. PETERSBURG VILLAS PRESENTS AN AMAZING OPPORTUNITY FOR AN INVESTOR TO ACQUIRE 7 INCREDIBLE INCOME PRODUCING UNITS IN SAINT PETERSBURG, FL! THE ST. PETE VILLAS ARE CURRENTLY 100% OCCUPIED AND CONSIST OF A 4-UNIT APARTMENT COMPLEX AND 3 IMMACULATE SINGLE-FAMILY HOMES. THE PROPERTIES ARE LOCATED JUST MINUTES FROM WORLD FAMOUS ST. PETE AND CLEARWATER BEACHES! THE VILLAS ARE IN FANTASTIC CONDITION AND HAVE BEEN RECENTLY RENOVATED IN 2020! THE DEMAND HAS NEVER BEEN HIGHER FOR APARTMENTS IN THE SAINT PETERSBURG AREA, AND WITH THE LOW RENTAL RATES IN-PLACE THE ASSET HAS MASSIVE VALUE-ADD POTENTIAL!

THE PROPERTY CONSISTS OF SEVERELY UNDER MARKET RENTAL RATES FOR THE AREA, MAKING THIS AN INCREDIBLE VALUE-ADD OPPORTUNITY FOR A BUYER. WHILE ALL TENANTS ARE CURRENTLY ON YEARLY LEASES, ALL OF THE LEASES WILL EXPIRE WITHIN THE NEXT 3-7 MONTHS. THIS CREATES THE PERFECT SITUATION FOR THE BUYER TO INCREASE THE RENTAL RATES OF THE SHORT-TERM LEASES, WHILE KEEPING THE OTHER LEASES IN-PLACE FOR SECURITY. THE CURRENT RENTAL RATES ARE APPROXIMATELY $250-$300 LOWER THAN THE AVERAGE RENTAL RATE IN THE AREA. THIS CREATES MASSIVE UPSIDE FOR A BUYER. WHO WILL BE ABLE TO INCREMENTALLY RAISE THE RENTAL RATES OF THE BUILDING AND INCREASE THEIR NOI WITHOUT HAVING TO SPEND MONEY IMPROVING THE INDIVIDUAL UNITS!

GIVEN THE ABILITY TO INCREASE THE RENTAL RATES INSTANTLY AT THE PROPERTY, A BUYER CAN OBTAIN A CAP RATE OF OVER 8% AND A CASH-ON-CASH RETURN OF APPROXIMATELY 13% BY EARLY 2021! THIS IS A UNIQUE OPPORTUNITY TO PURCHASE PROPERTY WITH MASSIVE UPSIDE, IN ONE OF THE HOTTEST MARKETS IN THE US.

THE PROPERTY IS LOCATED IN ONE OF THE HOTTEST MARKETS IN THE COUNTY. SAINT PETERSBURG, FL HAS SEEN MASSIVE YEAR OVER YEAR GROWTH, LEADING TO EXCEPTIONALLY HIGH OCCUPANCY RATES. EVEN THROUGHOUT THE PANDEMIC, THE RENTAL RATES HAVE BEEN ON THE RISE IN THE AREA AND, DUE TO HIGH MASSIVE DEMAND FOR RESIDENTIAL RENTAL UNITS, THIS SHOULD CONTINUE FOR THE FORESEEABLE FUTURE. THESE IMMACULATE HOMES ARE ALL RECENTLY REDONE, AND IN FANTASTIC CONDITION. THE VILLAS ARE 100% OCCUPIED ON YEARLY LEASES AT BELOW MARKET RENTAL RATES, MAKING THIS A FANTASTIC INVESTMENT OPPORTUNITY. WHILE EACH UNIT IS CURRENTLY OCCUPIED, THE RENTAL RATES AT EACH PROPERTY ARE BELOW THE AVERAGE MARKET RATE IN THE AREA. THIS GIVES THE BUYER THE ABILITY TO ACQUIRE THIS PORTFOLIO WITH FANTASTIC LOCKED IN INCOME, THAT WILL ONLY RISE AS THE RENTAL RATES ARE INCREASED. UPON PURCHASING THIS AMAZING PORTFOLIO, A BUYER CAN OBTAIN A CAP RATE OF OVER 8% AND A CASH-ON-CASH RETURN OF OVER 13%. WITH THE ABILITY TO INCREASE THE EXTREMELY LOW RENTAL RATES INSTANTLY, THE PORTFOLIO CAN ECLIPSE A 9% CAP RATE AND A CASH-ON-CASH RETURN OF OVER 15% IN 2022.

THE SELLER AND PROPERTY MANAGER HAVE DONE A FANTASTIC JOB UPDATING AND RENOVATING THE PROPERTY OVER THE PAST 3 YEARS. EACH UNIT HAS BEEN UPDATED, MAKING THE VILLAS A VERY DESIRABLE LOCATION TO LIVE. WITH THE HIGH DEMAND IN THE AREA AND THE QUALITY OF THESE UNITS, THE VILLAS STAY RENTED ALL YEAR LONG! PLEASE SEE THE FULL LIST OF UPDATES AND RENOVATIONS THAT HAVE BEEN DONE TO EACH UNIT BELOW.

RECENT UPGRADES INCLUDE BUT ARE NOT LIMITED TOO; NEW ROOFS ON EACH BUILDING, NEW ELECTRICAL INSTALLED, NEW PLUMBING INSTALLED, NEW INTERIOR AND EXTERIOR PAINT, NEW WATER METERS (TO ENSURE TENANTS PAY THEIR OWN WATER), NEW IMPACT WINDOWS INSTALLED, WASHER/DRYERS INSTALLED IN EACH UNIT, NEW LANDSCAPING AND MUCH MORE! This space offers accomodations for: lowrisegarden.