Multi-Family Space For Lease @ 550 Corey Ave

THE ST. PETE BEACH VILLAS IS A 14-UNIT APARTMENT COMPLEX LOCATED IN BEAUTIFUL ST. PETE BEACH, FL! THE PROPERTY CONSISTS OF 12-STUDIO APARTMENTS AND TWO LARGER 2-BEDROOM/ 2-BATHROOM UNITS. THESE UNITS ARE IN EXCELLENT CONDITION AND LOCATED ONLY STEPS FROM THE WATER! THIS IS THE PERFECT VALUE-ADD INVESTMENT AS THE CURRENT RENTS ARE SEVERLY BELOW THE MARKET AVERAGE IN ST. PETE BEACH! ALL TENANTS ARE ON MONTH-TO-MONTH LEASES, BUT THEY PAY THE OWNER WEEKLY, CREATING CONSISTENT CASH FLOW FOR THE OWNER.

THE ST. PETE BEACH VILLAS ARE CURRENTLY 100% OCCUPIED AND BOAST A CASH-ON-CASH RETURN OF OVER 15%. WHILE THIS IS A FANTASTIC RETURN, TO BEGIN WITH, IT ONLY GETS BETTER AS THE BUYER CAN INCREASE THESE RATES IMMEDIATELY. FURTHERMORE, BY USING THE SELLER FINANCING TERMS THAT ARE BEING OFFERED, THE BUYER CAN EASILY OBTAIN A CASH-ON-CASH RETURN OF OVER 18% BY THE START 2020!
ONE OF THE STRONGEST FEATURES OF THE PROPERTY IS THE LARGE NUMBER OF LONG-TERM TENANTS WHO HAVE LIVED ON-SITE FOR AN AVERAGE OF OVER 10 YEARS. BECAUSE THE OWNER HAS TAKEN CARE OF THESE TENANTS AND ENJOYS THE STATUS QUO, THEIR RENTAL RATES ARE EXTREMELY LOW. THIS GIVES THE BUYER MASSIVE UPSIDE AS THEY WILL HAVE THE ABILITY TO INCREASE THE RENTAL RATES IMMEDIATELY UPON TAKING OVER THE PROPERTY. WITH ALL OF THE CURRENT TENANTS ON MONTH-TO-MONTH LEASES, A BUYER CAN IMMEDIATELY INCREASE THE RENTAL RATES TO AT LEAST THE MARKET RATE.

CURRENTLY, THE MONTH-TO-MONTH TENANTS PAY APPROXIMATELY $100 PER WEEK 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 PROPERTIES FANTASTIC CONDITION, LOCATION, AND DEMAND!

THE PROPERTY CURRENTLY HAS A WAITING LIST OF POTENTIAL TENANTS THAT WANT TO MOVE IN IF A UNIT WERE TO BECOME AVAILABLE. THIS CLEARLY SHOWS THE AMOUNT OF DEMAND THIS PROPERTY POSSESSES. IT IS OBVIOUS THAT A BUYER CAN EASILY FIND TENANTS WILLING TO PAY AT LEAST THE CURRENT MARKET RATE, $100-$150 MORE PER WEEK, WITHOUT SPENDING MUCH MONEY, IF ANY, ON IMPROVING THE UNITS! WITH THE ABILITY TO EASILY OBTAIN A WEEKLY INCREASE OF $100 PER UNIT, THE PROPERTY POSSESSES MASSIVE UPSIDE. WHICH IS VIRTUALLY IMPOSSIBLE TO FIND ANYWHERE AT THE MOMENT, LET ALONE STEPS FROM THE WATER IN BEAUTIFUL ST. PETE BEACH, FL!

THE PROPERTY FEATURES A PRIVATE POOL FOR TENANTS AND AMPLE PARKING. TENANTS HAVE ACCESS TO AN ON-SITE LAUNDRY ROOM, WHICH PRODUCES EVEN MORE INCOME FOR THE OWNER. EACH UNIT HAS ITS OWN WINDOW AC SYSTEM, WHICH IS AN AMAZING FEATURE. THESE WINDOW UNITS ARE EXTREMELY CHEAP AND EASY TO REPLACE, WHICH WILL SAVE THE NEW OWNER A TON OF MONEY IN THE FUTURE WITHOUT HAVING TO REPLACE HVAC SYSTEMS. THE PROPERTY IS IN EXCELLENT CONDITION AND THE ROOF WAS REPLACED IN 2018! IF YOU ARE INTERESTED PLEASE CONTACT ME IMMEDIATELY AS THIS WILL NOT LAST LONG! This space offers accomodations for: lowrisegarden.