Multi-Family Space For Lease @ 317 E Tarpon Ave

THE DOWNTOWN TARPON AVENUE APARTMENTS IS A 15-UNIT, TWO BUILDING APARTMENT COMPLEX LOCATED IN DOWNTOWN TARPON SPRINGS, FL. THE PROPERTY HAS BEEN RECENTLY RENOVATED AND IS CURRENTLY 100% OCCUPIED. THERE ARE A TOTAL OF 15 1-BEDROOM/1-BATHROOM UNITS ALL IN GREAT CONDITION. LOCATED ON THE MAIN DRAG IN DOWNTOWN TARPON SPRINGS, THERE IS FANTASTIC RENTAL DEMAND FOR THESE UNITS GIVEN THE BUILDINGS PRIME LOCATION. DUE TO THIS AMAZING LOCATION, THE PROPERTY VALUE WILL ONLY CONTINUE TO CLIMB AS THERE ARE VERY FEW APARTMENT BUILDINGS FOR SALE IN THE HEART OF DOWNTOWN.

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, ALMOST 40% OF THE LEASES WILL EXPIRE WITHIN THE NEXT 6MONTHS. 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 $100-$200 LOWER THAN THE AVERAGE RENTAL RATE IN DOWNTOWN TARPON SPRINGS. THIS CREATES MASSIVE UPSIDE FOR A BUYER. WHO WILL BE ABLE TO INCREMENTALLY RAISE THE RENTAL RATES OF THE BUILDING AND INCREASE THEIR NOI.

GIVEN THE ABILITY TO INCREASE THE RENTAL RATES AT THE PROPERTY, A BUYER CAN OBTAIN A CAP RATE OF OVER 10% AND A CASH-ON-CASH RETURN OF APPROXIMATELY 20% BY EARLY 2021! THE TARPON AVE. APARTMENTS HAS SO MUCH UPSIDE! YOU RARELY SEE AN APARTMENT COMPLEX FOR SALE IN THE HEART OF DOWNTOWN WHERE A BUYER CAN EASILY OBTAIN A 10% + CAP RATE JUST BY RAISING THE RENTAL RATES TO THE AVERAGE MARKET RATE!

THE BEST PART IS THE FACT THAT THESE RENTAL RATES CAN BE INCREASED WITHOUT SPENDING MUCH ON PROPERTY IMPROVEMENTS. IN THEIR CURRENT CONDITION, THESE UNITS SHOULD BE RENTING FOR AT LEAST $100-$150 MORE PER MONTH, THEN THEY CURRENTLY ARE.

THE VALUE-ADD COMPNET TRULY COMES INTO PLAY IF A BUYER WERE LOOKING TO SIGNIFICANTLY UPGRADE EACH UNIT. IN THIS SCENARIO A BUYER COULD IMPROVE THE INTERIOR OF EACH UNIT AND SIGNIFICANTLY INCREASE THE RENTAL RATES AT THE PROPERTY. NEWLY RENOVATED 1-BEDROOM/1-BATHROOM APARTMENTS ARE RENTING FOR AN AVERAGE OF $750-$850 PER MONTH CURRENTLY IN DOWNTOWN TARPON SPRINGS. THIS WOULD CREATE MASSIVE LONG-TERM UPSIDE FOR AN INVESTOR, AS THE INCREASED RENTAL RATES WOULD DRASTICALLY INCREASE THE TOTAL INCOME GENERATED AT THE PROPERTY.

IN EITHER SCENARIO, THE CURRENT RENTAL SITUATION AT THE TARPON AVENUE APARTMENTS CREATES A UNIQUE OPPORTUNITY WITH MASSIVE UPSIDE FOR AN INVESTOR. THE ABILITY TO PURCHASE A PROPERTY SEVERELY UNDERVALUED IN THE HEART OF DOWNTOWN TARPON SPRINGS DOES NOT COME AROUND VERY OFTEN! ESPECIALLY WITH THIS MUCH LONG TERM POTENTIAL!

THE PROPERTY WAS RECENTLY RENOVATED IN 2017 AND 2018. THE RECENT RENOVATIONS INCLUDE BUT ARE NOT LIMITED TO; ROOFS ON BOTH BUILDINGS WERE REPLACED IN 2016, UPDATED WINDOW A/C UNITS IN ALMOST EVERY UNIT, NEW LAMINATE FLOORING, BATHROOM & KITCHEN UPGRADES, EXTERIOR AND INTERIOR PAINT, AND NEW HOT WATER HEATERS. ALSO, THE PLUMBING AT THE PROPERTY IS IN GOOD WORKING CONDITION AND UPDATES TO THE PLUMBING WERE MADE IN 2017 TO BOTH BUILDINGS. THESE RENOVATIONS ALONE WILL ALLOW A BUYER TO INCREASE THE RENTAL RATES ON-SITE WITHOUT SPENDING MUCH CAPITAL INITIALLY!

THE PROPERTY HAS AN ON-SITE LAUNDRY ROOM THAT IS CURRENTLY FREE FOR TENANTS TO USE. ONE WAY TO MAXIMIZE THE UPSIDE THIS PROPERTY HAS, IS TO MAKE THE LAUNDRY MACHINES COIN-OPERATED, WHICH COULD PRODUCE AS MUCH AS $4,000 A YEAR IN EXTRA INCOME AT THE PROPERTY! TENANTS ARE RESPONSIBLE FOR ALL-ELECTRIC EXPENSES AT THE PROPERTY, WHILE THE OWNER PAYS FOR ALL WATER, SEWER, AND TRASH ON-SITE. ALL UNITS ARE SEPARATELY METERED AS WELL! This space offers accomodations for: midrise.