5-Unit Multifamily opportunity in Sarasota, FL

DJI_0063

CLICK HERE FOR Detailed Offering Memorandum

Price: $624,000
Number of Units: 5
Building Size: 4,025 SF
Property Type: Multi-Family
Lot Size: 25,543 SF
Year Built: 1983

Highlights

  • Reasonable increases to market rent increases yield over 7%
  • Newly renovated units provide turn-key investment opportunity
  • SFR tenant pays all utilities; 4-plex tenants pay electric and cable
  • Property includes a 4-plex and a single family home
  • Close proximity to A-Rated Schools including Riverview High School and Phillippi Shores Elementary
  • Located near Publix, shopping, restaurants and most importantly, Siesta Key Beach!

Description

This is an opportunity to acquire five renovated apartments/rental units in the central submarket of Ridgewood Heights in Sarasota, FL. The property is an infill four-plex plus one adjacent single family home in a predominantly residential neighborhood.

The property’s proximity to top-rated schools, secondary schools, retail and employment bases make these units attractive rentals to a wide variety of potential future tenants. The current owner has handled most deferred maintenance including new roofs, painting, fencing and a new a/c for the SFR all within the past two years.

With rents near market, renovations performed and expenses stabilized, this is truly a turnkey opportunity and perfect for out-of-market investors and 1031 exchanges.

Location

Located just North of the intersection of Proctor and Swift, this property sits on the West side of Swift Road. The property’s tenants enjoy close proximity to numerous retail centers and A-rated schools. Its location affords ease of commute for employment via US 41 and I-75. The quiet, centrally-located neighborhood is ideal for both families and young professionals alike.

Contact

Sean Dreznin at sean@ian-black.com

or

George Kruse at george@ian-black.com

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