504 S Myrtle Ave

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Address: 504 S Myrtle Ave, Clearwater, Florida, US
Created date: May 9, 2024
Date last updated: May 15, 2024
  • LOCATED IN AN "OPPORTUNITY ZONE," GIVING THE BUYER HUGE FUTURE TAX BENEFITS!
  • DIRECTLY ON THE HARD CORNER OF CHESTNUT ST. AND MYRTLE AVE IN DOWNTOWN CLEAWATER, FL!
  • CHESTNUT ST. IS ALSO KNOWN AS GULF TO BAY BLVD. THE MAJOR THROUGHWAY CONNECTING CLEARWATER TO TAMPA BAY!
  • AMAZING SELLER FINANCING AVAILABLE! APPROXIMATE SELLER FINANCING TERMS: DOWN PAYMENT: $2,000,000, 6% FIXED IR, INTEREST-ONLY PAYMENTS, 3 OR 5 YEAR BALLOON!
  • PLANS ARE IN PLACE TO BUILD A BRAND NEW 40-UNIT APARTMENT COMPLEX WITH COVERED PARKING!
  • LAND CAN BE USED TO BUILD AN APARTMENT COMPLEX OR CONDOS AT THE SITE.
  • ADDITIONAL PARKING AND UNITS CAN BE ADDED TO PLANS IF A BUYER WOULD LIKE TO BUILD MORE THAN THE 40 UNITS ALREADY PLANNED!

Property Description

THIS ONE-OF-A-KIND SHOVEL-READY DEVELOPMENT PROJECT IS LOCATED IN AN OPPORTUNITY ZONE IN DOWNTOWN CLEARWATER, FL. THE PROPERTY SITS ON A HARD CORNER IN DOWNTOWN ON S MYRTLE AVE AND CHESTNUT ST! THE PROPERTY SITS 100 FEET FROM THE PINELLAS TRAIL, JUST 4 BLOCKS FROM COACHMAN PARK, AND 5 MINUTES FROM WORLD-FAMOUS CLEARWATER BEACH! THE CURRENT SITE PLANS ARE FOR A BEAUTIFUL CLASS-A APARTMENT COMPLEX WITH COVERED PARKING ON THE GROUND FLOOR AND 4 FLOORS OF APARTMENTS. PLANS ALSO INCLUDE A ROOFTOP TERRACE FOR TENANTS TO USE AND FOUR PENTHOUSES ON THE TOP FLOOR. WITH DRIVEWAY ACCESS ON S MYRTLE AVE, THIS NEW CONSTRUCTION BUILDING WILL BE IN HIGH DEMAND! WHAT MAKES THIS DEAL EVEN BETTER IS THE FACT THAT THE SELLER WILL DO SELLER FINANCING AT A RATE AND TERMS BETTER THAN ANY BANK CAN OFFER RIGHT NOW. THE APPROXIMATE SELLER FINANCING TERMS ARE AS FOLLOWS: $2,000,000 DOWN PAYMENT, 6% FIXED IR, INTEREST-ONLY PAYMENTS, AND A 3 OR 5 YEAR BALLOON. (SEE PAGE 5 FOR FULL DETAILS) THIS IS A UNIQUE OPPORTUNITY TO PURCHASE AN INCREDIBLE DEVELOPMENT SITE WITH PLANS AND DRAWINGS ALREADY IN PLACE. IF A BUYER WANTED TO COME IN AND CREATE NEW PLANS, THERE IS THE ABILITY TO DO THAT AS WELL. THE SITE WOULD ALLOW FOR ADDITIONAL UNITS AND PARKING TO BE BUILT, AND A BUYER COULD EVEN BUILD CONDOS INSTEAD OF APARTMENTS! THE SELLER HAS STARTED THE PROCESS OF OBTAINING A DEVELOPMENT ORDER, WHICH TYPICALLY TAKES 60-90 DAYS TO BE COMPLETED. ONCE THAT IS COMPLETED, A BUYER CAN COME IN AND BEGIN THE PERMITTING PROCESS IMMEDIATELY AND START CONSTRUCTION SHORTLY THEREAFTER. ELLER FINANCING APPROXIMATE TERMS: DOWN PAYMENT: $2,000,000! FIXED INTEREST RATE: 6% INTEREST-ONLY PAYMENTS OR AN AMORTIZATION OF 30-YEARS BALLOON LENGTH: 3 OR 5 -YEARS APPROXIMATE DEBT SERVICE: $10,000 PER MONTH! PROPERTY DESCRIPTION AMAZING DEVELOPMENT SITE IN DOWNTOWN CLEARWATER, FLORIDA. THE PROPERTY SITS IN AN "OPPORTUNITY ZONE," WHICH WILL GIVE THE BUYERS A MASSIVE LONG-TERM TAX BENEFIT! BUYERS CAN CONTINUE WITH THE CURRENT PLANS ALREADY IN PLACE OR MAKE CHANGES. BUYERS CAN BUILD EVEN MORE THAN 40 UNITS ON THIS SITE, AND THEY CAN EVEN BUILD CONDOS IF THEY CHOOSE! THERE ARE MANY OPTIONS AVAILABLE AT THIS AMAZING SITE JUST MINUTES FROM WORLD-FAMOUS CLEARWATER BEACH! LOCATION DESCRIPTION LOCATED IN DOWNTOWN CLEARWATER, FL, ON S MYRTLE AVE AND CHESTNUT ST. LOCATED AT THE SIGNALIZED INTERSECTION OF CHESTNUT ST. CHESTNUT ST IS OTHERWISE KNOWN AS GULF TO BAY BLVD. GULF TO BAY BLVD. IS THE MAJOR THROUGHWAY CONNECTING CLEARWATER AND TAMPA BAY! PARKING DESCRIPTION CURRENT PLANS HAVE GROUND-FLOOR PARKING WITH THE ABILITY TO ADD AN ADDITIONAL LEVEL OF PARKING ON THE SECOND FLOOR! IF A BUYER WANTS TO BUILD ADDITIONAL UNITS!

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Property Types: Apartment Buildings
Price: $4,000,000
No. of Units: 40
Year Built: 2025
Lot Size: 0.44 Sq ft
Opportunity Zone: No
Price per unit: $100,000
Property Website Click Here
Address: 504 S Myrtle Ave, Clearwater, FL 33756, USA
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