7027 4th Ave N

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Address: 7027 4th Ave N, St Petersburg, Florida, US
Created date: February 12, 2024
Date last updated: February 12, 2024
  • 8-UNIT APARTMENT COMPLEX LOCATED IN BEAUTIFUL GULFPORT, FL!
  • 100% OCCUPIED!
  • MASSIVE UPSIDE AS THE CURRENT RENTAL RATES ARE APPROXIMATLY $300 BELOW THE MARKET AVERAGE!
  • SELLER FINANCING AVAILABLE; APPROX. TERMS: $950,000 DOWN, 4% FIXED IR, INTEREST-ONLY PAYMENTS, 3-YEAR BALLON!
  • 2023 CASH-ON-CASH RETURN: 8% 2024 CAP RATE: 8% 2024 CASH-ON-CASH RETURN: 10% 2025 CASH-ON-CASH RETURN: 10.4% THE PROPERTY WAS RECENTLY RENOVATED IN 2023 AND IS IN EXCELLENT CONDITION! NEW COURTYARD AND LAUNDRY FACILITIES WERE ADDED IN 2O23!
  • ROOFS REPCALED IN 2018 AND 2022!
  • HVAC SYSTEMS REPLACED IN 2021 AND 2023! EACH UNIT HAS ITS OWN BACKYARD AND ONSITE PARKING!

Property Description

GULFPORT GARDENS IS AN 8-UNIT CONCRETE BLOCK APARTMENT BUILDING LOCATED IN GULFPORT, FL, ONE OF THE MOST EXCLUSIVE AND SOUGHT-AFTER LOCATIONS IN THE TAMPA/CLEARWATER AREA! THE PROPERTY CONSISTS OF (2) TWO-BEDROOM/TWO-BATHROOM UNITS AND (6) ONE-BEDROOM/ONE-BATHROOM UNITS WITH AN AVERAGE OF 700 RENTABLE SQUARE FEET M.O.L. THE PROPERTY SITS JUST A FEW STEPS FROM DOWNTOWN GULFPORT AND SOUTH PASADENA! ALL OF THE UNITS HAVE BEEN UPDATED AND THE PROPERTY HAS UNDERGONE SIGNIFICANT IMPROVEMENTS IN 2023. THE PROPERTY HAS MASSIVE UPSIDE POTENTIAL AS ALMOST ALL OF THE RENTAL RATES ARE STILL VERY MUCH BELOW THE MARKET AVERAGE. THE SELLER IS OFFERING AMAZING SELLER FINANCING, WHICH MAKES THIS DEAL EVEN BETTER (SEE P.5 FOR DETIALS)! THE PROPERTY IS 100% OCCUPIED AND WITH THE LIMITED NUMBER OF UNITS AVAILABLE FOR RENT IN GULFPORT, THE DEMAND IS OFF THE CHARTS! THERE IS ALMOST NOTHING AVAILABLE FOR RENT CURRENTLY IN THE ENTIRE GULFPORT AREA. THIS WILL BE A HUGE POSITIVE FOR A BUYER AS THEY CAN RAISE THE RENTS QUICKLY WITHOUT SPENDING EXCESS MONEY ON UPDATES! DUE TO THE PROPERTY'S PRIME LOCATION, THESE UNITS WILL STAY RENTED AND THE RENTAL RATES WILL ONLY CLIMB OVER TIME! THE EXTERIOR OF THE PROPERTY IS ALSO IN GOOD CONDITION, WITH THE REPLACEMENT OF THE ROOF IN THE PAST 4 YEARS, RECENT HVAC UPDATES, AND ALL-NEW LANDSCAPING IN FRONT OF THE BUILDING. THIS WILL ALLOW A BUYER TO RAISE RENTAL RATES WITHOUT HAVING TO SPEND MUCH ON FUTURE CAPEX. THE UNITS ARE APPROXIMATELY $300 PER MONTH BELOW THE MARKET AVERAGE GIVING THE BUYER MASSIVE VALUE-ADD OPPORTUNITIES AND THE ABILITY TO INCREASE THEIR NOI QUICKLY! GIVEN THE ABILITY TO INCREASE THE RENTAL RATES AT THE PROPERTY, A BUYER CAN OBTAIN A CAP RATE OF OVER 8% AND A CASH-ON-CASH RETURN OF APPROXIMATELY 10% BY THE BEGINNING OF 2024! BY 2025 A BUYER CAN OBTAIN A CAP RATE OF ALMOST 9% AND A CASHON-CASH RETURN OF 10.4%! SELLER FINANCING APPROXIMATE TERMS: DOWN PAYMENT: $950,000! FIXED INTEREST RATE: 4% INTEREST-ONLY PAYMENTS OR AN AMORTIZATION OF 30-YEARS BALLOON LENGTH: 3- YEARS DEBT SERVICE AS LOW AS: $3,166 PER MONTH! PROPERTY INFORMATION AND UPDATES: THIS RECENTLY RENOVATED 8-UNIT PROPERTY SITS DIRCELY IN THE MIDDLE OF THE FAMOUS BEACH TOWN OF GULFPORT FLORIDA. GULFPORT IS KNOWN TO HAVE ONE OF THE LARGEST AMOUNTS OF MULTIFAMILY/RESIDENTIAL RENTAL UNITS IN THE TAMPA/CLEARWATER AREA! THE CITY OF GULFPORT HAS A LARGE RETAIL AREA RIGHT BEFORE THE CITY-OWNED MARINA WITH MANY SHOPS AND RESTAURANTS LOCATED DIRECTLY ON THE WATER! EACH UNIT HAS ITS OWN BACKYARD MAKING THESE UNITS EVEN MORE DESIRABLE! A BUYER CAN EASILY OBTAIN A 8% + CAP RATE AND A 10%+ CASH-ON-CASH RETURN IN EARLY 2024, JUST BY RAISING THE RENTAL RATES TO THE MARKET AVERAGE! IT’S ALMOST IMPOSSIBLE TO FIND A CONCRETE BLOCK BUILDING IN GULFPORT, FL WITH THIS MUCH UPSIDE! THE DEMAND IN GULFPORT, FL FOR RENTAL UNITS OF THIS TYPE IS EXTREMELY HIGH, AS THE CURRENT OCCUPANCY RATE IS OVER 97.07%. IT GETS EVEN BETTER AS THE CURRENT RENTS ARE $300 BELOW THE CURRENT MARKET AND THE OWNERS HAVE SPENT A LOT OF MONEY UPGRADING THE UNITS, SO A BUYER CAN COME IN AND RAISE THE RENTS WITHOUT HAVING TO SPEND MUCH, IF ANY, ON CAPEX! THE OWNERS HAVE RECENTLY UPGRADED THE UNITS AND THEY ARE IN FANTASTIC CONDITION. RECENT UPGRADES AND RENOVATIONS AT THE PROPERTY INCLUDE BUT ARE NOT LIMITED TO; A NEW ROOF (2018 & 2022), NEW HVAC UNITS (2023,2021), INTERIOR AND EXTERIOR PAINT, NEW KITCHENS AND APPLIANCES, NEW KITCHEN AND BATHROOM BACKSPLASHES, NEW CABINETS, NEW COUNTERTOPS, NEW FANS, NEW LAMINATE FLOORING AND CARPET, NEW LANDSCAPING IN THE MIDDLE OF THE PROPERTY INCLDUING THE ADDITION OF A COMMUNITY GRILLING AREA, UPGRADED DOORS AND WINDOWNS, NEW BATHROOMS WITH ALL NEW APPLIANCES, AND MUCH MORE! THIS IS AN AMAZING VALU-ADD OPPORTUNITY TO PURCHASE PRIME REAL ESTATE IN GULFPORT, FL. THE PROPERTY HAS TWO BRAND-NEW LAUNDRY ROOMS, THAT PRODUCES ADDITIONAL INCOME FOR THE OWNER. IT IS VERY CLEAN AND EASY TO MANAGE WEATHER THE BUYER IS LOCAL OR OUT OF STATE. THE MANY UPGRADES AND IMPROVEMENTS WILL ONLY HELP THE BUILDING APPRECIATE OVER TIME, AND AS THE DEMAND CONTINUES TO RISE IN GULFPORT, THE RENTAL RATES WILL ONLY FOLLOW!

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Multifamily type: Apartments
Price: $1,750,000
No. of Units: 8
Year Built: 1966
Lot Size: 0.45 Sq ft
Opportunity Zone: No
Price per unit: $218,750
Property Website Click Here
Address: 7027 4th Ave N, St. Petersburg, FL 33710, USA
Provided by:

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