Morningside East I & II (20 of 44 Units)
- Unique value-add opportunity to purchase 20 of 44 total units and increase current rents $300 per unit per month.
- Long term tenants with average tenancy of six years
- Concrete block construction with large one & two-bedroom floorplans
- First right of refusal for potential to acquire additional units within complex along with multiple exit options
- In proximity to major demand drivers and major transportation corridors
- Centrally located in Pinellas county just off of the US-19 corridor & Gulf to Bay Blvd
- Walkable to the Duke Energy Trail
- Easy access to major employment centers throughout the Tampa MSA
- Short drive to shopping, dining & entertainment establishments such as Costco, Home Depot, Sam’s Club, & Target
- 20-minute travel time to clearwater beach and local nightlife venues in Downtown Dunedin.
Property Description
Colliers, as the exclusive agent, is pleased to present Morningside East – a compelling investment opportunity featuring 20 out of 44 fractured condo units. Strategically positioned for growth, this property offers the unique advantage of a first right of refusal for future sales within the community. Built in 1969/1970 of concrete block & slab on slab construction; one- & two-Bedroom units average 650 & 950 square feet, respectively and showcase robust rental upside north of $300/unit through quality interior upgrades and improvements. The community is nestled in proximity to major retail hubs, including Target, Costco, Sam's Club, Mellow Mushroom, Hooters, and Best Buy. Tenants enjoy the allure of Clearwater Beach and Sand Key Beach within a short 20-minute drive from swift access to US 19 & Gulf to Bay; additionally facilitating seamless commuting to major employment centers in Saint Petersburg & Tampa MSA's.
Key Property Information
| Listing Status: | Available |
|---|---|
| Multifamily type: | Apartments |
| Price: | $2,700,000 |
| No. of Units: | 20 |
| Cap Rate: | 5.46% |
| GRM /GIM: | 8.92 |
| Average Occupancy: | 97 |
| Building Size: | 15,671 Sq ft |
| Lot Size: | 0.65 Acres |
| No. of Stories: | 2 |
| Opportunity Zone: | No |
| Price per unit: | $135,000 |
| Property Website | Click Here |
Unit mix
| Description | No. of Units | Sq ft. | Avg. Monthly Rent |
|---|---|---|---|
| 1-Bdr/1-Bath | 10 | 648 | 1188 |
| 2-Bdr/1-Bath | 7 | 908 | 1393 |
| 2-Bdr/2-Bath | 3 | 945 | 1513 |
FINANCIAL DETAILS
| Income/expense info: | Actual |
|---|---|
| Gross income: | 298338 |
| Effective Gross income: | 300338 |
| Operating expenses: | 147372 |
| Net operating income: | 152966 |
| Pre-tax cashflow: | 152966 |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Jay Ayres | 813-956-9700 | [email protected] |
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