Address: Osprey Circle, St. Augustine, Florida, US
Created date: April 27, 2024
Date last updated: April 27, 2024
- Osprey Circle Portfolio is comprised of 12 renovated one bed/one bath units in three quad buildings.
- Nine of the twelve AC units are 2020 or NEWER.
- Age of the roofs are 2012, 2015, & 2017.
- Electrical Panels are 2000, 2022, 2022.
- All units fully rented with rents of $1,100 - $1,550. Average rent $1,312.50/unit, with the opportunity for upside
- Seller is willing to help carry $350,000 of the $750,000 (30%) DP at an 8% interest rate, 5-year term and balloon due in 5 years, with 2nd lien position and personal guarantee (pending upon credit approval).
Property Description
Osprey Circle Portfolio is a 12-unit multifamily property located in St. Augustine, FL near Jacksonville, FL. They consist of three adjacent single-story quads. All units have identical one-bedroom floor plans and individual washer/dryer connections. These units have been well-maintained and have all been upgraded as recent as 2023. This presents the opportunity for an investor to capitalize on a portfolio that requires minimal property improvements, management efficiencies, and/or increasing the quality of tenants. capturing significant rental upside in a submarket with average asking rents of $1,780 (CoStar – Oct. 2023).
The properties are conveniently located 14 minutes from St. Augustine's historic downtown and entertainment district (7.5 miles). It is also 16 minutes away from St. Augustine Beach (9.4 miles) and 33 minutes from the Nocatee master-planned community, which is ranked as the No. 1 place to raise a family in Florida by Niche.com. Major nearby retailers include Publix Supermarket (1.4 miles), CVS Pharmacy (2.6 miles), Home Depot (5.5 miles), Walmart Supercenter (4.4 miles), and Starbucks (5.8 miles).
Osprey Circle Portfolio represents an attractive investment opportunity in a prime location with strong demographics, proximity to key economic drivers, and convenient access to retail and shopping options.