Investment Highlights

• Quality Value Add Asset located steps from Indian Rocks Beach and with views of The Narrows Pass and Hidden Harbour. Each unit is a Two (2) Bedroom / Two and 1/2 (2.5) Bathroom with a Den. Each unit also has a garage. With the unique staggered construction, three units make up the end providing additional natural light with windows while the 4 interior units also have balconies and good views similar to the end units. Prospective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be arranged with the Dreznin Pappas commercial real estate listing agent. At no time shall the tenants, on-site management or staff be contacted without prior approval.
• Similar rentals in the area are offered at upwards of $3,500 per week. On a hypothetical basis, if you were to rent this in a vacation program, the proforma numbers may look like this; Income at 70% occupancy for the year (factoring seasonal rates (36 weeks)) $550k gross income Expenses increased 350% $230k total expenses (including increased RE taxes, mgmt, repairs, cleaning & insurance costs) $320k approx NOI before debt service
• The property has previously been separated with individual property cards with condominium specializations. There has not been an association created, but the framework is in place. Condominium sales comparable's, in this area, range from $450k to $600+k with properties one block West and on the beach starting at approximately $800k and easily surpassing over a million dollars.
• Allowed with current rules (https://www.tampabaybeaches.com/rentals/), this property is well located and well suited to become vacation rentals which opens up a wealth of options regarding future returns and profits. Substantial Upside in the Rents with strategic interior renovations and upgrades. Upwards of $475+ to $800+ per unit per month with the additional income stream of passing through or separately metering the Water/Sewer & Trash costs.