600 Corey Ave – St Pete Beach

Source: Loopnet.com

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PROPERTY HIGHLIGHTS

  • AMAZING SELLER FINANCING AVAILABLE! APPROX. TERMS: $400,000 DOWN, 5% FIXED IR, INTEREST ONLY PAYMENTS, 5-YEAR BALLOON!
  • 13% + CASH-ON-CASH RETURN! 8%+ CAP RATE!
  • CURRENT RENTAL RATES ARE APPROXIMATELY $200 PER MONTH BELOW THE CURRENT MARKET RATE!
  • 7-UNIT APARTMENT COMPLEX STEPS FROM THE WATER ON ST. PETE BEACH!
  • EXTREMELY LOW RENTAL RATES, GIVING THE BUYER MASSIVE UPSIDE!
  • MASSIVE UPSIDE FOR A BUYER TO RAISE RENTAL RATES IMMEDIATELY TO JUST THE MARKET AVERAGE, RESULTING IN A MASSIVE INCREASE IN NOI!
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Property Facts:

Price $1,100,000
Building Class C
Price Per Unit $157,143
Lot Size 0.12 AC
Building Size 4,756 SF
Cap Rate 8%
Average Occupancy 100%
No. Units 7
No. Stories 2
Property Type Multifamily
Year Built/Renovated 1951/2021
Property Subtype Apartment
Parking Ratio 2.73/1,000 SF
Apartment Style Low Rise
Opportunity Zone No

Listing Source: Loopnet.com

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