December 9, 2019
Multifamily Property Offering Summary
St Petersburg Multifamily Property Highlights:
- New Multifamily Offering
- 27 Units Apartment Complex
- Centrally Located in St Petersburg, Florida
The Multifamily Firm is proud to present the sale of the Lake View Manor Apartments in Pinellas Park Florida. Lake View Manor consists of 27 total units, in 4 solid masonry construction buildings, on 1 parcel of land totaling 3.65 acres. The property is centrally located in Florida’s most densely populated County, Pinellas County, and provides more than 163,000 jobs within a 5-mile radius.
“The Lake View Manor offering has all the classic characteristics of a significant value-add opportunity and as such we’re anticipating a surge in demand!”
– Phil Ginexi, Managing Director, The Multifamily Firm
Lake View Manor features a favorable unit mix of 100% two bedroom / two-bathroom units, all with split floor plans. Three of the four roofs in the complex were recently replaced in 2015, 2016 & 2018, and some of the units have been modestly updated over the last 6 years.
Lake View Manor currently operates with a property manager who resides on-site, and most of the rents have been kept level / low for numerous years. As result, the offering presents a tremendous value-add opportunity for an investor to drastically increase NOI with implementing a strategic interior & exterior renovation plan.
Lake View Manor provides a real estate investor with the rare opportunity to achieve a +8% CAP Rate and +12% Cash-on-Cash Return within 1-2 years and the ability to hit a +10% CAP & +20% Cash-on-Cash within 5-6 years.