Rare Opportunity to acquire a portfolio totaling 18-units with a desirable Unit mix.
OWNERSHIP WILL CONSIDER SELLER FINANCING.
For further information, communications with the listing agent and an executed CA will be required.
Prospective Purchasers are encouraged to visit the subject properties prior to submitting offers. However, all property tours must be arranged with the exclusive Dreznin Pappas Commercial Real Estate agents. At no time shall the tenants, on-site management or staff be contacted without prior approval.
Per ownership, Unit mix is as follows
* (8) Two Bedroom / Two Bath units
* (8) Two Bedroom / One Bath units
* (2) One Bedroom / One Bath units
This is a value-add opportunity based on current rents and capitalizing on the gap between in-place and market rates.
They Don't make them like this anymore! Trophy Assets with Strong Historic Occupancy Rates and Significant Upside Potential with Implementing Modern Interior Cosmetic Updates
The possibility to increase income through storage units onsite exists as well.
Concrete Block Construction on both buildings with each being built in the Mid to Late 1960's.
Positively positioned with both properties per FEMA's website being located in Non-Flood ('X') zones.
Well Maintained with ownership highlighting improvements such as newer HVAC's, Exterior Painting, Interior improvements including new flooring and remodeled kitchens.
Per ownership, current rents quoted represent highest in-place monthly amount achieved per unit type. There are some tenants in place who are longer term and their rents may be below market. This is an organic value-add position where turnover or renewals can achieve rents in line with market rates.
Ownership currently manages the properties in-house and performs a good deal of the repairs and maintenance (R&M) as well hereby substantially reducing the expenses incurred at takeover. The Year One numbers have increased management costs and realistic escalations for R&M along with other inflationary increases.
Extensive Interior/ Exterior Renovation Completed in 2020 | Average Single-Family Home Sale Price of $1,250,000 Within 1 Mile Radius
Both properties have new roofs (July 2023) which should help with insurance costs.
DEMOGRAPHICS: Approximately 75,000 people live within 3-miles of the Property with an average household income of $131,484. More than 151,200 people live within 5-miles of the Property with an average household income of $137,580. The area anticipates population growth at a rate of 2.3% per year for the next 5 years.
Location Summary
Sarasota enjoys a reputation as one of Florida’s premier communities. Not content to be just another beach town on the sugar-white sands of the Gulf Coast, Sarasota boasts gorgeous architecture, cosmopolitan dining and nightlife, and one of the most vibrant art scenes in the Southeast. Galleries and stages are everywhere, giving residents direct access to a stunning variety of visual art, music, theater, and much more.
You are unlikely to get any closer to Siesta Key but still be on the mainland of Sarasota than with these two properties. Located within walking distance to Gulf Gate and local shops and restaurants. Close proximity to Siesta Key Beach (Nearly 100% Quartz Crystal Sand) Ranked #1 Beach in USA (~TripAdvisor), the new Promenade development.
Siesta Village West (6701 Avenue A) is located on the West side of US-41 (S Tamiami Trail and nestled in on the South side of Stickney Point Rd. This property is located a few blocks behind Southbridge Plaza that contains Carrabba's and just around the corner from Gecko's and Ruth Chris Steak House.
Less than 1.5 miles to Phillippi Creek Oyster Bar & Phillippi State Park.
Located just over 2 miles to the Quartz White Sand of Siesta Key Beach.
Less than 2.5 miles to Point of Rocks, Crescent Beach,
Less than 5 miles to Sarasota Memorial Hospital
Less than 6 miles to Downtown Sarasota
9 miles to St. Armands Circle, Lido Beach, Longboat Key and the Ringling Bridge (Bird Key)
Siesta Village East (6302 Gateway Ave) is located just South of Stickney Point Rd but on the East side of US-41 (S Tamiami Trail). Siesta Village East is located peripherally to the Infamous Gulf Gate shops and restaurants. This hidden treasure is a valued and popular local paradise.
Although both complexes are within a 1/4 mile of each other, it's important to highlight some other places close to The Quartz and The Baywood.
Less than 1/4 mile to Gulf Gate Mall, stores, restaurants (Monk's, Rico's, etc), Bars, shops.
Approx 1/2 mile to Publix Grocery, Hooters, Petsmart and Walgreens.
Less than 1 mile to Ruth Chris' Steak House, Spearfish Grille, Mellow Mushroom, Five-O Donuts
Less than 4 miles to Costco, Target, Total Wine, Chik-Fil-A and Lowe's.
Less than 5 miles to I-75
Nearby Siesta Promenade Development (Benderson) 23-Acre Site Anticipated to Bring High-End Retail, Luxury Hotel & Connect to Surrounding Neighborhood adding to the wealth of amenities, shopping and restaurants in the area.
