32 unit *GEM* apartment complex located in St. Petersburg, FL. FOR SALE by NAI Tampa Bay

32 unit *GEM* apartment complex located in St. Petersburg, FL. FOR SALE by NAI Tampa Bay

Devon Manor Apartments - For Sale by NAI Tampa Bay
Devon Manor Apartments – For Sale by NAI Tampa Bay

NAI Tampa Bay is proud to present the Devon Manor Apartments this 32 Unit centrally located complex is an investors dream!!! Largest units in the area!!! The property has recently undergone a 2 year renovation that included a new roof, interior renovations, landscaping and exterior paint. The property is located in a quite residential neighborhood but within walking distance to major grocery, retail and banking centers. Covered parking and concrete block construction with a new shingle roof make this asset the pride of the neighborhood. This property is an excellent opportunity for long term stable cash flow with management already in place and a waiting list of tenants ready to move in.

Price:$2,100,000
No. Units:32
Building Size:28,000
SFPrice/Unit:$65,625
Property Type: Multifamily
Property Sub-type:Garden/Low-Rise
Property Use Type:Investment
Commission Split:1%
Cap Rate:7%
Occupancy:98%
No. Stories:2
Year Built:1973

Highlights

Concrete Block Construction
NO FLOOD INSURANCE REQUIRE
DCovered Parking
Newly Rehabbed
Property owned Laundry
Room to raise revenue through sub-metering.

NOTE: Listing broker maintains an ownership interest in the asset.
Assumable financing in place of $1,040,000 at 4.7% for 4 years.

If you have questions, please contact Sean Dreznin at sdr@naitampabay.com or (941) 961-8199.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s