** Sarasota 110+ units ** For Sale ** UPDATE

** Sarasota 110+ units ** For Sale **
These appear to have gone to auction. — No word on a completed transaction as of Dec 1, 2013.

North Washington Apartments For Sale
19th Street, Sarasota, FL 34234

43B36BCE-8592-4890-B7DD-D5C4F278B942

NAI Tampa Bay - Sean Dreznin

NAI Manasota – Sean Dreznin

Price:$3,850,000
No. Units:119
Building Size:74,880 SF
Price/Unit:$32,352.94
Property Type:Multifamily
Property Sub-type:Garden/Low-Rise
Property Use Type:Investment
Cap Rate:8.51%
Gross Rent Multiplier:4.77
Year Built:1970
Lot Size:6.13 AC

Highlights
90 Percent of the Property was Renovated in 2012
Concrete Block Construction Repainted in 2012 and New Roofs on 40% of the Buildings
All Two-Bedroom and Three-Bedroom Floor Plans
Economies of Scale Due to Close Proximity of Parcels
Easy Access to Bradenton and St. Petersburg
Within Four Miles of University of South Florida’s Sarasota Campus and Sarasota-Bradenton International Airport

Description
North Washington Apartments is a 119 unit multifamily community located in Sarasota, Florida which is in Sarasota County. The community is made up of ten various parcels located within a two mile radius between 19th Street and 36th Street. The various properties consist of forty-six, one-story buildings. The buildings are comprised of 117 two-bedroom/one-bathroom units with 624 rentable square feet, 1 three-bedroom/one-bathroom unit with 936 rentable square feet and 1 three-bedroom/two-bathroom unit with 936 rentable square feet. Amenities include an on-site laundry facility and a vending machine located at 19th street. Pest control is included in the rent. Residents are responsible for their own water, sewer and trash as well as cable, telephone and electric. The property was substantially renovated in 2012. The interiors of 90 percent of the units were upgraded with new ceramic tile flooring, new cabinetry, new vanities in the bathrooms, new interior paint and new individual air-conditioning units. The exterior of all of the buildings were repainted and the roofs on 40 percent of the buildings were replaced. Also, new water heater enclosures were added for all of the units.

Contact NAI Tampa Bay and Sean Dreznin — sdr@naitampabay.com to discuss, make offer or gather additional data.

NAI Tampa Bay
Sean Dreznin
941-961-8199

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1 Comment

Filed under Commericial Real Estate Articles & News, Investment Real Estate

One response to “** Sarasota 110+ units ** For Sale ** UPDATE

  1. Pingback: Quay property in Sarasota, FL, for sale | Suncoast Investment Real Estate

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