Multifamily
Brittany's Place
7298 Ulmerton Rd, Largo, FL 33771
Listing Price: $2,225,000
Cap Rate
6.61%
Number of Units
17
GRM
7.47
Price/Unit
$130,882
Investment Overview
17-unit bulk condominium purchase in 96-unit amenitized condominium community in Largo, Florida (Tampa Bay MSA)
Brittany's Place
Investment Highlights
- 17-unit bulk condominium purchase in 96-unit amenitized condominium community in Largo, Florida (Tampa Bay MSA)
- Seller Financing Terms: 85% LTV, 5% rate - interest-only, 3-year term, 4th & 5th year options at TBD indexed rate
- Only $333,750 downpayment required, yielding outsized cash-on-cash returns: 15% on Takeover; 23% end of Year 2; and 36% levered 10-year IRR
- Price per unit is 24.6% lower than recent individual sale comps average
- 24% increase in Effective Gross Income achievable by end of Year Two via unit interior improvements
- $1,700,000 recent community improvements, with fully renovated building exteriors, new asphalt paving and all new roofs in 2021
- Attractive unit mix, with large one-, two-, and three-bedroom units
- All units feature washer/dryer hookups
Exclusively Listed By
Financing By
Listing Price: $2,225,000
Cap Rate
6.61%
Number of Units
17
GRM
7.47
Price/Unit
$130,882
Investment Highlights
- 17-unit bulk condominium purchase in 96-unit amenitized condominium community in Largo, Florida (Tampa Bay MSA)
- Seller Financing Terms: 85% LTV, 5% rate - interest-only, 3-year term, 4th & 5th year options at TBD indexed rate
- Only $333,750 downpayment required, yielding outsized cash-on-cash returns: 15% on Takeover; 23% end of Year 2; and 36% levered 10-year IRR
- Price per unit is 24.6% lower than recent individual sale comps average
- 24% increase in Effective Gross Income achievable by end of Year Two via unit interior improvements
- $1,700,000 recent community improvements, with fully renovated building exteriors, new asphalt paving and all new roofs in 2021
- Attractive unit mix, with large one-, two-, and three-bedroom units
- All units feature washer/dryer hookups
Investment Overview
17-unit bulk condominium purchase in 96-unit amenitized condominium community in Largo, Florida (Tampa Bay MSA)
Exclusively Listed By
Financing By
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