Multifamily
The North Redington Beach Portfolio
16900 1st St E, North Redington Beach, FL 33708
Listing Price: $6,650,000
Cap Rate
5.82%
GRM
12.31
Investment Overview
A 25-unit multifamily property in North Redington Beach, FL. Seller financing available (please contact lead agent).
The North Redington Beach Portfolio
Investment Highlights
- Portfolio sale includes an existing 25-unit apartment complex with two adjacent parcels of land situated in the heart of North Redington Beach, immediately adjacent to Gulf Boulevard and public beach
- $5,250,000 for the apartment units ($210,000 per unit) and $1,400,000 for both parcels of land with future development potential
- Property includes 25 units: 17 two-bed/two-bath, one two-bed/one-bath, and seven one-bed/one-bath
- Majority of two-bedroom units feature private balconies or patios
- Rental comps show strong upside: two-bedroom units are $800–$925 below market; one-bedroom units are $600–$795 below market
- Offering includes two additional parcels next to the hard corner of Gulf Blvd, offering prime future development potential
- 11 units currently occupied, generating $108,720 in-place income; 14 hurricane-impacted units are remediated and ready for renovations
- Roofs on two of three buildings replaced in 2019; electrical and HVAC systems have been incrementally updated
Exclusively Listed By
Financing By
Investment Highlights
- Portfolio sale includes an existing 25-unit apartment complex with two adjacent parcels of land situated in the heart of North Redington Beach, immediately adjacent to Gulf Boulevard and public beach
- $5,250,000 for the apartment units ($210,000 per unit) and $1,400,000 for both parcels of land with future development potential
- Property includes 25 units: 17 two-bed/two-bath, one two-bed/one-bath, and seven one-bed/one-bath
- Majority of two-bedroom units feature private balconies or patios
- Rental comps show strong upside: two-bedroom units are $800–$925 below market; one-bedroom units are $600–$795 below market
- Offering includes two additional parcels next to the hard corner of Gulf Blvd, offering prime future development potential
- 11 units currently occupied, generating $108,720 in-place income; 14 hurricane-impacted units are remediated and ready for renovations
- Roofs on two of three buildings replaced in 2019; electrical and HVAC systems have been incrementally updated
Investment Overview
A 25-unit multifamily property in North Redington Beach, FL. Seller financing available (please contact lead agent).
Exclusively Listed By
Financing By
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