Skip to main content

Multifamily

Crystal River Portfolio

740 NE 5th Ave, Crystal River, FL 34428

Listing Price: Request For Offer

Number of Units
37
Gross SF
28,125

Investment Overview

SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire The Crystal River Portfolio. This portfolio is located in the heart of Crystal River, FL, just 1-minute from the Downtown Crystal River and the main thoroughfare full of bars and restaurants. Within a five mile drive of the Crystal River Portfolio, there are more than seven medical centers. Among the seven centers, Bayfront Health: Seven Rivers is the largest and recently built a $12.3 million standalone emergency room which also consist of an on-site radiology specialty with lab services. The Crystal River Portfolio consists of 37-units, comprised of 92% two-bedroom units. Since the current owner’s acquisition, they’ve spent over $800,000 in extensive interior and exterior renovations to select units. Currently, the property is 100% occupied and a new buyer has the opportunity to increase the artificially low rents by 22%, as leases turn. Furthermore, a new buyer can renovate the remaining four standard units and add washer/dryer connections to an additional 23 units.

Investment Highlights

  • Low Supply Rental Market With Only 28 Units Being Delivered Since 1996, Further Bolstering the Rental Market
  • Ability to Increase NOI by 44% by Increasing Artificially Low Rents and Renovating Remaining Four Units
  • Current Ownership has Completed Extensive Exterior & Interior Renovations to Select Units Since Their Acquisition, Totaling More Than $800,000

Exclusively Listed By

Listing Price: Request For Offer

Number of Units
37
Gross SF
28,125

Investment Highlights

  • Low Supply Rental Market With Only 28 Units Being Delivered Since 1996, Further Bolstering the Rental Market
  • Ability to Increase NOI by 44% by Increasing Artificially Low Rents and Renovating Remaining Four Units
  • Current Ownership has Completed Extensive Exterior & Interior Renovations to Select Units Since Their Acquisition, Totaling More Than $800,000

Investment Overview

SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire The Crystal River Portfolio. This portfolio is located in the heart of Crystal River, FL, just 1-minute from the Downtown Crystal River and the main thoroughfare full of bars and restaurants. Within a five mile drive of the Crystal River Portfolio, there are more than seven medical centers. Among the seven centers, Bayfront Health: Seven Rivers is the largest and recently built a $12.3 million standalone emergency room which also consist of an on-site radiology specialty with lab services. The Crystal River Portfolio consists of 37-units, comprised of 92% two-bedroom units. Since the current owner’s acquisition, they’ve spent over $800,000 in extensive interior and exterior renovations to select units. Currently, the property is 100% occupied and a new buyer has the opportunity to increase the artificially low rents by 22%, as leases turn. Furthermore, a new buyer can renovate the remaining four standard units and add washer/dryer connections to an additional 23 units.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower