THE CLEARWATER BEACH DUPLEXES FOR SALE! (4-UNITS)
1739 Overbrook Avenue
Clearwater, FL 33755
Highlights
- 2 DUPLEXES LOCATED IN CLEARWATER FLORIDA, MINUTES FROM WOULD-FAMOUS CLEARWATER BEACH!
- EXTREMELY LOW RENTAL RATES IN PLACE AT THE PROPERTY GIVING THE BUYER MASSIVE UPSDIE!
- 100% OCCUPIED, WITH SHORT-TERM LEASES IN PLACE.
- CURRENT RENTAL RATES ARE ALMOST $350 PER UNIT BELOW THE MARKET AVERAGE RENTAL RATE!
- THE UNITS ARE IN FANTASTIC CONDITION AND HAVE BEEN RECENTLY UPDATED IN 2022!
- 7% CAP RATE IN PLACE!
- 8% CAP RATE IN 2025!
- 9% CASH-ON-CASH RETURN IN 2025!
- 9% CAP RATE IN 2026!
- 11% CASH-ON-CASH RETURN IN 2026!
- LARGE UNITS WITH SPACIOUS BACKYARDS! UPDATED ROOFS AND HVAC UNITS IN THE PAST 5 YEARS!
- EASY TO MANAGE FOR A LOCAL OR OUT-OFSTATE INVESTOR!
Description
THE CLEARWATER BEACH DUPLEX IS AN 4-UNIT MULTIFAMILY PORTFOLOIO LOCATED IN THE LUXURIOUS COUNTRY CLUB ESTATES NEIGHBOORHOOD OF CLEARWATER, FL! THE PROPERTY SITS JUST 2 MILES FROM WORLD-FAMOUS CLEARWATER BEACH! THESE TWO CLASSIC DUPELEXES CONSIST OF SPACIOUS 2-BEDROOM AND 3-BEDROOM UNITS IN FANTASTIC CONDITION. THE PROPERTIES ARE LOCATED IN CLEARWATER, FL THE FASTEST GROWING MARKET IN THE TAMPA/ST. PETERSBURG AREA! THE UNITS HAVE BEEN RECENTLY UPDATED AND ARE IN GREAT CONDITION! THE PROPERTIES CONSIST OF (3) TWO-BEDROOM UNITS AND (1) THREE-BEDROOM UNITS WITH AN AVERAGE OF 755 RENTABLE SQUARE FEET M.O.L. THE PROPERTY SITS JUST 5 MINUTES FROM DOWNTOWN CLEARWATER AND CLEARWATER BEACH, MAKING THIS EXTREMELY RARE AND VALUABLE REAL ESTATE TO OWN!
THE PROPERTY IS CURRENTLY 100% OCCUPIED AND WITH THE LIMITED NUMBER OF UNITS AVAILABLE FOR RENT IN CLEARWATER, THE DEMAND IS OFF THE CHARTS. THIS WILL BE A HUGE POSITIVE FOR A BUYER AS THEY CAN RAISE THE RENTS QUICKLY WITHOUT SPENDING EXCESS MONEY ON CAPEX. DUE TO THE PROPERTY'S PRIME LOCATION, THESE UNITS WILL STAY RENTED AND THE RENTAL RATES WILL ONLY CLIMB OVER TIME!
ALL OF THE UNITS ARE UPDATED AND THE PROPERTY HAS UNDERGONE SIGNIFICANT IMPROVEMENTS IN 2022 & 2023. THE PROPERTIES HAVE MASSIVE UPSIDE POTENTIAL AS ALMOST ALL OF THE RENTAL RATES ARE STILL VERY MUCH BELOW THE MARKET AVERAGE! CURRENTLY, THE AVERAGE RENTAL RATE FOR A 3-BEDROOM APARTMENT, OF SIMILAR SIZE, IN CLEARWATER FL IS OVER $2,200 A MONTH, WHILE A 2-BEDROOM APARTMENT RENTS FOR AN AVERAGE OF $2,000 A MONTH. WITH THE CURRENT RENTAL RATES ALMOST $350 BELOW THE MARKET AVERAGE, A BUYER CAN INCREASE THE RENTAL RATES AND THEIR NOI QUICKLY, JUST BY BRINGING THESE UNITS UP TO THE CURRENT MARKET AVERAGE RENTAL RATES!
GIVEN THE ABILITY TO INCREASE THE RENTAL RATES AT THE PROPERTY, A BUYER CAN OBTAIN A CAP RATE OF OVER 8% AND A CASH-ON-CASH RETURN OF APPROXIMATELY 9% BY THE BEGINNING OF 2025! BY 2026 A BUYER CAN OBTAIN A CAP RATE OF ALMOST 9% AND A CASHON-CASH RETURN OF OVER 11%!
THE EXTERIOR OF THE PROPERTY IS ALSO IN GOOD CONDITION, WITH EACH OF THE ROOFS REPACELED IN THE PAST 4 YEARS, RECENT HVAC UPDATES, AND ALL NEW LANDSCAPING IN FRONT OF THE BUILDING AND IN THE LARGE YARDS THAT ARE IN THE REAR OF EACH PROPERTY. THIS WILL ALLOW A BUYER TO RAISE RENTAL RATES WITHOUT HAVING TO SPEND A TON ON FUTURE CAPEX. THE UNITS ARE APPROXIMATELY $350 PER MONTH BELOW THE MARKET AVERAGE GIVING THE BUYER MASSIVE VALUE ADD OPPORTUNITY TO INCREASE THEIR NOI QUICKLY!
ANOTHER AMAZING FEATURE OF THESE TWO PROPERTIES IS THE FACT THAT BOTH DUPLEXES HAVE LARGE BACKYARDS WITH AREAS TO ENTERTAIN GUESTS. THE DRIVWAYS HAVE BEEN PAVED RECENTLY AND THERE IS AMPLE PARKING FOR TEANNTS AND THEIR GUESTS.
THE OWNERS HAVE SPENT A LOT OF MONEY UPGRADING EACH UNIT AND HAVE TAKEN EXCELLENT CARE OF THE PROPERTIES. RECENT UPGRADES AND RENOVATIONS AT THE PROPERTIES INCLUDE BUT ARE NOT LIMITED TO: NEW VINYL PLANK FLOORING, NEW CABINETS, NEW KITCHENS, NEW EXTERIOR AND INTERIOR PAINT, AND NEW LIGHTING, ALL ROOFS WERE REPACED IN 2019 & 2021, BOTH BUILDINGS HAD ELECTRICAL UPDATES IN 2020, ALL HVAC SYSTEMS HAVE BEEN UPDATED AND/OR REPALCED AS NEEDED SINCE 2020, NEW WATER HEATERS, NEW LANDSCAPING IN THE BACK OF EACH PROPERTY, NEW WASHER AND DRYERS ADDED, NEW PAVEMENT ON THE DRIVEWAY, AND MUCH MORE!
THIS IS AN AMAZING VALUE ADD OPPORTUNITY TO PURCHASE PRIME REAL ESTATE MINUTES FROM WORLD-FAMOUS CLEARWATER BEACH! IT IS VERY CLEAN AND EASY TO MANAGE WEATHER THE BUYER IS LOCAL OR OUT OF STATE. THE MANY UPGRADES AND IMPROVEMENTS WILL ONLY HELP THE BUILDINGS APPRECIATE OVER TIME, AND AS THE DEMAND CONTINUES TO RISE IN CLEARWATER, THE RENTAL RATES WILL ONLY FOLLOW!
THIS PORTFOLIO CONSISTS OF A TOTAL OF 4 UNITS AT THE FOLLOWING ADDRESSES:
1 DUPLEX IS LOCATED AT 1739 OVERBROOK AVE CLEARWATER, FL AND 1 DUPLEX IS LOCATED AT 901 VINE AVE CLEARWATER, FL
THE CLEARWATER DUPLEXES ARE LOCATED MINUTES FROM WORLD FAMOUS CLEARWATER BEACH!
