Rainbow Lake Apartments
1007 57th Ave W
Bradenton, FL 34207
- Potential for 1st and 2nd position assumable/seller financing.
- Property is 100% 2 BR, 1.5BA units; highly desirable in the market.
- All units are 2-story, townhome rentals of over 900 sf each.
- Central air & washer/dryer hookups in all units.
- Well below market rents allow for value add through annual increases to market.
- Property has been condominiumized, allowing for alternative exit strategy for new owner.
- Abuts a large lake. Eighteen units have lake views with private balconies.
- Rainbow Lake is close to all necessary retail and in close proximity to employment bases and thoroughfares.
- Virtually all deferred maintenance has been handled and units have been updated with tile floors and kitchens.
Rainbow Lake Apartments is a great opportunity to acquire 29 townhome-style units in Bradenton, FL with value-add potential through increased rents. Each unit is a 900+ sf 2BR/1.5BA, two-story condominium townhouse; most with private balconies. While the entire lakefront property has been condominiumized, the present owner holds 100% of the units. The property, built in 2008, has recently been updated with new exterior paint, updated kitchens and first floor tile flooring. Each unit also has central air and washer/dryer hookups. The owner has implemented an optional W/D rental program at $50/mo/unit, creating an additional income stream for the property. Tenants currently participating in this program have costs built into their rents.
The complex is located between downtown Sarasota and downtown Bradenton, allowing tenants easy access to employment bases. It’s proximity to retail and its location less than 10 miles from the beaches, make these large units highly desirable. Rents, however, are still averaging only $1.01 psf ($875-$1,025). These rates are inclusive of tenants receiving both water and cable with their leases; they are only responsible for electric. With 2BR rents in the immediate market over $1.25 psf, there is significant room for growth to create value for a new owner.
***The property currently has (optional) assumable debt with the potential for a seller-held second for the right buyer.***
Just east of US 41 Tamiami Trail, south of downtown Bradenton