THE TRUNER STREET APARTMENTS IN DOWNTOWN CLEARWATER FOR SALE! (7-UNITS)
306 Turner St
Clearwater, FL 33756
Highlights
- 7-UNIT APARTMENT BUILDING IN DOWNTOWN, CLEARWATER, FL!
- MINUTES FROM WORLD-FAMOUS CLEARWATER BEACH!
- CLEARWATER, FL IS THE FASTEST GROWING MARKET IN THE TAMPA/ST. PETE AREA! UNITS CAN BE USED AS TRADITIONAL ANNUAL RENTALS OR SHORT-TERM RENTALS! BELOW MARKET RENTAL RATES IN PLACE AT THE PROPERTY!
- 2025 CAP RATE (ANNUAL RENTALS): 8% 2025 CAP RATE (SHORT-TERM RENTALS): 14% 2026 CAP RATE (ANNUAL RENTALS): 8.5% 2026 CAP RATE (SHORT-TERM RENTALS):15% ALL UNITS HAVE BEEN RECENTLY UPDATED AND ARE IN FANTASTIC CONDITION, PERFECT FOR SHORT-TERM RENTALS NEXT TO CLEARWATER BEACH!
- LARGE PARKING LOT IN THE REAR OF THE BUILDING FOR TENANTS AND GUESTS!
Description
THE TURNER ST. APARTMENTS IS A 7-UNIT APARTMENT COMPLEX LOCATED IN DOWNTOWN CLEARWATER, FL. THE PROPERTY SITS JUST STEPS FROM WORLD-FAMOUS CLEARWATER BEACH, ONE OF THE TOP-RATED BEACHES IN THE COUNTRY! WITH ALL OF THE RECENT DEVELOPMENT CLEARWATER HAS SEEN ENORMOUS GROWTH OVER THE PAST 5-10 YEARS. IT HAS BECOME THE FASTEST-GROWING MARKET IN THE TAMPA/ST. PETERSBURG AREA AND RENTAL RATES IN THE DOWNTOWN CORRIDOR HAVE SKYROCKETED! THE UNITS HAVE BEEN RECENTLY UPDATED AND ARE IN GREAT CONDITION! THEY CAN BE USED AS ANNUAL RENTALS OR EVEN AS SHORT-TERM RENTALS FOR TOURISTS VISITING CLEARWATER BEACH! THE PROPERTY SITS IN THE HEART OF DOWNTOWN CLEARWATER, 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 UPDATES. DUE TO THE PROPERTY'S PRIME LOCATION, THESE UNITS WILL STAY RENTED AND THE RENTAL RATES WILL ONLY CLIMB OVER TIME! THIS AMAZING LOCATION ALSO HAS SOME OF THE STRONGEST SHORT-TERM RENTAL RATES IN THE COUNTRY AS SIMILAR UNITS ARE GETTING AN AVERAGE OF $118-135 DOLLARS PER NIGHT YEAR-ROUND!
GIVEN THE ABILITY TO INCREASE THE RENTAL RATES AT THE PROPERTY, A BUYER CAN OBTAIN A CAP RATE OF OVER 8% WITH LONG-TERM RENTALS, AND 14% WITH SHORT-TERM RENTALS BY THE BEGINNING OF 2025! BY 2026 A BUYER CAN OBTAIN A CAP RATE OF ALMOST 9% WITH LONG-TERM RENTALS AND 15% WITH SHORT-TERM RENTALS!
THIS PROPERTY IS PERFECT FOR SHORT-TERM RENTALS, WITH ITS CLOSE PROXIMITY TO THE BEACH, TOURISTS CAN STAY AT THE PROPERTY FOR A CHEAPER PRICE THAN ANYWHERE ELSE ON CLEARWATER BEACH. THE LARGE PARKING LOT IN THE REAR OF THE PROPERTY IS ALSO A KEY, AS FEW BUILDINGS HAVE THIS MUCH PARKING FOR GUESTS! MANY SIMILAR PROPERTIES IN THE DOWNTOWN AREA ARE USED AS SHORT-TERM RENTALS AND THE OCCUPANCY RATE IS EXTREMELY HIGH WITH CONSISTENT TRAFFIC FROM TOURISTS. ON AVERAGE A UNIT OF THIS SIZE AND CONDITION RENTS FOR $115-$135 PER NIGHT. USING AN AVERAGE OF 20 NIGHTS PER MONTH RENTED, AND ADDITIONAL MONTHLY EXPENSES FOR MORE HANDS-ON MANAGEMENT AND CLEANING SERVICES, UTILITIES, AND OTHER ITEMS, THE PROPERTY STILL WILL PRODUCE ALMOST A 13% CAP RATE ON DAY ONE AT BELOW-MARKET AVERAGE DAILY RENTAL RATES. IF YOU PROJECT IT BASED ON THE MARKET AVERAGE, THE CAP RATE GOES TO APPROXIMATELY 15%!
THERE IS NOTHING ON THE CURRENT MARKET FOR THIS PRICE POINT THAT CAN OBTAIN A CAP RATE ANYWHERE NEAR 13%-15% IN CLEARWATER, LET ALONE THE CENTER OF DOWNTOWN. A BUYER ALSO HAS THE OPTION TO RENT A FEW UNITS OUT LONG TERM WHILE USING THE REMAINING UNITS FOR SHORT-TERM RENTALS IN ORDER TO HAVE SOME STABILITY LONG-TERM, WHILE ACHIEVING THE HIGH RETURNS ON THE ADDITIONAL UNITS BEING USED AS SHORT-TERM RENTALS.
SINCE EACH UNIT IS IN AMAZING SHAPE, EITHER ONE OF THESE STRATEGIES WOULD BE EASY TO EXECUTE. MANY UNITS IN THE DOWNTOWN AREA OF CLEARWATER, ARE USED AS SHORT-TERM RENTALS AND WITH THE PARKING THIS SITE HAS, IT WOULD BECOME EXTREMELY POPULAR FOR GUESTS. IF A BUYER WERE TO JUST USE THE TRADITIONAL LONG-TERM RENTAL OPTION, IT WOULD SIGNIFICANTLY REDUCE THEIR EXPENSES AND SINCE THE TURNOVER RATE IS SO LOW, IT IS VERY EASY TO MANAGE AND MAINTAIN FOR A LOCAL OR OUT-OF-STATE INVESTOR.
ALL OF THE UNITS HAVE BEEN UPDATED AND THE PROPERTY HAS UNDERGONE SIGNIFICANT IMPROVEMENTS IN 2020, 2023 AND 2024. THE PROPERTY HAS MASSIVE UPSIDE POTENTIAL AS ALMOST ALL OF THE RENTAL RATES ARE STILL VERY MUCH BELOW THE MARKET AVERAGE! WITH THE CURRENT ANNUAL RENTAL RATES ALMOST $200 BELOW THE MARKET AVERAGE A BUYER CAN INCREASE THE RENTAL RATES QUICKLY AND INCREASE THEIR NOI BY JUST BRINGING THESE UNITS UP TO THE CURRENT MARKET RENTAL RATE! IF THE BUYER ELECTS TO GO WITH THE SHORT-TERM RENTAL STRATEGY, THEY CAN EASILY OBTAIN A CAP RATE NORTH OF 13% IMMEDIATELY.
THE OWNERS HAVE RECENTLY UPGRADED THE UNITS AND THEY ARE IN FANTASTIC CONDITION. RECENT UPGRADES AND RENOVATIONS AT THE PROPERTY INCLUDE BUT ARE NOT LIMITED TO;
A NEW ROOF WAS PUT ON THE BUILDING 6 YEARS AGO, ADDITIONAL ROOF WORK WAS DONE IN 2024 AND THEY ARE IN GREAT CONDITION, NEW MINI SPLITS/HVAC UNITS IN THE PAST 5 YEARS, INTERIOR AND EXTERIOR PAINT, NEW PLUMBING, NEW KITCHENS AND UPGRADED APPLIANCES, NEW KITCHEN BACKSPLASHES, NEW CABINETS, NEW COUNTERTOPS, NEW FANS, NEW LAMINATE FLOORING, UPGRADED DOORS AND WINDOWNS, NEW BATHROOMS WITH ALL NEW APPLIANCES AND MUCH MORE!
THIS IS AN AMAZING VALU-ADD OPPORTUNITY TO PURCHASE PRIME REAL ESTATE IN DOWNTOWN CLEARWATER, FL! WITH THE VARIOUS OPTIONS OF USING THE STANDARD ANNUAL RENTAL APPROACH OR GOING WITH SHORT-TERM RENTALS THE UPSIDE IS IMMENSE. THESE FANTASTIC UNITS ARE EXTREMELY CLEAN AND THE BUYER WILL HAVE ALMOST NO CAPEX EXPENSES UPON PURCHASING THESE UNITS. THE MANY UPGRADES AND IMPROVEMENTS WILL ONLY HELP THE BUILDING APPRECIATE OVER TIME, AND AS THE DEMAND CONTINUES TO RISE IN CLEARWATER, THE RENTAL RATES WILL ONLY FOLLOW!
LOCATED DIRECTLY IN THE HEART OF DOWNTOWN CLEARWATER, FL!
