Location, location, location with excellent passive income. 10 unit condo package in the 96 unit Parklane Condominium complex situated off 47th Ave. N. & 4th Street- the hottest, fastest growing commercial & retail thoroughfare in St. Pete. Package consists of eight 1 BR/1 bath units & two 2 BR/1 bath units- all currently rented. A CURRENT 8.0% Cap Rate at list price, with lots of upside potential- as all units have been renovated in the past 24 months, it is a matter of simply increasing rents when leases expire, or tenants move out, with just cleaning & touchup paint. The income of a 10 unit apartment building, without any of the hassles or stress of active property management- since these are condos, all lawn care, pool maintenance, exterior paint, roofs, & water/sewer/trash are dealt with by association management company. Monthly condo fee covers it all, including free basic cable for tenants. Tenants pay electric. Close by are great restaurants, two Publix supermarkets, Pier 1 Imports, Stein Mart, CVS and Walgreens. A complex one block away, built the same year, with the same construction, sold for $115,000/unit less than 6 months ago; and, it had significant deferred maintenance. This is the perfect passive income investment, with roof, exterior paint, yard and pool maintenance the responsibility of the condo association. Easy to self manage.
Rents are escalating at 10% or more in this popular St. Petersburg market. Buyer must be approved by condo association. Sellers are Realtor and his family.