317 East Tarpon Avenue

Tarpon Springs, FL 34689

Listing ID: 143241
$950,000
For Sale
  • Lot Size Acres 0.395
  • Building Sq Ft 6,928
  • Land Sq Ft 17,206
  • Land Price per Sq Ft $55.21
Description
Highlights

  • 15-UNIT APARTMENT BUILDING IN THE HEART OF DOWNTOWN TARPON SPRINGS!

  • LOW RENTAL RATES, GIVING THE BUYER MASSIVE UPSIDE POTENTIAL

  • ABILITY TO INCREASE CAP RATE TO OVER 10% AND CASH-ON-CASH RETURN TO OVER 20% BY 2019!



  • AMAZING SELLER FINANCING AVAILABLE!

  • ONE OF A KIND VALUE-ADD OPPORTUNITY!


Description

THE TARPON AVENUE APARTMENTS IS A 15-UNIT, TWO BUILDING, APARTMENT COMPLEX LOCATED IN DOWNTOWN TARPON SPRINGS, FL. THE PROPERTY HAS BEEN RECENTLY RENOVATED AND IS CURRENTLY 100% OCCUPIED. THERE ARE A TOTAL OF 15 1BEDROOM/1-BATHROOM UNITS ALL IN GREAT CONDITION. LOCATED ON THE MAIN DRAG IN DOWNTOWN TARPON SPRINGS, THERE IS FANTASTIC RENTAL DEMAND FOR THESE UNITS GIVEN THE BUILDINGS PRIME LOCATION. DUE TO THIS AMAZING LOCATION, THE PROPERTY VALUE WILL ONLY CONTINUE TO CLIMB AS THERE ARE VERY FEW APARTMENT BUILDINGS LOCATED IN THE HEART OF DOWNTOWN.


THE PROPERTY CONSISTS OF SEVERLY UNDER MARKET RENTAL RATES FOR THE AREA, MAKING THIS AN INCREDIBLE VALUE-ADD OPPORTUNITY FOR A BUYER. WHILE ALL TENANTS ARE CURRENTLY ON YEARLY LEASES, ALMOST 50% OF THE LEASES WILL EXPIRE, WITHIN THE NEXT 3-5 MONTHS. THIS CREATES THE PERFECT SITUATION FOR THE BUYER TO INCREASE THE RENTAL RATES OF THESE SHORTER TERM LEASES, WHILE KEEPING THE OTHER LEASES IN-PLACE FOR SECURITY. THE CURRENT RENTAL RATES ARE APPROXIMATELY $100-$150 LOWER THEN THE AVERAGE RENTAL RATE IN DOWNTOWN TARPON SPRINGS. THIS CREATES MASSIVE UPSIDE FOR A BUYER, WHO WILL BE ABLE TO INCREMENTALLY RAISE THE RENTAL RATES AT THE BUILDING AND INCREASE THEIR NOI.


GIVEN THE ABILITY TO INCREASE THE RENTAL RATES AT THE PROPERTY A BUYER CAN OBTAIN A CAP RATE OF NEARLY 10% AND A CASH-ON-CASH RETURN OF OVER 20% BY 2019! THE TARPON AVE. APARTMENTS HAVE SO MUCH UPSIDE; YOU RARELY SEE AN APARTMENT COMPLEX, IN THE HEART OF DOWNTOWN, FOR SALE WHERE A BUYER CAN EASILY OBTAIN A 10% + CAP RATE JUST BY RAISING THE RENTAL RATES TO THE AVERAGE MARKET RATE! THIS OPPORTUNITY WILL NOT LAST LONG!


THE BEST PART IS THE FACT THAT THESE RENTAL RATES CAN BE INCREASED WITHOUT SPENDING MUCH ON PROPERTY IMPROVEMENTS. IN THEIR CURRENT CONDITION, THESE UNITS SHOULD BE RENTING FOR AT LEAST $100-$150 MORE PER MONTH, THEN THEY CURRENTLY ARE.


THE VALUE-ADD COMPNET TRULY COMES INTO PLAY IF A BUYER WERE LOOKING TO SIGNIFICANTLY UPGRADE EACH UNIT. IN THIS SCENARIO A BUYER COULD IMPROVE THE INTERIOR OF EACH UNIT AND SIGNIFICANTLY INCREASE THE RENTAL RATES AT THE PROPERTY. NEWLY RENOVATED 1-BEDROOM/1-BATHROOM APARTMENTS ARE RENTING FOR AN AVERAGE OF $750-$850 PER MONTH CURRENTLY IN DOWNTOWN TARPON SPRINGS. THIS WOULD CREATE MASSIVE LONG-TERM UPSIDE FOR AN INVESTOR, AS THE INCREASED RENTAL RATES WOULD DRASTICALLY INCREASE THE TOTAL INCOME GENERATED AT THE PROPERTY. USING THE SELLER FINANCING OPTION, THE BUYER CAN TAKE ADVANTAGE OF THE EXTREMELY LOW MONTHLY DEBT SERVICE PAYMENTS AND USE THE EXTRA CASH FLOW TO SIGNIFICANTLY UPGRADE EACH UNIT.


IN EITHER SCENARIO, THE CURRENT RENTAL SITUATION AT THE TARPON AVENUE APARTMENTS CREATES A UNIQUE OPPORTUNITY WITH MASSIVE UPSIDE FOR AN INVESTOR. THE ABILITY TO PURCHASE A PROPERTY SEVERELY UNDERVALUED IN THE HEART OF DOWNTOWN TARPON SPRINGS DOES NOT COME AROUND VERY OFTEN! ESPCIALLY WITH THIS MUCH LONG TERM POTENTIAL!


ONE OF THE BEST FEATURES OF THIS DEAL IS THE FACT THAT THE SELLER IS WILLING TO OFFER THE OPTION OF SELLING FINANCING. THE AMAZING TERMS THE SELLER IS OFFERING (50% DOWN PAYMENT, 30-YEAR AMORTIZATION, 2-YEAR BALLOON, 4.75% FIXED IR, INTEREST ONLY PAYMENTS) ARE BETTER THEN YOU WILL FIND AT ANY BANK IN TOWN! THESE TERMS WILL ALLOW THE BUYERS CASH-ON-CASH RETURN TO SKYROCKET, ESPECIALLY AFTER THE RENTAL RATES AT THE PROPERTY ARE INCREASED.


FURTHERMORE, THE SELLER IS OFFERING THE OPTION OF INTEREST ONLY PAYMENTS, GIVING THE BUYER THE ABILITY TO DECREASE THEIR MONTHLY DEBT SERVICE PAYMENT WHILE INCREASING THEIR OVERALL RETURN! USING THE INTEREST ONLY OPTION, THE BUYER CAN OBTAIN AN INSANELY LOW MONTHLY DEBT SERVICE PAYMENT OF UNDER $2700 PER MONTH!


LASTLY, THE FACT THAT THE RATE IS FIXED ALLOWS THE BUYER TO KEEP THE EXACT SAME RATE FOR THE FULL LIFE OF THE LOAN, WHICH IS ALMOST IMPOSSIBLE TO FIND USING CONVENTIONAL FINANCING IN THIS MARKET! YOU CANNOT FIND TERMS LIKE THIS ANYWHERE IN THIS MARKET, AND AS INTEREST RATES RISE, THE ABILITY TO LOCK IN AN AMAZING RATE ONLY ADDS TO THE MASSIVE UPSIDE THIS PROPERTY HAS!


THE PROPERTY WAS RECENTLY RENOVATED IN 2017 AND 2018. THE RECENT RENOVATIONS INCLUDE BUT ARE NOT LIMITED TO; ROOFS ON BOTH BUILDINGS WERE REPLACED IN 2016, UPDATED WINDOW A/C UNITS IN ALMOST EVERY UNIT, NEW LAMINATE FLOORING, BATHROOM & KITCHEN UPGRADES, EXTERIOR AND INTERIOR PAINT, AND NEW HOT WATER HEATERS. ALSO, THE PLUMBING AT THE PROPERTY IS IN GOOD WORKING CONDITION AND UPDATES TO THE PLUMBING WERE MADE IN 2017 TO BOTH BUILDINGS. THESE RENOVATIONS ALONE WILL ALLOW A BUYER TO INCREASE THE RENTAL RATES ON-SITE WITHOUT SPENDING MUCH CAPITAL INITIALLY!


THE PROPERTY HAS AN ON-SITE LAUNDRY ROOM THAT IS CURRENTLY FREE FOR TENANTS TO USE. ONE WAY TO MAXIMIZE THE UPSIDE THIS PROPERTY HAS, IS TO MAKE THE LAUNDRY MACHINES COIN-OPERATED, WHICH COULD PRODUCE AS MUCH AS $4,000 A YEAR IN EXTRA INCOME AT THE PROPERTY! TENANTS ARE RESPONSIBLE FOR ALL ELECTRIC EXPENSES AT THE PROPERTY, WHILE THE OWNER PAYS FOR ALL WATER, SEWER AND TRASH ON-SITE. ALL UNITS ARE SEPARATELY METERED AS WELL!


Location

THE TARPON AVENUE APARTMENTS SIT IN A PRIME LOCATION IN DOWNTOWM TARPON SPRINGS! TARPON IS THE MAIN ROAD IN DOWNTOWN TARPON SPRINNGS, WHERE MOST OF THE CITY’S BEST RETAIL SHOPS, RESTAURANTS, AND RESIDENTIAL RENTAL UNITS ARE LOCATED. TARPON SPRINGS OVERLOOKS THE GLISTENINNG ST. JOSEPH SOUND, OFF THE GULF OF MEXICO. WHILE TARPON SPRINGS IS FAMOUS FOR ITS HISTORICAL LANDMARKS AND TOURIST ATTRACTIONS, TARPONS SPRINGS IS MOST NOTORIOUS FOR ITS LARGE RESIDENTIAL POPULATION ALONG FLORIDA’S GULF COST. THE CITY HAS AN AVERAGE RESIDENTIAL RENTAL RATE OF APPROXIMATELY $1,294 PER MONTH, AND ALMOST 45% OF THE RESIDENTS ARE RENTERS. THIS BODES WELL FOR PROPERTY OWNERS IN THE AREA AS SO MUCH OF THE POPULATION ARE NON-HOME OWNERS. TOURIST ATTRACTIONS AND LAND MARKS INCLUDE FRED HOWARD PARK, MULTIPLE ELEMENTARY SCHOOLS AND COLLEGES, SAINT PETERSBURG-CLEARWATER INTERNATIONAL AIRPORT, STAFFORD HOUSE MUSEUM, SUNSET BEACH, AND WOULD FAMOUS TARPON SPRINGS SPONGE DOCKS!


Contact Broker
David Rosenthal
Associate
david@grimaldicommercialrealty.com
(C) 813.245.7333
(O) 813.882.0884
(F) 813.960.9830
Kari L. Grimaldi/ Broker
President/ Broker
FL #BK3076744
kari@grimaldicommercialrealty.com
(C) 813.376.3386
(O) 813.882.0884
(F) 813.960.9830
Attachments & Files
Location & Directions
Demographics

All information based on the most recently available data (updated annually) and is provided in 1-mile, 3-mile, and 5-mile radii (radiuses) of the property location.

1-Mile Radius 3-Mile Radius 5-Mile Radius
Total Population7,56344,772113,564
Population Median Age464646
Population by Age0-9 Yrs70840239798
10-19 Yrs767466311902
20-29 Yrs816457911169
30-39 Yrs731413110635
40-49 Yrs814555414230
50-59 Yrs1047670217397
60-69 Yrs1121670517554
70+ Yrs1560841520881
Median HH Income$37,197$44,945$50,027
Total Household Income< 24K1052497811339
25-49K902525912375
50-74K44629188102
75-99K23217445144
100-199K34826108133
200K+15310342356
Highest Education LevelNo Diploma83436437219
Diploma or GED17131068827197
Some College1183701618007
Assoc. Degree72235889454
Bachelors Degree771586116658
Higher Degree48430648017
Total Housing Units3,90823,81859,342
--Owner-Occupied1,71712,27334,159
--Renter-Occupied1,4176,27013,290
Owner-Occupied Values< 100K558436210764
100-199K55531698006
200-299K36722636906
300-399K1228803792
400-499K254892067
500K+8911102624
Total Working Age Population6,45138,05296,503
In Work Force3,41420,31451,810
Not In Work Force3,03817,73844,692
Workforce Employed3,09218,75948,506
Workforce Unemployed3221,5513,265
Civlian Workforce3,41420,31051,770
Military Workforce0440
Total Households3,13318,54347,449
Family Households1,74211,01029,475
Non-Family Households1,3917,53317,974
Married Couple1,1338,07522,697
Other Family6092,9356,778
Married w/Child2672,1426,120
Single Male w/Child78385746
Single Female w/Child2571,1552,650

Population Change Last Two Decades - Plus Projection

2000%2010%2020%2030
Florida15,982,378+1818,801,310+1421,517,610+1324,340,457
Pasco County344,765+35464,697+15534,491+16619,929
Pinellas County921,482-1916,542+7983,883+51,034,290

No part of this information may be copied, reproduced, repurposed, or screen-captured for any commercial purpose without prior written authorization from MyEListing.

While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

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