813-221-7225
16321 Bolesta Rd, Clearwater, FL for Sale
Apartments - FOR SALE
1/31
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16321 Bolesta Rd
Clearwater, FL 33760
Upper Largo


HIGHLIGHTS

  • $6.7M in CapEX Improvements including all new roofs
  • 358-Unit Garden-Style Community - Concrete Block - 65% Two Bedrooms
  • Value-Add Potential - Majority of units with original interiors
  • 93.8% T12 occupancy, $1,518 avg. rent, 4.7% T12 Net Rental Income growth
  • Assumable Freddie Mac Loan: 35-year amortization, ~72% LTV, 5.10% interest rate
  • All units have washer and dryers

OVERVIEW

358-unit garden-style community on 36.2 acres near the Bayside Bridge and Feathersound Business District in Clearwater, Florida. Built in 1987, concrete block, offering one-, two-, and three-bedroom floor plans averaging 884 sq. ft., all with in-unit washer and dryer. Trailing 12-month occupancy is 93.8%. More than $6.7M in CapEx Improvements have been invested into the property, including all new roofs. The community features a swimming pool, sundeck with games, two playgrounds, a dog park, a bike share, a putting green, Amazon Hub lockers, a fitness center, and more.

FOR SALE DETAILS

PRICE

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# OF UNITS

358

CAP RATE

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% LEASED

94%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Melrose on the Bay

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1986

PARKING SPACES

607

LAND DETAILS

LAND ACRES

36.2 AC

LAND SF

1,576,950 SF

ZONING

RPD5

APN/PARCEL ID

33-29-16-70380-100-0600

ASK ABOUT THIS PROPERTY

813-221-7225

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813-221-7225

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