2066 Hillview St - Apartments FOR SALE


Sarasota, FL 34239- South Sarasota
$4,477,000 USD
941-961-8199
2066 Hillview St, Sarasota, FL for Sale
$4,477,000 USD
Apartments - FOR SALE
1/7
null | 5.03% Cap Rate

2066 Hillview St
Sarasota, FL 34239
South Sarasota


HIGHLIGHTS

  • 17 Income producing units. Property can be developed into 39 +/- units.
  • Block construction | Not in Flood Zone | Across from Sarasota Memorial Hospital.
  • Value-add component exists along with long term cash flow.

OVERVIEW

With 17 income producing units, the Haven on Hillview offers concrete block construction, interior updates and a steady cash flow in a highly desired location. There is upside potential in place and a few future options that may lead to additional successes. You can focus on cash flow and utilize the 17-units as rentals, enhance them and increase rents over time providing a steady income producing asset with year over year positive trending returns. The Haven on Hillview's location of the 3 parcels is in such close proximity to Sarasota Memorial Hospital and its ever expanding campus that upscale housing could be well received, let alone folks wanting to be close to Hillview but be 'East of the Trail' for price points. Whether enhancing the existing property to capitalize on the need for professional housing or potentially redeveloping the property, achieving success is in place. REDEVELOPMENT OPPORTUNITY: Take one parcel at a time and redevelop them as you move forward while receiving income from the existing units on the remaining parcels. Most of the product or housing available in this particular area are resales or custom new homes in the million++ dollar price range. Immediately upon crossing over US-41 onto the West side of the Trail, values and prices trend upwards of 2X to 3X.

FOR SALE DETAILS

PRICE

$4,477,000 USD

PRICE/SF

$408 USD /SF

# OF UNITS

17

PRICE/UNIT

$263,353

CAP RATE

5.03%

% LEASED

95%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Hillview Garden Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1954

PARKING SPACES

34

LAND DETAILS

LAND ACRES

1.56 AC

LAND SF

68,015 SF

ZONING

RMF-5

APN/PARCEL ID

2035-13-0058,2035-13-0061,2035-13-0078

ASK ABOUT THIS PROPERTY

Sean DrezninDreznin Pappas Commercial Real Estate LLCMore Info
941-961-8199

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Sean DrezninDreznin Pappas Commercial Real Estate LLCMore Info
941-961-8199

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.