$4,400,000 USD
813-334-1184
5733 Dailey Ln
New Port Richey, FL 34652
Greater New Port Richey South
HIGHLIGHTS
- Massive upside with 35% increase in Effective Gross Income achievable by end of Year Two via unit interior and common area improvements
- Concrete block construction
- Brand new 2025 roofs at River Heights, one new roof at Executive Estates
- Laundry facilities on-site at both properties
- Attractive assumable debt available: 40 year amortization, interest only, 4.74% interest rate, 40.66% LTV
- One mile to New Port Richey’s charming Main Street, with numerous dining, entertainment and shopping venues
OVERVIEW
40-unit two-property value-add portfolio in New Port Richey, Florida (Tampa Bay MSA). Properties located only a half mile apart: Executive Estates – 20 two-bedroom, one-bathroom units & River Heights – 20 one-bedroom, one-bathroom units. Just three miles to Green Key Beach situated on Florida’s glorious Gulf of Mexico. Less than one mile to Starbucks and Publix Supermarket along US Highway 19, providing easy access to Clearwater, St. Petersburg, Downtown Tampa and Tampa International Airport
FOR SALE DETAILS
PRICE
$4,400,000 USD
PRICE/SF
$147 USD /SF
# OF UNITS
40
PRICE/UNIT
$110,000
CAP RATE
7.27%
% LEASED
97%
SALE TYPE
Investment
BUILDING DETAILS
PROPERTY NAME
River Heights & Executive Estates
PROPERTY TYPE
Multi-Family
APARTMENT STYLE
Low-Rise
PROPERTY SUBTYPE
Apartments
TOTAL BUILDING SIZE
-
STORIES
2
YEAR BUILT
1973
PARKING SPACES
30
LAND DETAILS
LAND ACRES
0.8 AC
LAND SF
34,848 SF
ZONING
MF2
APN/PARCEL ID
08-26-16-0340-00000-00A0
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813-334-1184
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813-334-1184
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