The Laura Apartments, offered separately or as one of a Three-Property Portfolio (also in Clearwater at 25-27 San Remo Ave N, and 1483-89 Pierce St) are situated in the quiet Glenwood neighborhood, a short walk to popular Crest Lake Park (currently undergoing $5.7 million renovation to be complete in 2020), and just minutes to Clearwater Beach, and the lively Cleveland Street District. Consisting of three one-bedroom units, the Property features an expansive double lot (94' x 120'), E-Heat convection systems, soft-filtered water, on-site laundry, ample off-street parking, and additional storage. Tenants pay all utilities directly to public service providers. Current rents average $823 with all residents subject to written leases with a one-year minimum term. Capital expenditures include upgrades to the roof and electric panels. Pro-Forma real estate taxes are estimated based on the offer price. The Property has historically been 100% occupied, and is projected to operate on an owner-managed basis with total expenses of approximately 35% of EGI. Laura Apartments - separately or with Pierce / San Remo Apartments - represents a unique opportunity to acquire a well-managed and maintained income-producing multifamily property near Crest Lake Park, and minutes to Clearwater Beach. Current, stable income with expectation of minimal near-term capex requirements compliment prospects for long-term asset value appreciation.
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