The Pierce Apartments, offered separately or as one of a Three-Property Portfolio (also in Clearwater at 1455 Laura St, and 25-27 San Remo Ave N) are situated in the quiet Glenwood neighborhood, one-half block 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 two structures, and four total units (a two-bedroom, and three one-bedroom) with tenants paying electric, the Property features ample parking, carports, new roof in 2016 (1487-89), new Central A/C (1489 also 2016), and private courtyard. Rents are $851, and $1,290 with a one-year minimum term lease. 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 39% of EGI. Pierce Apartments - separately or with Laura St / San Remo Ave N Apartments - represents a unique opportunity to acquire a well-managed and maintained income-producing multifamily property in very close proximity to Crest Lake Park. Current, stable income with expectation of minimal near-term capex requirements compliment prospects for long-term asset value appreciation.
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