The San Remo Apartments, offered separately or as one of a Three-Property Portfolio (also in Clearwater at 1455 Laura St, 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 a two-story duplex (separately metered for electric paid by tenants, with owner paying water/sewer/trash) and adjacent two-bedroom ranch home (tenant pays all utilities), the Property features an expansive corner lot, new roofs in 2019 with R-30 insulation, upgraded A/C, on-site laundry, ample parking, and additional storage. Rents are $867 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 35% of EGI. San Remo Apartments - separately or with Laura St / Pierce St 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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