• Year Built: 1985
1630 Redwood St is amulti-family property for lease in Sarasota, FL.
This 6 unit, 3 building, multi-tenant property has an excellent mainland location, is in an area of major redevelopment and in a “high demand” rental corridor at the gateway to the white, sandy beaches of the barrier island named Siesta Key (#1 beach in US for 2011).
The location and income producing features of this property offer the new buyer some flexibility. There is significant value in both the site and the grandfathered zoning density (RMF-4). The current owner upgraded the premises in 2005 featuring new plumbing, windows, tile, appliances, paint and landscaping.
The complex contains a total of 6 permitted apartment units. The front building contains TWO, 1 bedroom, 1 bathroom units; The two rear buildings (two-floors) each house TWO, 2 bedroom, 2 bathroom units.
The complex maintains full, 100% capacity with a tenant waiting list. Net income could be improved with seasonal rentals due primarily to its proximity to the Siesta Key beaches. At this time, the complex is leased annually; rents below “Market Rent” (pro-forma available). Rent rates had remained low due to the recession. Market conditions now support rental increases of at least the amount shown in the pro-forma; as mentioned earlier, seasonal rentals may increase NOI.
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