THE LARGO GARDEN APARTMENTS IS A 14-UNIT CONCRETE BLOCK APARTMENT COMPLEX LOCATED IN LARGO, FLORIDA. THIS BEAUTIFUL PROPERTY IS LOCATED JUST MINUTES AWAY FROM THE WORLD-FAMOUS CLEARWATER BEACHES! THE PROPERTY CONSISTS OF 12 ONE-BEDROOM/ ONE-BATHROOM UNITS AND 2 TWO-BEDROOM/ONE-BATHROOM UNITS, RANGING FROM 850-550 RENTABLE SQUARE FEET. THE STRUCTURE IS CONCRETE BLOCK AND THE UNITS ARE 100% OCCUPIED WITH EXTREMELY LOW RENTAL RATES. ALMOST ALL OF THE CURRENT LEASES ARE SHORT-TERM, GIVING THE BUYER THE ABILITY TO RAISE THE RENTAL RATES IMMEDIATELY! THE PROPERTY CONSISTS OF SEVERELY UNDER MARKET RENTAL RATES FOR THE AREA, MAKING THIS AN INCREDIBLE VALUE-ADD OPPORTUNITY FOR A BUYER. THE CURRENT RENTAL RATES ARE APPROXIMATELY $150-$200 LOWER THAN THE AVERAGE RENTAL RATE IN THE DOWNTOWN LARGO AREA. THIS CREATES MASSIVE UPSIDE FOR A BUYER. WHO WILL BE ABLE TO INCREMENTALLY RAISE THE RENTAL RATES AND INCREASE THEIR NOI WITHOUT HAVING TO SPEND MONEY IMPROVING THE INDIVIDUAL UNITS! GIVEN THE ABILITY TO INCREASE THE RENTAL RATES AT THE PROPERTY, A BUYER CAN OBTAIN A CAP RATE OF OVER 9% AND A CASH-ON-CASH RETURN OF APPROXIMATELY 17% BY EARLY 2021! THIS IS A UNIQUE OPPORTUNITY TO PURCHASE A FANTASIC BUILDING IN A GROWING AREA. YOU RARELY SEE AN APARTMENT COMPLEX FOR SALE IN LARGO WHERE A BUYER CAN EASILY OBTAIN A 10% + CAP RATE AND A 20%+ CASH-ON-CASH RETURN, JUST BY RAISING THE RENTAL RATES TO THE AVERAGE MARKET RATE! THE LARGO GARDEN APARTMENTS CONSIST OF 5 FREE STANDING BUILDINGS WITH A TOTAL OF 14-UNITS IN THE HEART OF LARGO, FL! THE UNITS ARE 100% OCCUPIED WITH EXTREMELY LOW RENTAL RATES. WHILE ALL TENANTS ARE CURRENTLY ON YEARLY LEASES, ALMOST 70% OF THE LEASES WILL EXPIRE WITHIN THE NEXT 6-8 MONTHS. THIS CREATES THE PERFECT SITUATION FOR THE BUYER TO INCREASE THE RENTAL RATES OF THE SHORT-TERM LEASES. WHILE KEEPING THE OTHER LEASES IN-PLACE FOR SECURITY. THIS IS THE PERFECT OPPORTUNITY TO OWN PRIME REAL ESTATE IN ONE OF THE FASTEST GROWING MARKETS IN ALL OF FLORIDA! THE PROPERTY IS IN EXCELLENT CONDITION AND ALMOST EVERY UNIT HAS BEEN UPDATED IN THE PAST 3 YEARS. THE OWNER AND MANAGER HAVE DONE A FANTASTIC JOB OF MAINTAINING AND UPDATING THE PROPERTY. PLEASE SEE THE FULL LIST OF UPDATES AND RENOVATIONS THAT HAVE BEEN DONE TO EACH UNIT BELOW: APARTMENT #1- FULL UNIT RENOVATION IN 2020. KITCHEN, FLOORING, BATHROOM, PLUMBING, PAINT, AND APPLIANCES REPLACED. (2020) APARTMENT #2- INSTALLED LAMINATE FLOORING, NEW KITCHEN APPLIANCES, NEW BATHROOM, UPDATED PAINT, AND PLUMBING. (2019) APARTMENT #3- FULL UNIT RENOVATION IN 2020. KITCHEN, FLOORING, BATHROOM, PLUMBING, PAINT, AND APPLIANCES REPLACED. (2020) APARTMENT #4- INSTALLED NEW WATER HEATER AND NEW KITCHEN APPLIANCES. (2019) APARTMENT #6- NEW INTERIOR PAINT, UPDATED PLUMBING, NEW KITCHEN APPLIANCES. (2019) APARTMENT #7- NEW WINDOW BLINDS, NEW TILE INSTALLED. (2019) APARTMENT #8- INSTALLED ALL NEW LAMINATE FLOORING, NEW KITCHEN APPLIANCES, FULLY UPDATED BATHROOM. (2019) APARTMENT #9- NEW KITCHEN APPLIANCES INSTALLED, NEW INTERIOR PAINT. (2019) APARTMENT #10- INSTALLED NEW CEILING FANS, UPDATED BATHROOM, INSTALLED NEW LIGHT FIXTURE IN THE DINING ROOM. (2018) APARTMENT #11- UPDATED PLUMBING, UPDATED BATHROOM, AND NEW KITCHEN APPLIANCES INSTALLED. (2019) APARTMENT #12- NEW TILE IN KITCHEN, NEW PAINT, UPDATED BATHROOM, UPDATED FLOORING, REPLACED FRONT DOOR. (2019) UNITS 5, 13, 14 UNDERWENT BASIC REPAIR AND MAINTENANCE BUT NO MAJOR UPDATES WERE NEEDED FOR THESE UNITS. COMMON AREA UPDATES- NEW SPRINKLER SYSTEM INSTALLED, NEW WELL-PUMP, NEW MOTION DETECTOR LIGHT FOR LAUNDRY ROOM, NEW POWER WASHER, PAINT AND OTHER SUPPLIES WERE PURCHASED FOR THE PROPERTY. (2018)
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