65,659 Square Foot Multi-Family Space For Sale @ Multiple Addresses Apartment Portfolio

Grab this unique opportunity now which is offered at the forefront of downtown Pensacola's tremendous economic expansion. This 90-unit apartment portfolio consists of three separate apartment complexes with 2 being in downtown Pensacola's historic North Hill district and 1 complex in Pensacola's East Hill district. The highlights of this offering are extremely high occupancy rate; smaller unit sizes resulting in higher rentable pricing per square foot and lower expenses per unit; and tremendous rental pricing increase potential.

See the Apartment Portfolio Packet under the uploaded documents for the downtown Rental Analysis which includes 11 rental listings in close proximity to downtown that have rented since June 1, 2016 indicating an average of $1.09 PSF. The current portfolio rent roll is averaging $.78 PSF. This is $.31 PSF increase potential for 54,702 rentable SF or over $203k per year potential rental increase.

The offering makeup is as follows:

Villa Barcelona is a 40-unit complex located directly behind downtown Pensacola's landmark SunTrust tower in the North Hill district. Villa Barcelona consists of 3 buildings and has 8 studio apartments, 18 one-bedroom one bath apartments and 14 two-bedroom one bath apartments. Recent capital improvements - new roof 2005, courtyard landscaping and several units with tile floor installation in kitchen, living, dining and baths

Located 3 blocks north of Villa Barcelona Apartments is Belmont Gardens Apartments which consists of 20 1-bedroom 1-bath apartment units located in the midst of Pensacola's coveted North Hill district. Recent capital improvements - new roof 2012 and several units with tile floor installation in kitchen, living, dining and baths.

In the East Hill district at the southwest corner of 12th Avenue and Lloyd Street is Lloyd House Apartments, which consists of 30 one-bedroom 1-bath apartments. Recent capital improvements since 2014 - the prior front glass wall of each unit was removed and reconstructed with 2" x 4" wood framing and insulated, hardy cement board paneling was installed on the exterior walls with sheet rock installed on the interior walls. Both exterior and interior walls were trimmed out, caulked, primed and painted. The new wall was anchored to the main concrete building structure. The owner installed ultra low-e impact resistant windows and impact resistant exterior fiberglass six panel doors at each unit entry, with new locks and deadbolt. A meltdown commercial grade roof replacement was installed. As of March 10, 2017, twelve units have had interior remodels with new kitchen cabinetry, counter tops and sinks. The remodel opened the kitchen wall into the living room and gives more kitchen space with the divider wall moved toward the living room.