1860-1872 Phillippi Shores Dr - Apartments FOR SALE


Sarasota, FL 34231- South Sarasota
$5,950,000 USD
813-387-4754
1860-1872 Phillippi Shores Dr, Sarasota, FL for Sale
$5,950,000 USD
Apartments - FOR SALE
1/16
null | 6.03% Cap Rate

1860-1872 Phillippi Shores Dr
Sarasota, FL 34231
South Sarasota


HIGHLIGHTS

  • Turnkey with upside – 18% increase in EGI achievable by End of Year Two via unit-interior enhancements and amenity upgrades
  • Freshly re-sealed & striped parking area and lush landscaping throughout
  • Sparkling swimming pool, sundeck, grilling station and pet park
  • On-site laundry facility
  • Location along Phillippi Creek affords possibility for fishing dock and kayak/paddleboard launch
  • Buildings NOT in flood zone

OVERVIEW

Exceptionally well-located 28-unit waterfront apartment community in Sarasota, Florida. Fully renovated, boutique high-end community constructed of concrete block - all units feature high-end condo-grade finishes, including granite countertops with undermount sinks, stainless-steel appliances, and wood-look vinyl-plank flooring. New TPO roofs and HVAC systems in 2018/2019. Located adjacent to the Tamiami Trail (US Hwy 41), the asset offers phenomenal walkability, with Phillippi Shores Park next door to the asset and Publix Super Market at The Landings – which includes a wide variety of restaurant and retail options – just a short 10-minute walk away. Five-minute drive to Siesta Key Beach and Crossings at Siesta Key mall; 10 minutes to downtown Sarasota

FOR SALE DETAILS

PRICE

$5,950,000 USD

PRICE/SF

$405 USD /SF

# OF UNITS

28

PRICE/UNIT

$212,500

CAP RATE

6.03%

% LEASED

96%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Phillippi Square

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1977

PARKING SPACES

32

LAND DETAILS

LAND ACRES

1.61 AC

LAND SF

70,132 SF

ZONING

RMF-4

APN/PARCEL ID

0084-01-0007

ASK ABOUT THIS PROPERTY

Jason HagueMarcus & MillichapMore Info
813-387-4754

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Jason HagueMarcus & MillichapMore Info
813-387-4754

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.