3105-3111 Avenue T - Apartments FOR SALE


Fort Pierce, FL 34947
$2,375,000 USD
561-503-3648
3105-3111 Avenue T, Fort Pierce, FL for Sale
$2,375,000 USD
Apartments - FOR SALE
1/20
null | 7.01% Cap Rate

3105-3111 Avenue T
Fort Pierce, FL 34947


HIGHLIGHTS

  • Excellent Condition - Roofs 5 years old
  • Long term tenants, primarily single family neighborhood
  • Concrete block construction!
  • Well-maintained commons and tenant parking area
  • Excellent upside available through minor exterior updates
  • Septic system pumps and lines all updated/replaced within last 3 years!

OVERVIEW

See attached offering memorandum for rent roll, financials, maps, photos, area info, and upside/value-add recommendations! Comprising 15 fully updated units over 5 adjacent triplexes, in one of South Florida’s highest-opportunity affordable multifamily markets, St Lucie Villages is a well-located, standout opportunity with little to no deferred maintenance (ex. – 5 year old roofs throughout), a vetted, professionally selected and managed tenant base, with excellent upside over the near and long term. The structural and economic longevity of these buildings will enable them to provide reliable cash flow for years to come in all types of economic environments with a variety of management strategies. Robust concrete construction is a cornerstone of what makes Florida such an excellent place to invest in real property. The longevity, sturdiness, and very low-maintenance nature of these structures means they are extremely well-suited for use in all types of residential and commercial applications. This complex is fully concrete block construction, meaning virtually ZERO major structural maintenance over the long term, excellent storm worthiness, and savings on insurance costs. Roofs have been replaced throughout, electrical and plumbing updated to modern spec, and appliances kept up-to-date, ensuring very limited if any major maintenance items for the first 10-15 years. The Fort Pierce job market offers its greatest number of employment opportunities to people in or around this rental sector – quality, affordable, well-maintained rental housing. Light industry, shipping, construction, and other forms of permanent jobs for skilled labor make up a large portion of this job market. As such, all units are long term tenants. Renters move in on a 1 year lease, and are renewed and increased each term, with some tenants being allowed to continue on an automatic month-to-month renewal. These units would be excellent for Section 8 housing, however this does not make up a major portion of the current tenant base. Moreover, current rents for this property remain well below market, which an easily achievable 10-15% upside over the next 6-12 months. The area also offers easy access to Florida’s famous Atlantic coast and beaches, with nearby Hutchinson Island offering coastal recreation of all kinds for all walks of life. A combination of plentiful employment opportunities, accessible coastal living, and a quiet, relaxed pace of life is not found elsewhere on South Florida’s East Coast. An excellent balance of economic activity, growth, and a relative lack of congestion means that Vero Beach is experiencing steady, sustainable population growth as people move up from Florida’s historically overcrowded East Coast cities. This turnkey asset is a unique opportunity not often found in today’s increasingly high-demand real estate market, and one that will offer reliable cash flow over the near and long term.

FOR SALE DETAILS

PRICE

$2,375,000 USD

PRICE/SF

$247 USD /SF

# OF UNITS

15

PRICE/UNIT

$158,333

CAP RATE

7.01%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

St Lucie Villages

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1968

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.85 AC

LAND SF

37,026 SF

ZONING

RS-4

APN/PARCEL ID

24-05-501-0029-0006,24-05-501-0045-0004

ASK ABOUT THIS PROPERTY

Russell GoldsteinThe Goldstein Group (MRG Associates, LLC)More Info
561-503-3648

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Russell GoldsteinThe Goldstein Group (MRG Associates, LLC)More Info
561-503-3648

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