• Stabilized Rental Portfolio with Future Development Potential
• Value-Add Potential in Increasing Current NOI

• Located In One of the Fastest Growing Metropolitan Areas in the Country
• Close Proximity to Downtown Clearwater, Clearwater Beach, and Other Major Demand Drivers
• High Walkability Score
• Gentrifying Submarket Experiencing Rapid Growth & New Development

The Babb Group of Marcus & Millichap is pleased to offer, the Clearwater Portfolio I; a 22-unit rental portfolio consisting of 16 residential rental units and 6 office/retail units. The portfolio is located in Clearwater, FL on 8 adjacent land parcels, one of which that is vacant land, and includes one triplex, five duplexes, three single-family homes, and two commercial buildings. The residential units are comprised of 9 one-bed/one-bath units, 4 two-bed/one=bath units, and 3 three bed/one-bath units which are averaging just over $710 per unit per month. These residents all enjoy access to a convenient on-site coin laundry. There is a total of 5,202 square feet of office/retail space that is currently leased at an average rate of $7.84 per square foot, leaving lots of room to raise rents.

Clearwater is located within the Tampa Bay MSA, which is experiencing unprecedented growth with 4,000+ people moving to the area each month. Many new residents are moving for the relatively low cost of living and job opportunities as the metro continues to be one of the best per capita employment growth markets in the country. This will bolster rental properties long-term, pave the way for continued rent growth and lead to asset appreciation due to the increased demand for residential housing. This portfolio is located at the intersection of Drew Street and Martin Luther King Jr Avenue and is less than a mile from downtown Clearwater’s restaurants and shopping and just over 3 miles away from the world-famous Clearwater Beach. Based on recent nearby construction projects, the land has potential for future redevelopment. This is a value-add opportunity offered at $1,600,000 that will allow an investor to improve the property for increased rents and value or to hold for existing cash flow until there is an opportunity for redevelopment. It can be sold along with another portfolio that consists of 12 rental units that is also in the Clearwater area.

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