Casey Babb, CCIM

First Vice President Investments

Email: Casey.Babb@MarcusMillichap.com
Phone:
(813) 387-4723 – Direct
(813) 368-0835 – Mobile

 

Shawn Rupp

Senior Associate

Email: Shawn.Rupp@MarcusMillichap.com
Phone:
(813) 387-4766 – Direct
(813) 966-7924 – Mobile

 

Luis Baez, CCIM

First Vice President Investments

Email: Luis.BaezMarcusMillichap.com
Phone:
(813) 387-4849 – Direct
(813) 767-6275 – Mobile

 

• Class B Apartment Community Which Converted to Condos in the mid-2000’s and Received a Major Rehab at the Time• Property Reverted Back to Apartments Less than 5 Years Ago and Received Another Major Rehab• Concrete Block Construction with All New Hurricane Impact Windows and Doors in 2016, Onsite Laundry and Swimming Pool• Huge Upside Potential Through Reducing Vacancy and Loss to Lease• Rents are Currently $137/mo Below Market on Average

• Located Just Blocks from the Intercoastal Waterway in Pinellas County• In Between Vibrant Downtown Dunedin to the North and Clearwater Beach to the South• Located Directly onto the Fred Marquis Pinellas Trail; a 50-mile Urban Bike and Jogging Trail• Via the Pinellas Trail, Residents Can Bike or Jog to watch Toronto Blue Jays Spring Training Games at TD Park (1 Mile) or to Restaurants & Bars in Downtown Dunedin (1.4 Miles)

The Babb Group of Marcus & Millichap is pleased to introduce its latest exclusive investment opportunity: Lion’s Point Apartments. Lion’s Point is a 33-unit apartment community originally built in 1969 but substantially rehabbed in 2006-2007 when it attempted to convert to condos and again in 2016-2017 when it was reverted back to 100% apartments. This 2-story community was constructed of solid concrete block on a 1.33 acre site and features hurricane impact windows and exterior doors, built-up flat roofs and exterior breezeways. There are four buildings clustered around a surface parking lot with 45 parking spaces (1.36/unit) and a swimming pool with sundeck and outdoor BBQ grilling areas. The entire site features mature, lush tropical Florida landscaping and in addition to the sparkling swimming pool, residents enjoy an on-site laundry facility and direct access to the Fred Marquis Pinellas Trail; a 50-mile biking and jogging trail running through Pinellas County. Residents at Lion’s Point can easily hop on the trail and bike to a Toronto Blue Jays baseball game at TD Park just 1-mile north or proceed another ½ mile to any number of shops, bars and restaurants in beautiful downtown Dunedin. The location, just 2-blocks from Old Clearwater Bay, is an easy commute to downtown Dunedin to the north and either downtown Clearwater or Clearwater Beach to the south which are all major employment and cultural centers with Clearwater Beach being a nationally recognized tourist destination year in and year out.Units at Lion’s Point are a mix of 1 bedroom / 1 bath (36%) and 2 bedroom / 1 bath (64%) which average 664 square feet and feature open floorplans with the living room off of the kitchen, hard surface tile or vinyl plank wood flooring in the traffic areas and either carpet or vinyl plank flooring in the bedrooms. Some units have been upgraded with custom wood cabinets with paneled doors and new hardware, newer appliances, built-in microwaves, updated light, fan and blind packages as well as raised paneled interior doors, new low-flow toilets, vanities and tiled tub surrounds. Rents for the 1/1’s currently average $833/mo versus a high of $935 and the 2/1’s average $937/mo versus a high of $1,065. Residents pay a flat fee for utilities of between $50 – 85 depending on the unit. The opportunity is to eliminate the current $46,944 (11.65%) Loss-to-Lease and then increase rents to market by executing on a traditional value-add strategy which would add close to $71,000 to the NOI (38%) in 5-years and allow for an investor to either refinance all of their equity out and hold the asset or sell it and 1031 exchange into a larger property.

Document Center