The Diamonds at Siesta Enclave 1000 Stickney Point Rd

Investment Highlights:
6 to 7% cap rate depending on acquisition price
Rare Opportunity to acquire a portfolio totaling 18-units with a desirable Unit mix.
OWNERSHIP WILL CONSIDER SELLER FINANCING.
For further information, communications with the listing agent and an executed CA will be required.
Prospective Purchasers are encouraged to visit the subject properties prior to submitting offers. However, all property tours must be arranged with the exclusive Dreznin Pappas Commercial Real Estate agents. At no time shall the tenants, on-site management or staff be contacted without prior approval.
• Per ownership, Unit mix is as follows
* (8) Two Bedroom / Two Bath units
* (8) Two Bedroom / One Bath units
* (2) One Bedroom / One Bath units
This is a value-add opportunity based on current rents and capitalizing on the gap between in-place and market rates. They Don't make them like this anymore! Trophy Assets with Strong Historic Occupancy Rates and Significant Upside Potential with Implementing Modern Interior Cosmetic Updates
The possibility to increase income through storage units onsite exists as well.
Concrete Block Construction on both buildings with each being built in the Mid to Late 1960's. The Baywood (Avenue A) is NOT in a flood zone while The Quartz (Gateway) has been adjusted to an AE zone as of 4/1/2024. Well Maintained with ownership highlighting improvements such as newer HVAC's, Exterior Painting, Interior improvements including new flooring and remodeled kitchens.
Per ownership, current rents quoted represent highest in place monthly amount achieved per unit type. There are some tenants in place who are longer term and their rents may be below market. This is an organic value-add position where turnover or renewals can achieve rents in line with market rates. Currently the tenants all pay their individual electricity and at The Baywood, tenants are paying towards their Water/Sewer costs as part of their lease. At The Quartz, the ownership pays the Water/Sewer costs.
Ownership currently manages the properties in-house and performs a good deal of the repairs and maintenance (R&M)as well hereby substantially reducing the expenses incurred at takeover. The Year One numbers have increased management costs and realistic escalations for R&M along with other inflationary increases. Extensive Interior/ Exterior Renovation Completed in 2020 | Average Single-Family Home Sale Price of $1,250,000 Within 1 Mile Radius
Both properties have new roofs (July 2023) which should help with insurance costs.
DEMOGRAPHICS: Approximately 75,000 people live within 3- miles of the Property with an average household income of $131,484. More than 151,200 people live within 5-miles of the Property with an average household income of $137,580. The area anticipates population growth at a rate of 2.3% per year for the next 5 years.