Midfield Clearwater Portfolio
Multifamily | 38 Units | $178,000/unit
Marketing description
The Midfield Clearwater Portfolio is a 38-unit, 4-property, garden-style multifamily community located in the heart of Clearwater, Florida. Adjacent to SR-60, offering convenient access to a majority of area employment and entertainment options. The properties are less than 3 miles to major demand drivers like world-renowned Clearwater Beach and Bay Care Morton Plant Hospital (687 beds).
A new investor can benefit from significant recent capex and property improvements, such as doors, windows, water heaters, AC units, electric panels and more. Additionally, the properties boast 47% 2-3 bedroom units, and 47% in-unit washer/dryer connections. It is recommended that a new owner pass back the water, sewer, and trash expenses via sub-metering. Water-shutoff valves are accessible for all units with laundry connections.
Investment highlights
Turn-key asset
Value-add opportunity
Highly desirable unit mix
Concrete block construction and much recent CapEx
Washer/dryer connection in 18 of 38 units
Location Highlights
3 contiguous parcels with the 4th property only 400ft away
3 miles to Clearwater Beach
Less than 2 miles to Morton Plant Hospital with approximately 687 beds
Adjacent to SR-60, offering convenient access to a majority of area employment and entertainment
Recommended Business Plan
Consider sub-metering the water/sewer to pass expense along to tenants.
Implement utility reimbursement plan
Increase rents
Overhaul landscaping around complex to increase curb appeal
Install in-unit wash/dryer
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