The Haven on Hillview in Sarasota
Income producing 17-units in Sarasota w/ the possibility of redeveloping 1.56 acres (39+ units)
Marketing description
With 17 income producing units, the Haven on Hillview offers concrete block construction, interior updates and a steady cash flow in a highly desired location.
There is upside potential in place and a few future options that may lead to additional successes.
You can focus on cash flow and utilize the 17-units as rentals, enhance them and increase rents over time providing a steady income producing asset with year over year positive trending returns.
The Haven on Hillview's location of the 3 parcels is in such close proximity to Sarasota Memorial Hospital and its ever expanding campus that upscale housing could be well received, let alone folks wanting to be close to Hillview but be 'East of the Trail' for price points. Whether enhancing the existing property to capitalize on the need for professional housing or potentially redeveloping the property, achieving success is in place.
Investment highlights
REDEVELOPMENT OPPORTUNITY:
Take one parcel at a time and redevelop them as you move forward while receiving income from the existing units on the remaining parcels.
Most of the product or housing available in this particular area are resales or custom new homes in the million++ dollar price
range. Immediately upon crossing over US-41 onto the West side of the Trail, values and prices trend upwards of 2X to 3X.
Just get to work and redevelop the entire project. Three parcels in a highly desired infill location. Within walking distance of Sarasota Memorial Hospital and 'West of the Trail' entertainment, dining and values this presents a nice opportunity for the right fit.
Currently Zoned RMF5 - Per Municode - RMF 5 zones. The RMF 5 zone is a medium density multiple family zone which allow 25
dwelling units per acre respectively. Two to eight story buildings generally characterize allowed housing. The major type of new
development could be medium to high-rise apartments and condominiums.With 1.56 acres of land between the three parcels and the current zoning, the ability to develop up to 39 units appears to exist.
This property could be land banked for a future development or partially developed while continuing to receive income on the other parcels/units.
Centrally located in Sarasota, Fl, The Haven on Hillview puts
residents at the epicenter of one of the most desirable towns in
Florida.
Even better, this location provides ease of access to employment, amenities, restaurants, golfing, the bayfront, beaches, etc.
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