Listed by Marcus & Millichap - RPH Multifamily Group
$2,195,000
The Residences at Royal Palm
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 7,700
Net Rentable (SqFt) 7,700
Units 10
Cap Rate 5.48%
NOI $120,242
Occupancy 100%
Pro-Forma Cap Rate 7.08%
Pro-Forma NOI $159,120
Price per SqFt $285
Year Built 1972
Buildings 2
Acreage 0.320
Zoning RM-2
10 Units in Indian Rocks Beach
Marketing description
OFFERING MEMORANDUM AND FINANCIALS AVAILABLE VIA ‘Due Diligence’ BUTTON.
Please reach out to Zach Brown ([email protected]) to discuss the deal.
Investment highlights
- Fully renovated 10-unit apartment community located just steps from the white sand beaches of Indian Rocks Beach, one of Tampa Bay’s most desirable coastal submarkets
- Attractive unit mix consisting of eight spacious one-bedroom / one-bath units and two oversized two-bedroom / two-bath units
- Thoughtfully designed outdoor common area featuring grilling stations, seating areas, and coastal-inspired seashell landscaping, creating a true beach-lifestyle experience for residents
- Strong rental upside with nearby comparable properties achieving approximately $200-$300 monthly rental premiums, presenting investors with a clear path to continued NOI growth
- Indian Rocks Beach continues to attract both tenants and investors due to its limited housing inventory, walkable beach-town atmosphere, and proximity to major employment hubs
- The area is well-known for its laid-back coastal lifestyle, highly rated local dining scene, waterfront bars, entertainment venues, and boutique beach-town charm that differentiates it from more densely populated Gulf Coast markets
- 10-minute walk to CVS, and 5-minute drive to Publix Super Market at Indian Rocks Shopping Center, which numerous grocery, retail and dining options
- Residents and visitors are drawn to Indian Rocks Beach for its quiet beaches, strong sense of community, and convenient access to Clearwater, St. Petersburg and Tampa
Listing Contacts
Listed by Marcus & Millichap - RPH Multifamily Group
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$120,242.00
$10,020.17/mo
Valuation Metrics
0
DSCR
5.48%
Cap Rate
5.48%
ROI
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