Flamingo Apartments
Multifamily | 4.80% CAP | 26 Units
Marketing description
The Flamingo Apartments is a 24-Unit, 3 Story, Class C apartment complex on 1.42 acres on a secluded street in Historic Saint Augustine, FL. The gross building area contains 14,474 square feet with 13,800 square feet rentable space. There is a separate building in the back consisting of 1,629 gross square feet containing two additional apartment units for a total of 26 units. The average size of the units is 600 square feet. The floorplans of all of the units vary in design.
The two buildings, built in 1946, are of solid concrete block construction, built by the Navy, with concrete stucco on the exterior walls. The roof is constructed of wood truss with roof cover of composite shingles. There is additional land available to convert the smaller building into a clubhouse with a swimming pool and patio, conversational fire pit and BBQ area, exercise room and pickleball courts. Zoning is RS-1, Residential, Single Family-one.
The property has 30 free surface private parking spaces for the tenants. Parking is at a premium for Saint Augustine as parking is scarce. The property provides a laundry room with two- coin operated washers and dryers that run on propane gas. Landlord is responsible for water, sewer and trash, while the tenant pays for electric, cable, internet and all units are individually metered.
Saint Augustine, founded in 1565 by the Spanish colonists, is known for its extensive historic and tourist attractions. Saint Augustine is also the county seat for St. Johns County. Among its many attractions, Saint Augustine is home to Flager College, The Florida School for the Deaf and the Blind, Castillo De San Marcos National Monument, The Saint Augustine Lighthouse, the famous Alligator Farm and, of course, the Fountain of Youth. It is also known for its abundance of restaurants, hotels, retail shops, its fabulous beaches and TPC Sawgrass Country Club for golf nearby in Ponte Vedra. Saint Augustine and the surrounding area has experienced tremendous growth in recent years.
Investment highlights
- Very Rare Opportunity to Acquire 26-Unit Apartment Complex in Saint Augustine with 1.42 Acres.
- Units are 18 One Bedroom / One Bath and 8 Two Bedroom / One Bath at Approximate 600 Square Feet Average
- Solid Concrete Construction.
- 30 Free Surface Private Parking Spaces
- Opportunity to Redevelop Site to Include Amenties such as Swimming Pool and Patio, Conversational Fire Pit and BBQ Area, Exercise Room.
- Ability to Raise Rents After Unit Upgrades are Completed.
- Short Drive to the Heart of Downtown Saint Augustine and its Beaches including Flagler College,and the Florida School for the Deaf and the Blind.
- Financing is Available to Qualified Prospects Through Garrett Fierstein, MMCC at (813) 391-0200.
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