Cornerstone Pointe
Closed301 Seacrest Dr, Largo, FL 33771
Property type
Multifamily
Unit / Space count
111
Price
$13,400,000
Building size
110,854 sf
Rentable area
110,854 SF
Year built
1973
Year renovated
Occupancy
Zoning code
Lot size
7.47 Acres
Sold/status
Sold · Date unknown
Sale price
$13400000
Bedroom count
Property description
Cornerstone Pointe is a multifamily value-add investment opportunity located in Largo, FL. The 111-unit concrete block property features a favorable unit mix split between one-bedroom (32%) and two-bedroom (68%) units. The eight, two-story buildings were built in 1973 with pitched shingle roofs. 45 of the units have been renovated and are achieving a 9.3% premium in rent, creating a significant upside opportunity through the completion of unit turns. An additional value-add opportunity consists of converting the on-site laundry facility into a fitness center if washer and dryers are installed in all units. Cornerstone Pointe offers an investor the opportunity to acquire a stable, high occupancy asset in the heart of Pinellas County with upside potential through continued upgrades to the units. With such strong occupancy the, rents can be increased while decreasing concessions. Furthermore, overall market fundamentals have been continuously improving in the Tampa Bay area. The property has many community amenities to offer including a pet park, playground, swimming pool, on-site laundry facilities, washer/dryer connections in all units (upgraded units include washer/dryer), and walk-in closets. With an investor having the ability to increase rents and charge premiums for renovated units coupled with overall market fundamentals continuing to improve, an investor can expect an increase in Net Operating Income in the short-term and capital appreciation in the long-term.
Property highlights
- Closed at Contract Price and Within Contract Timelines
- Buyer Posted Non-Refundable Deposit at Contract Execution
- Buyer Plans on Continuing a Value-Add Strategy to Increase Rents