Lakeview and Westbridge Portfolio
Closed700 S Betty Lane, Clearwater, FL 33765
Property type
Multifamily
Unit / Space count
24
Price
$2,400,000
Building size
20,047 sf
Rentable area
20,047 SF
Year built
1965
Year renovated
Occupancy
Zoning code
Lot size
0.43 Acres
Sold/status
Sold · Date unknown
Sale price
$2400000
Bedroom count
CAP
8.60%
Property description
Lakeview & Westbridge is a 24-unit multifamily property located in Clearwater, FL. The property is comprised of 3 buildings built in 1965 & 1966, featuring concrete block construction. The unit mix consists of 18 - 1 Bed 1 Bath units (590 SF - 640 SF), 2 - 2 Bed 1 Bath units (750 SF), 2 - 2 Bed 2 Bath units (800 SF) and 2 - 3 Bed 2 Bath units (900 SF). All buildings underwent interior and exterior upgrades in the past 12 months. Interiors feature updated kitchens with stainless steel appliances, white cabinetry, tile flooring, upgraded countertops and backsplashes and modern light fixtures. Both properties have covered and surface parking available. The units feature screened-in patios with park & lake views in select units. Both properties are situated across the street from Glen Oaks Park, which features a tranquil lake, ball fields, walking trails and 3 fishing piers. Additional amenities include brand new shared washer/dryer at each building, and storage units. The exterior of the properties was recently upgraded and features new landscaping, lighting & signage, and was recently painted. Lakeview & Westbridge is located near several major employers, retailers and entertainment destinations. The properties are a 4 minute drive from Downtown Clearwater, which features over 75 local shops and restaurants. Nearby retailers include Publix (0.8 Mi), Dunkin' (0.4 Mi), Starbucks (1.6 Mi), Walmart (2.4 Mi), Wawa (2.7 Mi) and the Largo Mall (5.0 Mi). Nearby employers include Morton Plant Hospital (1.6 Mi), Clearwater Marine Aquarium (3.1 Mi) and the Gateway Business District (11.8 Mi), with over 2,700 companies and 65,000 employees. Beach goers are within a 10 minute drive of Clearwater Beach, which has been voted the #1 beach in America by TripAdvisor in 2016, 2018 & 2019. Travel is easy with US 19 & Interstate 275 located nearby, which provide convenient access to Downtown St. Petersburg (21.6 Mi), St. Pete Clearwater International Airport (9.0 Mi), Downtown Tampa (22.0 Mi) and Tampa International Airport (17.4 Mi). Lakeview & Westbridge offers an investor the opportunity to acquire a partially-renovated, turn-key asset in a prime Clearwater location with ability to force appreciation through a proven light value-add business plan.
Property highlights
- A Turn Key 24-Unit Property with Strong In-Place Cash Flow and Proven Upside Through Continued Interior Improvements
- 50% of the Interiors were Fully Renovated in Past 12 Months - Upgrades Include New Stainless Steel Appliances, White Cabinetry, Upgraded Countertops, Backsplashes and Modern Light Fixtures
- Screened-In Patios with Lake Views of Glen Oaks Park, which Features a Tranquil Lake, Ball Fields, Walking Trails & 3 Fishing Piers
- Located 4 Minutes From Downtown Clearwater with Over 75 Local Shops & Restaurants
- Within 10 Minutes From Clearwater Beach - Voted #1 Beach in America by TripAdvisor in 2016, 2018 & 2019 and Within 20 Minutes From St. Pete Beach - Voted #2 Beach in America by TripAdvisor in 2020
- 5 Minutes From Imagine Clearwater - a $64-Million Redevelopment of Coachman Park, to Include Walking Trails, a 4,000 Seat Amphitheater & Lush Gardens
- Within Minutes of Major Employers Including Morton Plant Hospital (613 Beds & 2,000 Employees), Clearwater Marine Aquarium and the Gateway Business District (2,700 Companies & 65,000 Employees)
- Near National Retailers Including Publix (0.8 Mi), Dunkin' (0.4 Mi), Starbucks (1.6 Mi), Walmart (2.4 Mi), Wawa (2.7 Mi) & Largo Mall (5.0 Mi)