Mckechnie Apartments
Closed1821 13th St W, Bradenton, FL 34205
Property type
Multifamily
Unit / Space count
18
Price
$1,000,000
Building size
9,090 sf
Rentable area
9,090 SF
Year built
1925
Year renovated
Occupancy
Zoning code
Lot size
1.04 Acres
Sold/status
Sold · Date unknown
Sale price
$1000000
Bedroom count
Property description
McKechnie Apartments is an 18-unit multifamily property located in Bradenton, FL in Manatee County. The property is comprised of 5 buildings constructed in 1925, 1947, 1952, 1954 & 1971, featuring concrete block & wood frame construction with pitched roofs. The property includes a unit mix of ten studio units (380 SF), three 1 Bedroom 1 Bath (540 SF), three 2 Bedroom 1 Bath (670 SF) and two 3 Bedroom 2 Bath (830 SF). The property is located only 1.3 miles from Downtown Bradenton and the major Bradenton Riverwalk expansion. Employment is plentiful with over 136,000 jobs located within a 15-minute drive from the property. Residents enjoy being conveniently located near several national retailers including Starbucks, Publix Supermarket, Bravo Supermarket, CVS, Wawa, PetSmart, LA Fitness, Target and Lowe's. Over 75 events take place in Downtown Bradenton each year and bring over 100,000 people to the city. Manatee County is projected to grow 2.22% annually and the city of Bradenton is expanding rapidly with several multimillion-dollar expansion projects nearby. McKechnie Apartments offers an investor the opportunity to acquire a strong value add opportunity in one of the fastest growing cities in Florida. An investor has the opportunity to increase NOI through cosmetic interior renovations and light exterior beautification improvements of the 1.04 acre lot.
Property highlights
- 18-Unit Multifamily Property Located in Bradenton - One of the Fastest Growing Cities in Florida
- 1.3 Miles from Downtown Bradenton & the Major Bradenton Riverwalk Expansion
- Ability to Charge Back For Electric and Trim Up Loss to Lease to Reach a Pro Forma Cap Rate of 9.06%
- Strong Value Add Opportunity Through Cosmetic Interior Renovations & Light Exterior Beautification Improvements of the 1.04 Acre Lot
- Ability to Increase NOI by Upgrading Units with Vinyl Wood Flooring, Updated Kitchen Cabinetry and Resurfaced Countertops
- 1.6 Miles to Desoto Square Mall - 678,000 SF Indoor Retail Center with a Master Redevelopment Plan in Process
- In Close Proximity to the White Sandy Beaches of Bradenton Beach & Anna Maria Island