Park Place
Closed600 S Betty Ln, Clearwater, FL 33756
Property type
Multifamily
Unit / Space count
14
Price
$1,250,000
Building size
13,123 sf
Rentable area
13,123 SF
Year built
1971
Year renovated
Occupancy
Zoning code
Lot size
0.38 Acres
Sold/status
Sold · Date unknown
Sale price
$1250000
Unit mix
4x
2br
Bedroom count
Property description
Park Place is an 14-unit multifamily community located just 1 mile from Downtown Clearwater in Pinellas County, Florida. The property is comprised of 1 two-story building that was constructed in 1971 and sits on 0.38 acres. The building features concrete block construction with a pitched shingle roof. The unit mix is comprised of spacious floor plans including 10 1 Bed, 1 Bath (725 SF) & 4 2 Bed, 2 Bath (925 SF) units. Residents at Park Place enjoy a convenient lifestyle nearby to major points of interest. The property is located directly across the street from Glen Oaks Park where residents can enjoy the fishing piers, walking trails and ball fields. Beach-goers are only a 10-minute drive to Clearwater Beach, which has been voted the #1 Beach in America by TripAdvisor. Major employers nearby include Morton Plant Hospital (1.5 Mi), Clearwater Marine Aquarium (3.0 Mi) and Clearwater YMCA (0.8 Mi). Popular nearby retailers include Publix (0.9 Mi), Starbucks (1.4 Mi), Walmart (2.5 Mi), CVS (0.7 Mi) and Anytime Fitness (1.2 Mi). Park Place offers an investor the opportunity to acquire a high occupancy, value-add asset in one of Clearwater's most prime locations. The property is an excellent candidate for a light value-add strategy, involving the implementation of strategic interior cosmetic improvements to capture significant rental increases.
Property highlights
- Generated 13 Property Tours and 11 Competitive Offers in Two-Week Marketing Period
- Closed at 93.9% of List Price During COVID-19 Pandemic to Out-of-State 1031 Exchange Buyer
- Franklin Street Capital Advisors Secured Attractive Financing for the Buyer
- Sold at a 5.60% Cap Rate Based on Tax-Adjusted In-Place Income
- Excellent Value-Add Opportunity with Ability to Modernize Interiors and Increase Rents to Market
- 14-Unit Multifamily Property Located 1 Mile from Downtown Clearwater & 3.6 Miles From Clearwater Beach - Rated the #1 Beach in America