Santa Rosa Portfolio
For sale1279, 1285, 1295 Santa Rosa St., Clearwater, FL 33756
Property type
Multifamily
Unit / Space count
34
Price
$5,750,000
Building size
32,258 sf
Rentable area
32,258 SF
Year built
1973
Year renovated
Occupancy
Zoning code
Lot size
0.71 Acres
Bedroom count
CAP
2.71%
Price per Unit
$169,118
Price per SF
$178.25
Property description
Santa Rosa Apartments is a 34-unit concrete block community in Clearwater offering a desirable mix of one-, two-, and three-bedroom floorplans. The property has received over $1.2 million in capital improvements, including 100% interior renovations, new electrical panels, plumbing upgrades, washer/dryer connections, HVAC systems, water heaters, and a new roof. With a 6.48% in-place cap rate and a LOMA eliminating the need for flood insurance, the property offers strong current fundamentals with significant capital improvements already completed. Ideally located near SR-60, Santa Rosa Apartments provides convenient access to major employment, healthcare, and everyday amenities, including BayCare Morton Plant Hospital and world-renowned Clearwater Beach. The property benefits from Clearwater’s supply-constrained coastal market and significant ongoing redevelopment in downtown Clearwater, creating an attractive multifamily investment with strong in-place cash flow and long-term upside.
Property highlights
- Durable Construction: 34-unit concrete block community built in the 1970s
- Strong Unit Mix: One-, two-, and three-bedroom floorplans appealing to a broad renter base
- Significant Capital Investment: Over $1.2M in major capex, including 100% interior unit renovations across the portfolio
- 1279 & 1285 Santa Rosa: all new electrical panels, upgraded plumbing fixtures and shutoffs, added washer/dryer connections in every unit, and all new AC units and water heaters
- 1295 Santa Rosa: new roof, all new AC units, and bathrooms have updated plumbing fixtures and new shower-tub combos
- Efficient Insurance Structure: Insurance quoted through Franklin Street Insurance Services at $1,016/unit, with a LOMA on file eliminating any flood insurance requirement
- Attractive Going-In Yield: 6.48%+ in-place cap rate with adjusted taxes and insurance
- Central Clearwater Location: Positioned in Clearwater's East Gateway district (33756), adjacent to SR-60, a primary East-West arterial linking the Gulf beaches, Downtown, and the greater Tampa Bay Metro
- Beachfront Proximity: Less than 3 miles to world-renowned Clearwater Beach, consistently ranked among the Nation's top beaches, along with nearby marinas and Gulf Coast waterfront amenities
- Proximity to Employment & Healthcare: Under 2 miles to BayCare Morton Plant Hospital, a 687-bed regional medical center and one of the area's largest employers, anchoring a stable healthcare base
- Supply-Constrained Coastal Market: Located in Pinellas County, Florida's most densely populated county, where limited developable land and sustained in-migration support consistent rental demand
- Downtown Redevelopment Momentum: Minutes from downtown Clearwater's Cleveland Street district, undergoing roughly $200M in private investment, including a 28-story, 400-unit mixed-use tower on the former City Hall site, a new City Hall, and a family entertainment center