Priced near tax assessed value at only $85,000 per duplex unit
54 Unit paired villa complex with potential upside for rental rates
Reasonable proforma yields over 7.5%; potential yields in excess of 9%
Consists of 29 total buildings - main building with two pools has multiple uses
Major renovations include roofs, exterior paint & interior remodeling
Each unit is a condo with its own deed - buyer may chose to sell condos individually in the future
Desirable location with convenient access to all highways, amenities
Ian Black Real Estate is pleased to present a turnkey duplex villa complex in Sarasota, FL. The Saulstars Court rental community is a 54-unit property; each unit a separate condo with its own deed. The complex is designed to feel like a community for its tenants and almost all units (48 of 54) have an attached garage to further give the sense of a home-like setting. All units have washer/dryer hook-ups and most units also include screened lanais and other features to enhance the units for the tenants. Presently 34 of the 54 units (63%) are renovated, including 22 units with new floors, kitchens and appliances. The complex itself offers tenants an outdoor pool/deck, an indoor heated pool and a large multi-purpose community building that would allow a new owner numerous possibilities for expanded use.
This investment is being offered at an attractive price to the right buyer. The property is priced at tax assessed value, which is below current offerings and minimizes risk of an increased tax basis for the new owner. At only $85,000 per large duplex unit, the per unit offering is at or below sales comparables in the greater Sarasota market. Any investor focused on yield should be excited by the possibilities at Saulstar. Even with excess management/labor costs, the property cash flows over $260,000 based on last year's rents. Considering current rents and a modest adjustment to management, although still run at 20% of revenue (a number that could be substantially trimmed by the right owner), the yield on ask price increases to 6.5% with rental rates well below market at less than $1.00 psf. Basic proforma adjustments substantially increase the yield to an unlevered 7.7% on purchase. Any investor looking to push rents to even a reasonable $1.20 psf would enjoy outsized yields exceeding 9% on this well-located multifamily property.
Located on the Northeast side of Honore & Bee Ridge Rd intersection, this rare offering is situated in the middle of a stable residential area, while also providing convenient access to grocery, shopping, doctors hospital & I-75.