Exclusive right of sale investment offering for an 11-unit multi-family asset and adjacent duplex with shared parking. Properties are just blocks from downtown Tarpon Springs, retail shops, specialty boutiques, restaurants, entertainment venues, and outdoor recreational areas. 218 N Pinellas includes three 2 bed/1 bath units, seven 1 bed/1 bath units, one studio, and one management office suite. 210 N Pinellas is subdivided into three 1 bed/1 bath rental units.

Location Description:

Located on the scenic Anclote River, the City of Tarpon Springs is a charming and historic community just north of Tampa/St.Petersburg in Pinellas County. Famous for its historic sponge industry and Greek heritage, the city maintains its old world character with an abundance of modern conveniences, dining, shopping and entertainment venues . Its downtown is also known for its cultural treasures, antique shops, historic neighborhoods, and the Sponge Docks. The 38.2 mile Pinellas Trail passes directly through the heart of Tarpon Springs and area reaches its northern trailhead at the Anclote River and provides a popular linkage for bikers, hikers and other health enthusiasts all the way south to its beginning point in St. Petersburg.

Highlights:

>> In-place cash flow equates to a 9.2% investor return and conservative and year 1 proforma cap rate of 10.2%

>> 5 minute walk to downtown, retail, restaurants, entertainment venues, sponge docks, and the 38.2 mile Pinellas Trail

>> Historically high occupancy / currently 100% occupied

>> Pinellas Trail Corridor District zoning allows for a wide range of development opportunities

>> Recently completed Walmart Supercenter 1 mile from property

>> Employment / demand drivers within 2 miles include Florida Hospital North Pinellas (168 bed medical complex) and the St. Petersburg College Tarpon Springs campus

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Sales Info:

>> Commision split: 3.5%