The Subject Property known as the Coastwood Apartments is comprised of six buildings built of concrete or masonry, constructed between 1947 and 1958, with a total of 25 units in six buildings, located at 2309 - 2329 N Tamiami Trail (US 41), north of Downtown Sarasota, FL on 1.23 Acres. The property includes laundry facilities and a pool and is situated across from Ringling College of Art & Design under the favorable North Trail (NT) zoning overlay. The property offers a new owner numerous opportunities for value creation and/or redevelopment.

Location Description:

The Coastwood Apartment Portfolio (the Subject Property) is located at 2309 - 2329 N Tamiami Trail near the Ringling School of Art and Design, minutes from Downtown Sarasota, Bradenton and area amenities including public transportation, banks, restaurants, grocery stores and retailers, major thoroughfares and minutes to the Gulf Coast beaches, with the following key features:

* Opportunity to obtain performing asset

* Strong rental history and great location

* Located at forefront of development on US 41

Highlights:

>> Property includes laundry facility onsite for tenants; appliances and repairs completed and replaced as needed in the units.

>> 25 Total Units: Two large (745 SF) and three standard (595 SF) 1BR/1BA units and twenty (214-343 SF) Studio apartments. The Studio units are renting for $650 include electric and water.

>> NT Zoning allows development of 35 units/acre

>> Desirable Location: Near Ringling College, New College and convenient to Downtown.

>> Nearby Indian Beach Apartments recently sold for $84,400/unit and Starbucks preparing to build on neighboring parcel.

>> Historically Stable: Strong rental history of students and service industry employees, occupancy near 100% and a current waiting list.

>> Capital Improvements include a) 90% of the exterior doors replaced; b) 90% of the A/C units replaced and c) 50% of the Property has had exteriors repainted.