Lions Point

11-08-2021
11-12-2021

1142 Sunset Point Rd, Clearwater, FL 33755

  • Class B+ Community which Converted to Condo in 2006 Before Reverting Back to Apartments in 2016
  • Concrete Block Construction with Hurricane Impact Windows/Doors
  • CapEx over the Past 12 Months including 12 Unit Rehabs, a New Roof and Numerous Mechanical System Replacements
  • Property Received a Major Rehab in both 2005 and then 2016
  • Turn-Key Asset with Minimal Overhead and Organic Rental Upside
  • Located Just Blocks from the Intercoastal Waterway and Edgewater Drive

Property Description

Colliers Florida Multifamily Team is proud to introduce its latest exclusive investment opportunity: the Lion's Point Apartments in beautiful Clearwater, FL. Lion’s Point is a 33-unit apartment community originally built in 1969 but substantially rehabbed in 2006-2007 when it attempted to convert to condos and again in 2016-2017 when it was reverted back to 100% apartments. This 2-story community was constructed of solid concrete block on a 1.33 acre site and features hurricane impact windows and exterior doors, built-up flat roofs and exterior breezeways. There are four buildings lustered around a surface parking lot with 45 parking spaces (1.36/unit) and a swimming pool with sundeck and outdoor BBQ grilling areas. The entire site features mature, lush tropical Florida landscaping and in addition to the sparkling swimming pool, residents enjoy an on-site laundry facility and direct access to the Fred Marquis Pinellas Trail; a 50-mile biking and jogging trail running through Pinellas County. Residents at Lion’s Point can easily hop on the trail and bike to a Toronto Blue Jays baseball game at TD Park just 1-mile north or proceed another ½ mile to any number of shops, bars and restaurants in beautiful downtown Dunedin. The location, just 2-blocks from Old Clearwater Bay, is an easy commute to downtown Dunedin to the north and either downtown Clearwater or Clearwater Beach to the south which are all major employment and cultural centers with Clearwater Beach being a nationally recognized tourist destination year in and year out.
Units at Lion’s Point are a mix of 1 bedroom / 1 bath (36%) and 2 bedroom / 1 bath (64%) which average 664 square feet and feature open floor plans with the living room off of the kitchen, hard surface tile or vinyl plank wood flooring in the traffic areas and either carpet or vinyl plank flooring in the bedrooms. Some units have been upgraded with custom wood cabinets with paneled doors and new hardware, newer appliances, built-in microwaves, updated light, fan and blind packages as well as raised paneled interior doors, new low-flow toilets, vanities and tiled tub surrounds. Rents for the 1/1’s currently average $898/mo. versus a high of $1,099 and the 2/1’s average $1,063/mo. versus a high of $1,200. The opportunity is to eliminate the current $59,868 (13%) Loss-to-Lease, and then increase rents to market by executing on a traditional value-add strategy which would add close to $79,000 to the NOI.

Key Property Information

Listing Status
Under Contract
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 4,950,000
No. of Units
33
Cap Rate
4.26%
Year Built
1969
Building Size
22,746 Sq ft
Lot Size
57,934.8 Sq ft
No. of Stories
2
Opportunity Zone
Off
Price per unit
$ 150,000
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27.990738, -82.789798

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