Drew Commons

11-09-2021
11-12-2021

1013 Drew St, Clearwater, FL 33755

  • Mixed Use Portfolio With 16 Residential Units and 6 Commercial Units
  • Portfolio Comprised of 8 Contiguous Parcels For Ease of Management
  • 100% Renovated Interiors and Exteriors With Consistent Finishes Throughout

Property Description

Colliers Florida Multifamily team is pleased to offer, Drew Commons, a 100% renovated 22-unit rental portfolio located in Clearwater, FL with a total of 16 residential units and 6 commercial units. The portfolio is conveniently located on 8 adjacent land parcels, one of which is vacant, and contains one triplex, five duplexes, three single family homes and two commercial buildings. The residential unit mix is comprised of 9 one bed one bath units, 4 two bed one bath units and 3 three bed one bath units. There is a total of 5,202 square feet of space between the two commercial buildings.

The properties have undergone extensive renovations and are achieving top of market rents, making this an excellent turnkey investment opportunity. Furthermore, the interior and exterior paint and finishes are uniform throughout the portfolio. The updates include, but are not limited to, new appliances, water heaters, new flooring (tile or vinyl plank), new plumbing and electrical fixtures, kitchen cabinets, backsplashes, countertops, bathroom vanities, tub/shower tile surrounds, fresh paint and new coin operated washers and dryers.

Clearwater is located within the Tampa Bay MSA, which is experiencing unprecedented growth with the massive amount of recent in-migration. Many new residents are moving to the area for the still relatively low cost of living, job opportunities and economic growth seen throughout the sunshine state. This will bolster rental properties long term, pave the way for continued rent growth and lead to asset appreciation due to the increased demand for housing. The portfolio is located at the intersection of Drew Street and Martin Luther King Jr Avenue and is less than a mile from downtown Clearwater’s restaurants, shopping and Coachman Park, which is currently undergoing a $64 million renovation. The renovation will provide residents access to a new 4,000 seat amphitheater, a promenade along the intercoastal water way, as well a playground and splash pad to name a few of the park’s new or updated features. The portfolio also sits about one-half mile from SR 60, which is a direct connection to the other side of the bay to Tampa International Airport and the Westshore Business District, one of the largest employment hubs in Florida with 102,000 jobs.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 3,350,000
No. of Units
22
Cap Rate
6.54%
Year Built
1951
Building Size
15,145 Sq ft
Lot Size
44,431.2 Sq ft
No. of Stories
2
Opportunity Zone
Off
Price per unit
$ 152,273
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27.968014, -82.792072

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