BAY POINT APARTMENTS

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SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire Bay Point Apartments. This recently upgraded multifamily asset is located in Nokomis, Florida, and is ideally situated between Downtown Sarasota and Downtown Venice. Additionally, Bay Point offers an investor with the ability to acquire an asset within 15-minutes to the New Sarasota Memorial Hospital, Amazon Distribution Warehouse, Tervis Tumbler’s Global Headquarters, and PGT Innovations’ Headquarters. Bay Point Apartments consists of 13 Units, and offers a new buyer the opportunity to increase the current rents by $350+ through light unit renovations and annual leases, as well as achieve Year-2 Cash-on-Cash Return of 10.62% . A new buyer can also achieve $1,000+ in rental upside if operations convert to seasonal rentals, providing the potential to achieve greater than 20% Cash-on-Cash Returns.

Property tours are by appointment only. Please contact one of the listing brokers below to schedule tours.

13
UNITS

5,732
SQFT

1958
YEAR BUILT

PRICED AT
MARKET BID

VITAL PROPERTY DATA

  • Property Addresses: 102 Palmetto Road East, Nokomis, FL

  • NUMBER OF UNITS: 13 Units

  • RENTABLE SQUARE FOOT: 5,732 SF

  • AVERAGE UNIT SIZE: 441 SF

  • NUMBER OF BUILDINGS: (1) Residential

  • LOT SIZE: 0.82 Acres +/-

  • FINANCING: Free and Clear

IRREPLACEABLE ASSET WITH IMMEDIATE VALUE ADD POTENTIAL

  • Recently Upgraded Multifamily Asset Ideally Situated Between Downtown Sarasota and Downtown Venice

  • High Demand Rental Market With Only 94 Total Multifamily Units (Bay Point Accounts for 14% of the Total Multifamily Units in Nokomis Market)

  • $350+ In Rental Upside if Annual Leasing Operations Continue

  • Year-2 Cash-on-Cash Return of 10.21% Through Unit Renovations While Continuing to Operate With Annual Leases

  • $800+ in Rental Upside if Operations Convert to Seasonal Rentals

  • Year-2 Cash-on-Cash Return of 16.26% Through Unit Renovations and Unit Furnishings Upon Converting Operations to Seasonal Rentals

PREMIER DESTINATION LOCATION

  • Located Directly Off U.S 41/Tamiami Trail N (37,500 Cars Per Day)

  • 1-Minutes to Dona Bay

  • 3-Minutes to Publix Super Market, Starbucks, Aldi, Walgreens, and CVS

  • 4-Minutes to Winn-Dixie, TJ Maxx, HomeGoods, Dunkin’, and Big Lots

  • 4-Minutes to Casey Key Beach (Top Tourist Attraction in Region)

  • 5-Minutes to Downtown Venice (Premier Shopping/Dining Destination)

  • 6-Minutes to the New $437 Million Sarasota Memorial Hospital

  • 7-Minutes to the Laurel Nokomis School

  • 7-Minutes to Oscar Scherer State Park & Campground

  • 11-Minutes to Pine View School (#2 Florida High School | #24 Nationally)

  • 11-Minutes to the Venice Municipal Airport

  • 13-Minutes to Tervis Tumbler’s Global Headquarters

  • 13-Minutes to PGT Innovations’ Headquarters

  • 13-Minutes to the New Amazon Distribution Warehouse

  • 22-Minutes to the New Atlanta Braves Spring Training Facility

DEAL TEAM CONTACTS

Benjamin Skinner
Associate Director | Senior Investment Associate
O. (407) 557-3889
Benjamin.Skinner@marcusmillichap.com

Matthew Prozzillo
Associate Director | Senior Investment Associate
O. (407) 557-3888
Matthew.Prozzillo@marcusmillichap.com

Contact an Agent Listed Above to Schedule Property Tours