CRYSTAL RIVER PORTFOLIO
SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire The Crystal River Portfolio. This portfolio is located in the heart of Crystal River, FL, just 1-minute from the Downtown Crystal River and the main thoroughfare full of bars and restaurants. Within a five mile drive of the Crystal River Portfolio, there are more than seven medical centers. Among the seven centers, Bayfront Health: Seven Rivers is the largest and recently built a $12.3 million standalone emergency room which also consist of an on-site radiology specialty with lab services. The Crystal River Portfolio consists of 37-units, comprised of 92% two-bedroom units. Since the current owner’s acquisition, they’ve spent over $800,000 in extensive interior and exterior renovations to select units. Currently, the property is 100% occupied and a new buyer has the opportunity to increase the artificially low rents by 22%, as leases turn. Furthermore, a new buyer can renovate the remaining four standard units and add washer/dryer connections to an additional 23 units.
Property tours are by appointment only. Please contact one of the listing brokers below to schedule tours.
37
UNITS
28,125
SQFT
1972/1964
YEAR BUILT
PRICED AT
MARKET BID
VITAL PROPERTY DATA
Property Addresses:
740 Northeast 5th Avenue, Crystal River, FL
750 Northeast 10th Street, Crystal River, FL
753 Northeast 9th Street, Crystal River, FL
NUMBER OF UNITS: 37 Units
RENTABLE SQUARE FOOT: 28,125 SF
AVERAGE UNIT SIZE: 760 SF
NUMBER OF BUILDINGS: (11) Residential
LOT SIZE: 2.50 Acres +/-
FINANCING: Debt Assumption
RENTAL UPSIDE THROUGH OPERATIONS
Ability to Increase NOI by 44% by Increasing Artificially Low Rents and Renovating Remaining Four Units
Option to Add Washer/Dryer Connections to 23 Additional Units
Current Ownership has Completed Extensive Exterior & Interior Renovations to Select Units Since Their Acquisition, Totaling More Than $800,000
Located in Crystal River Which Was Featured on Travel Channel’s “50 Most Charming Small Towns in the United States in 2019
Within Five Miles of Seven Medical Centers including Bayfront Health Seven River’s Hospital Campus
Low Supply Rental Market With Only 28 Units Being Delivered Since 1996, Further Bolstering the Rental Market
CENTRALIZED LOCATION IN CRYSTAL RIVER
450 Feet to Crystal River Middle School
1-Minute to Crystal River High School
1-Minute to Crystal River Primary School
2-Minutes to Downtown Crystal River (30+ Bars and Restaurants)
4-Minutes to Crystal River Mall
5-Minutes to Crystal River Airport
7-Minutes to Bayfront Health Seven Rivers Hospital
8-Minutes to Crystal River Solar Facility ($150 Million Redevelopment)
8-Minutes to Duke Energy Natural Gas Power Plant ($1.5 Billion Investment)
12-Minutes to Bayfront Health Emergency Room ($12.3 Million Expansion)
CRYSTAL RIVER HIGHLIGHTS
$1.5 Billion Natural Gas Power Plant Investment in Crystal River
$150 Million Solar Field Facility Currently Under Construction
On the Top 50 List of “Most Charming Small Towns in The U.S. (Travel Channel)
6% Population Growth in Citrus County since 2010 (U.S. Census)
Only 28 Market Rate Multifamily Units Delivered in Crystal River Since 1996
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