Commercial Property for Sale in Palmetto Florida 34221

Property Description

PALMETTO PLACE IS AN 8-UNIT APARTMENT COMPLEX LOCATED IN BEAUTIFUL PALMETTO, FL! PALMETTO IS LOCATED ON THE MANTEE RIVER BETWEEN SARASOTA AND BRANDTON, FL. THE PALMETTO AREA HAS ONE OF THE HIGHEST OCCUPANCY RATES OF RENTAL UNITS IN THE STATE, WITH A VERY LIMITED NUMBER OF RENTAL UNITS AVAILABLE! THE SELLER IS OFFERING AMAZING SELLER FINANCING, WHICH MAKES THIS DEAL EVEN BETTER (SEE P.5)!

THE PROPERTY CONSISTS OF (3) TWO-BEDROOM/TWO-BATHROOM UNITS AND (5) ONE-BEDROOM/ONE-BATHROOM UNITS WITH AN AVERAGE OF 800 RENTABLE S/F M.O.L. THE PROPERTY SITS JUST MILES FROM DOWNTOWN PALMETTO AND THE PALMETTO HISTORIC DISTRICT. THE PROPERTY HAS UNDERGONE SIGNIFICANT IMPROVEMENTS SINCE 2024. THE PROPERTY HAS MASSIVE UPSIDE POTENTIAL AS ALMOST ALL RENTAL RATES ARE STILL VERY MUCH BELOW THE MARKET AVERAGE. THIS WILL BE A HUGE POSITIVE FOR A BUYER AS THEY CAN RAISE THE RENTS QUICKLY WITHOUT SPENDING EXCESS MONEY ON PROPERTY IMPROVEMENTS!

THE PROPERTY IS CURRENTLY 100% OCCUPIED, AND WITH THE LIMITED NUMBER OF UNITS AVAILABLE FOR RENT IN THE PALMETTO AREA, THE DEMAND IS OFF THE CHARTS! PALLMETTO’s HIGH OCCUPANCY RATES ARE IN LARGE PART DUE TO THE AREA BEING FAR LESS EXPENSIVE TO RENT IN THAN IN BRADENTON OR SARASOTA. TWO OF THE MOST EXPENSIVE AREAS IN ALL OF FLORIDA! THE UNITS ARE APPROXIMATELY $350 PER MONTH BELOW THE MARKET AVERAGE, CREATING A FANTASTIC VALUE-ADD OPPORTUNITY AND GIVING THE BUYER THE ABILITY TO INCREASE THEIR NOI QUICKLY! THERE IS ALMOST NOTHING AVAILABLE FOR RENT CURRENTLY IN THE ENTIRE DOWNTOWN CORRIDOR.

GIVEN THE ABILITY TO INCREASE THE RENTAL RATES AT THE PROPERTY & THE AMAZING SELLER FINANCING TERMS AVAILABLE, A BUYER CAN OBTAIN A CASH-ONCASH RETURN OF 10% IMMEDIATELY! BEFORE THE START OF 2026, A BUYER CAN OBTAIN A CAP RATE OF OVER 8.5% AND A CASH-ON-CASH RETURN OF OVER 13%! BY 2027, THE BUYER CAN OBTAIN A CASH-ON-CASH RETURN OF OVER 14%!

SELLER FINANCING APPROXIMATE TERMS:
DOWN PAYMENT: $550,000!
FIXED INTEREST RATE: (Year 1: 4.5%), (Year 2: 5.5%), Year 3: 6.5%)
INTEREST-ONLY PAYMENTS OR
AN AMORTIZATION OF 30-YEARS
BALLOON LENGTH: 3- YEARS
MONTHLY DEBT SERVICE AS LOW AS: $2,437 PER MONTH.

THIS RECENTLY RENOVATED 8-UNIT PROPERTY SITS DIRECTLY IN THE DOWNTOWN CORRIDOR OF PALMETTO, FL. PALLMETTO’s HIGH OCCUPANCY RATES ARE IN LARGE PART DUE TO THE AREA BEING FAR LESS EXPENSIVE TO RENT IN THAN IN BRADENTON OR SARASOTA. WHICH ARE TWO OF THE MOST EXPENSIVE AREAS IN ALL OF FLORIDA! THERE IS ALMOST NOTHING AVAILABLE FOR RENT CURRENTLY IN THE ENTIRE DOWNTOWN PALMETTO CORRIDOR.

A BUYER CAN EASILY OBTAIN A 8.5% + CAP RATE AND A 13%+ CASH-ON-CASH RETURN BEFORE THE START OF 2026 JUST BY RAISING THE RENTAL RATES TO THE MARKET AVERAGE! IT’S ALMOST IMPOSSIBLE TO FIND A BUILDING IN PALMETTO OR THE SURROUNDING MARKETS WITH THIS MUCH UPSIDE! IT GETS EVEN BETTER AS THE CURRENT RENTS ARE $300 BELOW THE CURRENT MARKET. THE OWNERS HAVE SPENT A LOT OF MONEY UPGRADING THE UNITS AND THE EXTERIOR OF THE PROPERTY SO A BUYER CAN COME IN AND RAISE THE RENT WITHOUT HAVING TO SPEND A LOT OF MONEY ON CAPEX!

THE OWNERS HAVE RECENTLY UPGRADED THE UNITS AND THE EXTERIOR OF THE PROPERTY! RECENT UPGRADES AND RENOVATIONS AT THE PROPERTY INCLUDE BUT ARE NOT LIMITED TO; A NEW ROOF (2020), NEW HVAC UNITS (2019), UPDATED KITCHENS, NEW CABINETS, NEW COUNTERTOPS, NEW FANS, NEW FLOORING, NEW LANDSCAPING THROUGHOUT THE FRONT AND BACK OF THE PROPERTY INCLUDING THE ADDITION OF A COMMUNITY GRILLING AREA, NEW LAUNDRY FACILITY FOR TENANTS TO USE, BATHROOMS UPDATES, AND MUCH MORE!

THIS IS AN AMAZING VALU-ADD OPPORTUNITY TO PURCHASE PRIME REAL ESTATE IN PALMETTO, FL. THE PROPERTY HAS BRAND-NEW LAUNDRY ROOM THAT PRODUCES ADDITIONAL INCOME FOR THE OWNER. IT IS VERY CLEAN AND EASY TO MANAGE WEATHER THE BUYER IS LOCAL OR OUT OF STATE. THE MANY UPGRADES AND IMPROVEMENTS WILL ONLY HELP THE BUILDING APPRECIATE OVER TIME, AND AS THE DEMAND CONTINUES TO RISE IN DOWNTOWN PALMETTO, THE RENTAL RATES WILL ONLY FOLLOW! CURRENTLY, ONE OF THE TENANTS HELPS WITH THE MANAGEMENT OF THE PROPERTY WHICH ALSO SAVES MONEY MONTHLY!

Location Description

Located in Beautiful Palmetto, Fl!