2424 36Th AveBradenton, FL 34205

Property Details for 2424 36Th Ave

Year built

1982

Lot size

1.95 AC

Property size (Sq ft)

7,776 SF

Property type

Residential income homes

Property subtype

Apartment buildings

Description

This exceptional 8-unit condo portfolio in Bradenton, Florida, presents a compelling investment opportunity. Located at 2424 36th Ave W, 34205, this property boasts a total of 7,776 square feet across eight units, each offering approximately 972 square feet of living space. Each unit features two bedrooms and two bathrooms, a full kitchen, living room, dining area, and washer/dryer hookups. The property sits on a 1.95-acre lot and benefits from a permitted PD-R zoning designation. Built in 1982 and extensively renovated in 2022, the property is currently 100% occupied, generating a current Net Operating Income (NOI) of $95,800, representing a 7.39% cap rate. A pro-forma NOI of $116,200 is projected, resulting in an 8.96% pro-forma cap rate, achievable through lease adjustments. The recent completion of a full roof replacement in 2024 further enhances the property's value and reduces future maintenance concerns. Five tenants are on month-to-month leases, with two leases expiring in October 2024 and January 2025, providing opportunities for rental increases. All eight units must be purchased together. A Non-Disclosure Agreement (NDA) and proof of funds are required before interior tours are granted to protect the current tenants. The property's APN numbers are 5057510207, 5057510256, 5057510454, 5057510652, 5057510702, 5057510900, 5057510959, and 5057511007. This is a turnkey investment with significant upside potential.

Location Insight

City

Bradenton

County

Manatee

State

Florida

Latitude

27.4683

Longitude

-82.5868

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].