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

Investment properties

Property subtype

Multifamily properties

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

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