Property Description

Beautiful South Pasadena apartment building. Exceptional opportunity to acquire Hibiscus Place Apartments, a rare,12-Unit Multifamily Investment in South Pasadena, Florida. This architecturally unique, high-demand, apartment building features a private central courtyard which showcases a double return central staircase and is located in an upscale residential neighborhood only one block from Boca Ciega Bay. The property is currently 100% occupied, generating approximately $228,920 in annual gross income. The offering represents an attractive opportunity to acquire an established, income-producing multifamily asset in a highly sought-after Gulf Coast location at a 5.4% cap rate. 12 units - Two 2 bedroom/2 bath, Two 2 bedroom/1 bath and Eight 1 bedroom/1 bath. In last 5 yrs - 30 year roof coating 2023, 5 new air conditioning units, updated laundry facilities, multiple kitchen/ bathroom/ flooring/ appliances, two asphalt parking lots updated and maintained regularly, landscape upgrades. 16 parking spaces (10 in front and second lot in the back. Short drive to St Pete Beach. Walk to shopping and restaurants.