Carmel Avenue

Clearwater, FL

5

UNITS

1934

YEAR BUILT

0.50

ACRES

2,589

SQUARE FEET

PURCHASE PRICE

Investment Overview

The Colliers’ Florida Multifamily Team is proud to present Carmel Avenue; a 5-unit multifamily property in Clearwater, FL with 4 fully renovated units, updated exteriors, revamped landscaping, and a new gravel driveway. The unit mix is comprised of 4 one bedroom, one bath units and 1 two bedroom, two bath unit contained in 3 separate structures that sit on a spacious .5 acre lot. The renovated units have new tile flooring throughout, new kitchen cabinets, backsplashes, countertops and stainless steal appliances, new bathroom vanities and shower tile surrounds.

Carmel Avenue lies South of Downtown Clearwater and just to the East of Belleair and the Belleair Country Club, which is home to Florida’s first golf course. Residents of this property are approximately 4 miles from Clearwater Beach, one of the top-rated beaches in the country, and approximately 6 miles south of Dunedin, one of the most popular destinations in Pinellas County and home to breweries, bars, local food, crafts, retail shops, markets, and live music. With major thoroughfares close by, tenants also enjoy easy access to major employment hubs, other top-rated beaches, the cities of Tampa and St. Petersburg, as well as Tampa International Airport and St. Pete-Clearwater International Airport.

This stabilized multifamily asset has had much of the heavy lifting already done. A new owner will have the opportunity to rehab the one remaining unrenovated unit to maximize rent and improve upon the property’s current in place, average rent of $1,195/unit. With Tampa Bay frequently being among the top U.S. cities people are looking to move to, and the MSA’s population forecasted to grow 25% over the next 20 years, the demand for rental units will remain extremely strong, to the benefit of the area’s multifamily owners.

Investment Highlights

  • Turn-key asset
  • 4 out of 5 unit interiors have been fully renovated with new kitchen cabinets, backsplashes, appliances, bathroom vanities, shower tile surrounds and tile flooring throughout
  • Newly installed gravel driveway and landscaping

Location Highlights

  • Close proximity to Downtown Clearwater, Clearwater Beach and other top rated beaches
  • Located close to major thoroughfares with easy access Tampa, Saint Petersburg and two international airports

Contact

Jay Ayres
Senior Associate
+1 813 956 9700
jay.ayres@colliers.com

Tyler Carbonelli
Senior Associate
+1 727 744 9291
tyler.carbonelli@colliers.com

Luis Baez, CCIM
Managing Director
+1 813 767 6275
luis.baez@colliers.com

CONFIDENTIALITY AGREEMENT

THIS CONFIDENTIALITY AGREEMENT (“Agreement”) is made and agreed to by Colliers Florida Multifamily (“Broker”), exclusive listing broker for the Property, and the undersigned Purchaser (“Purchaser”) regarding the Property herein (“Property”). The obligation of confidentiality undertaken pursuant to this Agreement shall survive the terms of the Broker’s listing agreement with the Owner(s). PURCHASER HAS REQUESTED information from Broker for the purpose of evaluating a possible acquisition of the Property. The Owner of the Property has instructed Broker to deliver information concerning the Property, much of which is highly confidential, only to those potential purchasers who sign this Agreement. THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows: 1. Purchaser will not disclose, permit the disclosure of, release, disseminate or transfer; any information obtained hereunder (“Information”) to any other person or entity. 2. If Purchaser is a corporation, partnership, limited liability company or other non-natural legal entity, the person(s) signing this Agreement on its behalf will take all appropriate precautions to limit the dissemination of the Information only to those persons within the entity who have need to know of the information, and who are specifically aware of the Agreement and agree to honor it. 3. This Agreement applies to all Information received from Broker, now or in the future, which is not readily available to the general public. Purchaser understands that all information shall be deemed confidential, valuable and proprietary such that its unauthorized disclosure, even without intent to harm, could cause substantial and irreparable harm to Owner and Broker. 4. All information shall be used for the sole purpose of evaluating the potential acquisition of the Property, and it shall not at any time, or in any manner, be used for any other purpose. 5. Purchaser shall not contact directly any persons concerning the Property, other than Broker, without Broker’s or Owner’s written permission. Such persons include, without limitation, Owner’s employees, suppliers and tenants. 6. Purchaser acknowledges that it is a principal and not an agent on behalf of any other party in conjunction with the purchase of the Property (except Advisors working on behalf of their pension fund clients). Purchaser acknowledges that it is not working with any other broker or agent other than The Babb Group in connection with this transaction. 7. Neither Broker nor Owner makes any representations or warranty, express or implied, as to the accuracy or completeness of any information provided by them. Purchaser assumes full and complete responsibility for reconfirmation and verification of all Information received and expressly waives all rights of recourse against Owner and Broker with respect to the same. 8. The Persons signing on behalf of Purchaser and Broker represent that they have the authority to bind the party for whom they sign. 9. This Agreement shall be governed and construed in accordance with the laws of the State of Florida. 10. No outside broker represents Purchaser. Purchaser is working with Colliers Florida Multifamily, specifically The Babb Group. Furthermore, Purchaser indemnifies Broker and owner against any commission claims by brokers on this listing or any listing by the Babb Group for the six months following the date of this agreement.