9 Unit MultiFamily property

9 Unit MultiFamily property

10117 Cortez Road, Bradenton

Offered at $1,390,000

Highly desirable location—2 miles to Bradenton beaches

9 unit—100% occupied

No leases in place, offering maximum flexibility

Real Estate Investment Details

10117 Cortez Road

Property Address: 10117 Cortez Road West, Bradenton, FL 34210

Year Built: 1961

Lot Size: 0.89 Acres

Building Square Feet: 5,456

Zoning: GC/CH

County Use: MultiFamily 10 units or less

State Use: MultiFamily 1-9 unit

Construction: Block Construction; Gable Roof

Great opportunity to purchase a 9 unit multi family property on Cortez road west, only 1.6 miles to the Cortez bridge, two miles to pristine Bradenton beach and beautiful Anna Maria Island. Revenue producing currently, 100% occupancy with weekly tenants, allowing owner to reposition tenants without eviction process, and great potential to capitalize on the proximity to beach and vacation amenities,

Rents are currently below market. As indicated, most recent rental was

increased to $1,200 per month, with additional upside potential with

improvements to the property and individual units. Proximity to the beach-

es makes it a highly desirable vacation rental destination, allowing for dra-

matically increased seasonal rentals.

INCOME AND EXPENSES

10117 Cortez Road West,

Presented by Chad Fonder and Erin Reid

Keller Williams Commercial/Keller Williams Island Life

Units Square Footage Weekly Rent Annual Rent ProForma Rent*

Unit 1 400 $275 $14,300 $15,600

Unit 2 400 $250 $13,000 $15,600

Unit 3 400 $200 $10,400 $15,600

Unit 4 400 $200 $10,400 $15,600

Unit 5 400 $250 $13,000 $15,600

Unit 6 400 $300 $15,600 $15,600

Unit 7 450 $250 $13,000 $15,600

Unit 8 450 $250 $13,000 $15,600

Unit 9 400 $250 $13,000 $15,600

$2,225.00 $115,700.00 $140,400.00

Expenses Annual Expense Annual Expense

FDOR and Manatee Co. $1,954 $1,954 $1,954

Property Tax $9,169 $9,169 $9,169

Insurance $9,915 $9,915 $9,915

Electric $9,256 $9,256 $9,256

Water/Sewer $6,162 $6,162 $6,162

Cable $4,459 $4,459 $4,459

Lawn service $1,250 $1,250 $1,250

Maintenance/other $2,173 $2,173 $2,173

Total Annual Estimated Expenses $42,384.14 $42,384.14

NET OPERATING INCOME $73,315.86 $98,015.86

CURRENT ESTIMATED CAP RATE 5.27% 7.05%

* ProForma estimates based on latest rented unit

For more information or a private tour of

10117 Cortez Road West, please contact us: