Bradenton Beach: 5 Unit Rehab, Luxury Flip, STR (56% ARV)

Description

2 Miles from Bradenton Beach: 3,263 Sqft duplex with a current layout of a 3/2, 2/2 and a 1/1 with a 2-car and 4-car garage. The property could be rehabbed and sold as a single family, held as-is or transformed into 4-unit or a 5-unit multifamily for both STR and/or long term rental by converting the 2 car garage (868 sf) and the 4 car garage (1,062 sf) into living space. The current 1/1 can also be converted to a 2/1.

Interior

Bedrooms & Bathrooms

Bedrooms: 6
Bathrooms: 5
Livable Sqft: 3,263
Total Potential Livable Sqft: 1,450
Potential Interior/Livable

Bedrooms: 10
Bathrooms: 8
Units: 5
Total Potential Livable Sqft: 5,301
Lot

Lot Size Acres: 0.33
Lot Size Sqft: 14,725
Zoning: RDD6
Construction:

Type: Block (Concrete)
Year Built: 1984
Renovated: 2002
AC, Water Heater, Sewer, Roof

Central AC: Yes
Central AC on both levels but the bottom floor is not functioning– units to be replaced
Water Heater: 2016
Roof: 2003– needs to be replaced
Sewer: City
Parking

Type: Garage/Driveway
Misc

Stories: 2
Pool: None
Fence: Yes
Long Term Rent Projections:

3/2: $2,300
2/2: $1,850
2/1: $1,500
2/1: $1,500
2/2: $1,850
Total: $9,000
Comps:

4320 123rd St W: 5/3, 2,025 Sqft Duplex sold for $791,000 on 3/29/24

4519 103rd St W: 5/4, 2,434 Sqft Quadplex sold for $699,000 on 11/29/23

8615 44th Ave Dr W: 6/4, 2,252 Sqft Duplex sold for $590,000 on 3/29/24

4508 86th St W: 5/4, 1952 Sqft Duplex sold for $500,000 on 3/4/2024

3912 117th St W: 3/2, 1/1 and 2 efficiencies totaling 2,281 Sqft w/ 2 pools and .5 acre lot. Generated $150,000+ in STR. Sold for $1,125,000 on 11/28/23

ARV/Rehab:

As-Is Value: $850,000
Rehab: $200,000 (For complete conversion to 5 unit)
ARV: $1,100,000

Documents
Bridge Loan
https://s3.us-east-2.amazonaws.com/sendlift/property-documents/9941_Bridge%20Loan%20Underwriting.png
Cash Out Refi
https://s3.us-east-2.amazonaws.com/sendlift/property-documents/9942_DSCR%202.png
Current 1/1 Downstairs (convert to 2/1)
https://s3.us-east-2.amazonaws.com/sendlift/property-documents/9943_Current%201:1%20Dwelling%20Sketch.png
Current Upstairs Layout
https://s3.us-east-2.amazonaws.com/sendlift/property-documents/9944_Current%20Dwellings.png
Garages– convert to 2/1 and 2/2
https://s3.us-east-2.amazonaws.com/sendlift/property-documents/9945_Garages%20capable%20of%20conversion.png