Description

Rarely available steps from Sail Bay, this 8-unit apartment building offers investors an exceptional opportunity to acquire a premier coastal asset with immediate upside. Located directly across from Sail Bay and just four blocks from the ocean, the property combines an A+ location with a highly desirable unit mix of seven (7) spacious 2-bed/2-bath units and one (1) 1-bed/1-bath unit. The building features generous floor plans with in-unit laundry, en suite bathrooms in the primary bedrooms (2-bed units), and Eleven (11) on-site parking spaces including three tandem spaces, one single space, and two double garages. Unit F, the top-floor bay view apartment, will be delivered vacant at closing—ideal for an immediate lease-up at market rent or for an owner-user seeking a one-of-a-kind coastal residence. This property presents multiple value-add strategies. Current rents are approximately 28% below market, allowing a new owner to realize significant income growth through strategic renovations and lease turnovers. Two units have already been upgraded, providing a clear roadmap for further improvements. In addition, the rear double garages offer the potential to add ADUs, enhancing overall revenue.