530 Fairwood Avenue, Clearwater, FL, 33759, US

Genesis

Asset description

We are thrilled to present an exceptional investment opportunity: Genesis Apartments in Clearwater, FL. This premier property comprises 372 units and has received meticulous care and substantial capital investments in both its interior and exterior. Located near world-renowned beaches, Genesis Apartments offers residents a unique combination of luxury living and natural beauty. The property's beautiful surroundings include ample green space, creating a serene and inviting environment for residents to enjoy.

The attention to detail and capital infusion in Genesis Apartments is evident throughout. The property has undergone extensive improvements, ensuring that it meets the highest standards of quality and comfort. With its prime location near picturesque beaches, residents can indulge in a truly idyllic coastal lifestyle. Investors have an opportunity to acquire a truly exceptional asset with tremendous potential for both current income and future appreciation. Genesis Apartments in Clearwater, FL is a compelling opportunity that combines meticulous care, capital investment, and an enviable location near renowned beaches, making it a highly desirable investment option.

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Attributes

Units

372 units

Year built

1974

Building area net

342,588 sf

Land area gross

21.99 acres

Media

Investment highlights

$12 million+ in capital expenditures over the last six years which include majority of roofs replaced, vast amenity improvements, full remodel of unit interiors (3 remain), fresh exterior paint, seal coating and striping of parking lot, installation of new irrigation system, new landscaping, all new electrical panels, aluminum wiring retrofitted.
Above competition amenities including completely remodeled clubhouse, pool, dog park and more.
Diverse unit mix featuring one, two, and three-bedroom floorplans averaging 921 heated square feet.
Upside: $200+ below current competitive comp set ($820K in top line revenue increase).
Upside: Implement valet trash program and charge $25 at a cost of $10 ($44,640 additional revenue).
Upside: Add washer/dryers appliances to all 2x2 and 3x2 floorplans (196) and install washer/dryer connections and appliances to all 1x1 and 2x1 (176) floorplans and charge $50/unit/month ($218K additional revenue).
Upside: A 3x2 unit is currently used as a maintenance shop, there is room to build a maintenance shop and bring this unit online ($22,200 additional revenue)
Upside: 2.8% projected 5-year submarket average rent growth (AxioMetrics).
Upside: Ample green space available to develop and implement new amenity packages