Property Details:
The Park at Barrington Place is located in Holiday, Florida, Pasco County. It is just North of Pinellas County with ingress and egress directly on U.S. 19. This property was built in 1972 on 7.58 acres of land. The buildings are constructed of concrete block with stucco exterior walls. All the roofs are flat and covered with built up tar and gravel. The units all have central HVAC systems. The majority of the apartment units have private patio/balconies. In 2006/2007 all units had a major renovation including, new clubhouse, designer tiled floors, walk-in closets, upgraded counter tops, chair rails, upgraded fans and European light fixtures. Community amenities include a fitness center, three sparkling pools, gates, fencing, designer clubhouse, laundry facility, dog park, putting green and a children's playground. Also each building has a central elevator with trash shoot which is excellent for seniors. This southern most submarket of Pasco County has exhibited historically high occupancy rates. Also, the property is currently in good condition operationally and physically. This is an opportunity for a new owner/investor to acquire a B class deal in a market that has few available opportunities. With high quality all concrete construction, concrete floors, and unique 3 and 4 story living, The Park at Barrington Place is an irreplaceable asset at this price. Overall market stabilization, a growing submarket and increasing rents should provide for excellent cash flow and increased capital appreciation. A new owner with a new vision and a lower adjusted basis can steadily increase value at this property.
Price: $8,600,000
Year built: 1972
CAP Rate: 5.66%
Units: 244.00
Square Footage: 219,636 sqft
Price Per Foot: $39.16
Price Per Unit: $35,246.00
Price Per Acre: $1,134,564.64
Lot Size: 7.58+/-