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Florida Multi-Family Apartment Buildings for Sale


Fred Hoffmann
Lic. Real Estate Broker

FirstTrust Realty, Inc.
Licensed Real Estate Brokerage
Telephone (386) 252-5500 (Florida)

FOR SELLERS

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FOR BUYERS

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CLIENT DISCLOSURE

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ANALYSIS RATIOS

See individual listings for map color location

Property Locations are color coded per the map above



Lender Ratings of Residential Multi-Family Investment Properties

Lenders have developed general classifications of apartment buildings so that they can communicate amongst themselves and other members of the industry with some level of uniformity. The classifications are Class A, Class B, Class C, and Class D.

Grade 1. Class A .... Newer, Institutional
Grade 2. Class B .... Older, Institutional
Grade 3. Class C .... Older, Declining Area
Grade 4. Class D .... Older, Declining Area, Poor Condition

Class A - Institutional buyers like new, larger apartments in prime locations because of low deferred maintenance. These properties are typically occupied by white collar workers and have amenities such as garages, in -unit washer/dryers, pools, spas, exercise gyms, the latest technology, etc. They are typically between 1-10 years old. Typically they are in the path of progress. CAP rates may be around 5% - 7%. They will likely have less cash flow than properties with higher cap rates but will have greater appreciation potential.

Class B - Located in good areas with many of the same amenities as Class A properties, but Class B buildings are 10-20 years old and occupied by both white and blue collar workers. Class B properties are often owned by investment groups, such as limited partnerships and limited liability companies. CAP rates may be around 8% - 9%. These properties will have decent cash flow and decent appreciation potential.

Class C - These are older properties built within the last 21-30 years in working class areas typically occupied by blue collar workers and even some Section 8 tenants. The properties may be in declining areas but not necessarily dangerous areas. The units in Class C buildings are smaller than those in Class A and B buildings and the projects have fewer amenities. The occupancy rates are typically higher than Class A or B because they are more affordable. Individuals usually own Class C properties. CAP rates may be around 10%. These properties will have decent cash flow but little opportunity for appreciation.

Class D - These buildings are older, in declining and even dangerous areas and as a result may have high vacancy rates, deferred maintenance, functional obsolescence and demand a high level of hands-on management from their individual owners. Pro-forma (estimated future) CAP rates 12% - 20% after fix-up, but may generate less income than other properties despite their higher cap rates because of higher initial repairs, refurbishing, maintenance and management demands.

Rules of Thumb:
1. Class A & Class B properties are purchased for appreciation potential.
2. Class B & Class C properties are purchased for cash flow.
3. Class D properties are most suitable for an experienced investor with the expectation of repairing and refurbishing the property.


Multi-Family Apartments for Sale in Florida
Call for information on Apartments in other sizes

Property #

Units

Florida Apartment Buildings for Sale

CAP
%

$
Unit

Occup-
ancy-%

Lot
Acres

Map Color

Price

Agent / Phone

A903681

120±

 APARTMENTS - Built 1975, concrete block construction, 2-story, no deferred maintenance, all units are 2-bedrooms/1-1/2 bathroom, gated entry, tennis and basketball courts, laundry, swimming pool, playground. Each unit has private patio, central HVAC, open floor plan, ceiling fans, walk-in closets. New exterior paint and parking lots sealed, all roofs replaced within last 3-years. NOI $435,000.

%

47K

95%

7.5Ac

West Central Fla

$5,600,000


A624581

300±

 APARTMENTS - Class B, built 1972, concrete block construction, 2-story, indoor swimming pool, recreation area, gated community, swimming pools, fitness room, clubhouse, flat mansard roofs, renovated 2010. NOI $1,090,000.

7.2%

57K

97%

21Ac

West Central Fla

$17,000,000


A405481

200±

 APARTMENTS - Built 1975, concrete block construction, 2-story, renovated 1992, newer roofs, units seperated by concrete firewall, 1 and 2 bedroom units, eat-in kitchens, private screened patio, large closets. NOI $636,000.

7.2%

46K

%

12Ac

Central Fla

$8,900,00


A438851

150±

 APARTMENTS - Concrete block construction, renovated duplex units, all units are 2-bedrooms/1-bathroom, new water heaters, new tile, new roofs, new paint, central HVAC. Possible seller financing.

10%

51K

95%

Ac

N.E. Fla

$CALL


A787081

95±

 APARTMENTS - Built 1974 & 1986, concrete block construction, 2-story. Unit mix: 30 2-bedrooms/1-bathroom villas, 24 2-bedroom/2-bathroom apartment units, 8 2-bedrooms/1-bathroom apartment units, 32 1-bedroom/1-bathroom apartment units. Laundry room, clubhouse, leasing office. NOI $419,000.

7.6%

56K

97%

7Ac

Central Fla

$5,500,000


A509281

90±

 APARTMENTS - Built 1969, poured cement/block construction, 4-story, one elevator, covered parking. Unit mix: 27 2-bedrooms/2-bathrooms @$800, 6 2-bedrooms/1-bathroom @ $750, 51 1-bedroom/1-bathroom @ $650, 7 efficiencies @ $600. NOI $477,000

8.5%

62K

98%

1.4Ac

S.E. Fla

$5,620,000


A094681

85±

 APARTMENTS - Built 1963, concrete block construction, 2-story, no deferred maintenance, new HVAC and appliances in most units. NOI $376,000.

7.4%

61K

100%

2Ac

S.E. Fla

$5,050,000


Information shown is believed accurate but not warranted. All figures U.S. Dollars unless shown otherwise.


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INFORMATION REQUEST FORM

 1. (all required) First Name Last Name

 2. Status: (required) Buyer, Lic. Real Estate Agent

 3. Company Name (if any):

 4. Street Address: (required) Apt.No:

 5. (all required) City: State: Zip:

 6. Country (if outside U.S.A.):

 7. Home Phone: ( ) -

 8. Work Phone: (required) ( ) -

 9. Cell Phone: ( ) -

10. E-mail address: (required)

_________________________________________________________________

 11. Type of purchase: (check all types considered):
 Hotel-Motel, Marina, Shopping Center/Strip Plaza, Apartments,
 Mobile Home Park, Office Building, Self-storage, Convenience Store,
 Warehouse-Manufacturing, Commercial Land, Assisted Living Facility,
 Gambling Related, Quick Turn Investments under 1-year, REO Packages,
 Other Types - specify below

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 12. Preferred Florida area:

 13. Minimum units: , Maximum units:

 14. Maximum cost per room:

 15. Purchase Price Range: From: To:

 16. Cash Available to purchase: (required) $ U.S. DOLLARS

 17. Can you show proof of funds of Cash Available: (required) Yes, No

 18. Financing: (required) Only seller financing, Have my own financing available

 19. If seller financing is wanted, can you provide a personal financial statement
 prepared by an accountant: Yes, No (required for seller financing)

 20. More info on Property #: , ,

 21. Minimum Property Requirements — Be Specific: (required)
 

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APARTMENT BUILDINGS FOR SALE IN FLORIDA

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