$1,800,000

About This Property

ESTATE SALE! RARE INCOME/INVESTMENT OPPORTUNITY! 8+ Unit WATERFRONT Apartment Building in the coveted ISLE OF CAPRI on TREASURE ISLAND-one of Florida’s MOST TREASURED Destinations for experiencing the Florida Lifestyle Dream! Just 3 blks to Gulf Blvd & World Famous GULF BEACHES of Florida’s West Coast w/miles & miles of white sandy public beaches enjoyed year-round by more & more local residents & visitors AND an INCREDIBLE number of people flocking here in consistently increasing numbers. By a National Economic Study, Tampa Bay was the 2021 #4 DESTINATION LOCATION for people relocating from thru-out the USA-AND projected to be the #1 2022 DESTINATION LOCATION! Tampa Bay’s HUGE Real Estate Investment potential is now so OBVIOUS TO ALL & particularly obvious concerning WATERFRONT Rental Properties in St Petersburg Area’s GULF BEACH Communities! Most owners of strategically located Waterfront Income/Investment properties have not in the past AND especially now DO NOT WANT TO SELL their Goose that lays Golden Eggs!!! HOWEVER, the Heir & PR of this PRIME WATERFRONT ESTATE Property known as The MORONTIA APARTMENTS (owned by his family for OVER 40 YRS!) has strategic investment plans utilizing his very high tech knowledge in today’s world healthcare market & has, therefore, ORDERED AN IMMEDIATE QUICK SALE and is PRICING IT ACCORDINGLY!!! MORONTIA APARTMENTS were Custom Quality Built in 1969 as a well-planned TWO Story Masonry Apartment Building w/5,376 SF of Heated Area on a 70‘ x 140’ PRIME WATERFRONT LOT! The 8-9 units consist of TWO 2 BR/1BA WATERFRONT Apts, TWO 1BR/1BA WATERFRONT Apts, FOUR 1BR/1BA Non-Wfrt Apts AND a BONUS Office Efficiency Unit! ALL 2BR & 1BR Units have CENTRAL AIR & HEAT! ALL UNITS have SEPARATE ELECTRIC METERS! The Bldg has a Large LAUNDRY ROOM w/Coin Operated Washer & Dryer for ADDED INCOME! TRANQUILL COURTYARD! LARGE Backyard w/70 FEET WATER FRONTAGE has Cement Picnic Table & Benches, BBQ Area AND appears large enough for a Swimming Pool, Deck & add’l Tropical Landscaping! PLUS there’s a BOAT DOCK for BOATING, FISHING & WATCHING DOLPHINS, MANATEES & wonderful SUNRISES! The long-term owners for 40+ years lived in an Isle of Capri Home a few blks from the Morontia Apts & lovingly maintained it in good repair for their tenants. Although they did not update it, they watched over it closely & made capital expenditures to protect the property-NEW ROOF in Oct, 2014-$23,393 Total ($18,850 Roof + $4,543 A/C Raising)-AND expensive NEW SEAWALL in 2010(?) by DAN SAPP & SON, INC.! Parking is a big problem in Gulf Beach Areas-NOT SO HERE! The good size PARKING LOT allows 13-15 parking spaces. (Until the parking lot is repaired/replaced & RE-STRIPED, it is not known how many spaces will legally be allowed. The Apts have EXCELLENT EXISTING Floor Plans w/Large Rooms & Closets (Note: Kitchens are small) The FOUR Waterfront Apartments have GREAT WATER VIEWS! AND because the OVERALL BUILDING PLAN is particularly well-planned, there are 4 more great FUTURE UPDATING/REMODEL OPTION PLANS making this Building MOST FLEXIBLE for future owners. To visualize options, the Seller has hired RENOWNED Local Architect, Joe Lacki, to create EXISTING FLOOR PLANS of the Building & Apartments AND 3 potential floor plans highlighting the flexibility of the building to MAXIMIZE FUTURE INCOME/INVESTMENT VALUE (SEE ALL 4 ATTACHED FLOOR PLANS – PLUS ATTACHED MLS FULL PUBLIC REMARKS W/ IMPORTANT ADDITIONAL INFO ABOUT THE SALE & FLOOR PLAN OPTIONS)

infoProperty Details

Property Type

Residential Income

Year Built

1969

Living Area

5,376 sqft

Lot Size

0.22 acres

Bathrooms

0

Ownership

Fee Simple

Days on Market

8

List Date

Feb 28, 2022

chairInterior Features

yardExterior & Lot

Listed By

COLDWELL BANKER REALTY

727-822-9111

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