15-Unit Apartment
For Sale
Contact for pricing
1005 63rd Ave W, Bradenton, FL 34207
Two single-story concrete block buildings provide a mix of one- and two-bedroom residences in a multi-family setting.
Property Size12,170 SF
Lot Size1.00 Acre
Price / SF$209.53
Days on Market194
Property Features for 1005 63rd Ave W
General Information
Standard status
Active
Size
12,170 SF
Lot size
1.00 Acre
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$150,650
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
12 x 2BR/2BA, 3 x 1BR/1BA
Multifamily Units
15
Building Details
Year Built
1985
Buildings
2
Stories
1
Units
15
Construction
concrete block
Listing Agency:
Horvath & Tremblay Tampa
Listed By:
Alexander Tripp · License #SL3603373
Source:
Crexi
Added: Feb 17
Changed: Aug 29
Last Checked: Aug 29 at 11:26PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Horvath & Tremblay Tampa
Investment Insights
Based on property information with market context.
Built in 1985, this apartment property comprises two single-story concrete block buildings with 15 units. The unit mix includes twelve 2-bedroom/2-bathroom residences and three 1-bedroom/1-bathroom residences. The buildings contain 11,610 square feet of living space and 12,170 square feet of gross area on a 1.0-acre parcel.
The property is in Bradenton, Florida, one block east of US Route 41, a major north-south commercial and commuter corridor. Publix, Target, CVS, Chick-fil-A, restaurants, hospitality businesses, and auto retailers are within walking distance, approximately 1/2 mi from the site. Sarasota Airport is 9 miles away, and regional highways connect the area with Sarasota, St. Petersburg, Tampa, and the Gulf of Mexico.
The property is in Bradenton, Florida, one block east of US Route 41, a major north-south commercial and commuter corridor. Publix, Target, CVS, Chick-fil-A, restaurants, hospitality businesses, and auto retailers are within walking distance, approximately 1/2 mi from the site. Sarasota Airport is 9 miles away, and regional highways connect the area with Sarasota, St. Petersburg, Tampa, and the Gulf of Mexico.
Key Highlights
- 15 units: twelve 2‑bedroom/2‑bathroom units and three 1‑bedroom/1‑bathroom units
- 11,610 square feet of living space and 12,170 square feet of gross area
- Two single‑story concrete block buildings constructed in 1985
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$147,254
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.77%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,945,080
$2.9M
Cap Rate 7%
$2,103,629
$2.1M
Cap Rate 9%
$1,636,156
$1.6M
Market Conditions
NOI Build-Up for 12,170 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$283.3K $23.28/SF
− Vacancy
−$15.6K −$1.28/SF
EGI
$267.7K $22.00/SF
− OpEx
−$120.5K −$9.90/SF
NOI
$147.3K $12.10/SF
Area
Manatee County, FL
Vacancy
5.50%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,945,080
Cap Rate 7%
$2,103,629
Cap Rate 9%
$1,636,156
Alternative Uses
Best Use
Apartment 5plus
$2.10M
$1.84M – $2.45M
NOI $147,254 @ 7.0% cap · market cap 5.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.58M
$3.13M – $4.18M
NOI $250,517 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
15
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
677
Businesses Nearby
Explore this area
Business Placement
Demographics for 34207, FL
35,281
Population
19,411
Households
1.8
Avg Household Size
45
Median Age
16%
College-Educated
84%
High-School Grad
6.2 sq mi
ZIP Area
5,690
Density / Sq Mi
$49,162
Median Household Income
$33,035
Median Earnings
$1,270
Median Rent
$122,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two single-story concrete block buildings provide a mix of one- and two-bedroom residences in a multi-family setting.
Where is this apartment building located?
The property is located at 1005 63rd Ave W Bradenton, FL.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: 15 units: twelve 2‑bedroom/2‑bathroom units and three 1‑bedroom/1‑bathroom units; 11,610 square feet of living space and 12,170 square feet of gross area; Two single‑story concrete block buildings constructed in 1985
