Garden-Style Apartment
For Sale
Contact for pricing
5933 28th Avenue West, Bradenton, FL 34209
Garden-style multifamily community built in 1985 with recent roof and HVAC replacements plus ongoing unit upgrades.
Property Size151,240 SF
Price / SF$188.44
Days on Market80
Property Features for 5933 28th Avenue West
General Information
Standard status
Active
Size
151,240 SF
Class
B
Total Parking Spaces
319
Property subtype
Multifamily
Zoning
R3
Additional Details
Multifamily Units
152
Building Details
Year Built
1985
Year Renovated
2023
Buildings
20
Units
152
Listing Agency:
GREA
Listed By:
Ken Wellar · License #PA 10401252368
Source:
Crexi
Added: Jul 1
Changed: Sep 9
Last Checked: Sep 16 at 2:52PM
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 GREA
Investment Insights
Based on property information with market context.
The Preserve at Manatee Bay is a 152-unit, garden-style apartment community built in 1985. The property is positioned for continued leasing momentum with a renovation program already underway, including upgrades across approximately 90 units. Recent ownership has also completed substantial property-level capital improvements reported at approximately $1.5 million.
Improvements cited in the offering include a full roof replacement completed in 2023, installation of 80 new HVAC systems, extended patios, exterior paint and stucco repairs, and enhancements to landscaping and pool areas. Additional work includes an office renovation, exterior LED lighting, and site and resident amenities such as a dog park, car wash area, pet stations, mailbox upgrades, fencing, window reglazing, and chimney replacements.
With major capital addressed and a meaningful portion of the unit inventory renovated, the property offers a practical pathway to continue the established renovation program across the remaining units.
Improvements cited in the offering include a full roof replacement completed in 2023, installation of 80 new HVAC systems, extended patios, exterior paint and stucco repairs, and enhancements to landscaping and pool areas. Additional work includes an office renovation, exterior LED lighting, and site and resident amenities such as a dog park, car wash area, pet stations, mailbox upgrades, fencing, window reglazing, and chimney replacements.
With major capital addressed and a meaningful portion of the unit inventory renovated, the property offers a practical pathway to continue the established renovation program across the remaining units.
Key Highlights
- 152‑unit garden‑style apartment community built in 1985 in west Bradenton, FL
- Recent ~$1.5M in property‑wide capital improvements since September 2022
- Completed full roof replacement in 2023 and installed 80 new HVAC systems
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
$1,829,971
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
6.42%
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%
$36,599,420
$36.6M
Cap Rate 7%
$26,142,443
$26.1M
Cap Rate 9%
$20,333,011
$20.3M
Market Conditions
NOI Build-Up for 151,240 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
$3.52M $23.28/SF
− Vacancy
−$193.6K −$1.28/SF
EGI
$3.33M $22.00/SF
− OpEx
−$1.50M −$9.90/SF
NOI
$1.83M $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%
$36,599,420
Cap Rate 7%
$26,142,443
Cap Rate 9%
$20,333,011
Alternative Uses
Best Use
Apartment 5plus
$26.14M
$22.87M – $30.50M
NOI $1,829,971 @ 7.0% cap · market cap 6.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$44.47M
$38.92M – $51.89M
NOI $3,113,245 @ 7.0% cap · market cap 10.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
152
Residential units
Location Intelligence
Trade Area within ½ mile
46
Businesses Nearby
Explore this area
Business Placement
Demographics for 34209, FL
32,940
Population
18,896
Households
1.7
Avg Household Size
58
Median Age
36%
College-Educated
93%
High-School Grad
12.6 sq mi
ZIP Area
2,614
Density / Sq Mi
$80,829
Median Household Income
$41,649
Median Earnings
$1,847
Median Rent
$357,300
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 - Garden-style multifamily community built in 1985 with recent roof and HVAC replacements plus ongoing unit upgrades.
Where is this apartment building located?
The property is located at 5933 28th Avenue West Bradenton, FL.
What is the asking price?
The asking price for this property is $28,500,000.
What are key features of this property?
This property features: 152‑unit garden‑style apartment community built in 1985 in west Bradenton, FL; Recent ~$1.5M in property‑wide capital improvements since September 2022; Completed full roof replacement in 2023 and installed 80 new HVAC systems
