3226 Stringfellow Rd Saint James City, FL 33956

This exceptional 8-unit apartment building in St. James City, Florida presents a compelling investment opportunity. Situated on a 0.44-acre lot with 161 feet of waterfront frontage on a gulf-access canal, the property offers direct access to the Gulf of Mexico and a private dock. The two-story, 1977-built building underwent renovations in 2023, with five of the eight studio apartments completely updated, featuring new flooring, kitchens, and bathrooms. Three units have partial updates. Four units are leased annually, while four are utilized for short-term rentals via Airbnb. All units are fully furnished. The property boasts a large waterfront deck, ample parking (20 spaces), a fenced yard, and modern amenities including mini-split air conditioners, secured bike parking, and a maintenance shed. Two sets of coin-operated laundry machines provide additional income. A new roof is scheduled for May 2024. The property's current NOI is $132,283, with a pro-forma NOI of $150,000, representing a 7.00% cap rate and a pro-forma cap rate of 7.94%. The asking price is $1,890,000 ($236,250 per unit and $593.22 per square foot). The substantial waterfront lawn offers potential for future value-add improvements, such as a pool. The property's location in the desirable St. James City community on Pine Island provides access to a vibrant fishing and boating lifestyle. This turnkey investment combines strong current income with significant upside potential.