5426 18Th St Bradenton, FL 34207

Property Details for 5426 18Th St

Year built

1950

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.44 lot acres

Property size

4,394 SF

Zone code

RDD-6

Property type

Assisted living facilities

Property subtype

Retirement homes

APN

60397.0015-9

APU

6039700159

Description

This exceptional Bradenton, Florida property presents a compelling investment opportunity. The 6,539 square foot, two-building complex sits on a 0.7-acre lot (APN 6039700159) and includes nine units with eighteen beds. Built in 1980 and renovated in 2019, the property boasts a Class B rating and currently operates as an assisted/independent living facility under a triple-net (NN) lease, expiring October 31, 2024. The lease, initiated November 1, 2021, has a three-year term, with the tenant remaining month-to-month thereafter. The current NOI is $90,000, with a pro-forma NOI of $110,000, yielding a 6.45% cap rate and a pro-forma cap rate of 7.89%. The asking price is $1,395,000 ($213.34/sq ft, $155,000/unit), representing an 88% occupancy rate. The property is zoned for homes for the aged (7400) and features a 22KW generator with a 5-year warranty installed in 2019. Additional income potential exists through the approximately 1,100 square foot cottage, currently vacant, and a vacant lot offering expansion possibilities. The tenant is responsible for utilities, taxes, landscaping, interior repairs and insurance

Location Insight

City

Bradenton

County

Manatee

State

Florida

Longitude

-82.5801

Latitude

27.4446

CBSA code

35840

CBSA name

NORTH PORT-SARASOTA-BRADENTON, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments