(40-Unit)-DEVELOPMENT IN DOWNTOWN CLEARWATER 504 S Myrtle Ave

THIS ONE-OF-A-KIND SHOVEL-READY DEVELOPMENT PROJECT IS LOCATED IN AN OPPORTUNITY ZONE IN DOWNTOWN CLEARWATER, FL. THE PROPERTY SITS ON A HARD CORNER IN DOWNTOWN ON S MYRTLE AVE AND CHESTNUT ST! THE PROPERTY SITS 100 FEET FROM THE PINELLAS TRAIL, JUST 4 BLOCKS FROM COACHMAN PARK, AND 5 MINUTES FROM WORLD-FAMOUS CLEARWATER BEACH!
THE CURRENT SITE PLANS ARE FOR A BEAUTIFUL CLASS-A APARTMENT COMPLEX WITH COVERED PARKING ON THE GROUND FLOOR AND 4 FLOORS OF APARTMENTS. PLANS ALSO INCLUDE A ROOFTOP TERRACE FOR TENANTS TO USE AND FOUR PENTHOUSES ON THE TOP FLOOR. WITH DRIVEWAY ACCESS ON S MYRTLE AVE, THIS NEW CONSTRUCTION BUILDING WILL BE IN HIGH DEMAND! WHAT MAKES THIS DEAL EVEN BETTER IS THE FACT THAT THE SELLER WILL DO SELLER FINANCING AT A RATE AND TERMS BETTER THAN ANY BANK CAN OFFER RIGHT NOW. THE APPROXIMATE SELLER FINANCING TERMS ARE AS FOLLOWS: $2,000,000 DOWN PAYMENT, 6% FIXED IR, INTEREST-ONLY PAYMENTS, AND A 3 OR 5 YEAR BALLOON. (SEE PAGE 5 FOR FULL DETAILS)
THIS IS A UNIQUE OPPORTUNITY TO PURCHASE AN INCREDIBLE DEVELOPMENT SITE WITH PLANS AND DRAWINGS ALREADY IN PLACE. IF A BUYER WANTED TO COME IN AND CREATE NEW PLANS, THERE IS THE ABILITY TO DO THAT AS WELL. THE SITE WOULD ALLOW FOR ADDITIONAL UNITS AND PARKING TO BE BUILT, AND A BUYER COULD EVEN BUILD CONDOS INSTEAD OF APARTMENTS! THE SELLER HAS STARTED THE PROCESS OF OBTAINING A DEVELOPMENT ORDER, WHICH TYPICALLY TAKES 60-90 DAYS TO BE COMPLETED. ONCE THAT IS COMPLETED, A BUYER CAN COME IN AND BEGIN THE PERMITTING PROCESS IMMEDIATELY AND START CONSTRUCTION SHORTLY THEREAFTER.
SELLER FINANCING APPROXIMATE TERMS:
DOWN PAYMENT: $2,000,000!
FIXED INTEREST RATE: 6%
INTEREST-ONLY PAYMENTS OR
AN AMORTIZATION OF 30-YEARS
BALLOON LENGTH: 3 OR 5 -YEARS
APPROXIMATE DEBT SERVICE: $10,000 PER MONTH!
PROPERTY DESCRIPTION
AMAZING DEVELOPMENT SITE IN DOWNTOWN CLEARWATER, FLORIDA. THE PROPERTY SITS IN AN "OPPORTUNITY ZONE," WHICH WILL GIVE THE BUYERS A MASSIVE LONG-TERM TAX BENEFIT!
BUYERS CAN CONTINUE WITH THE CURRENT PLANS ALREADY IN PLACE OR MAKE CHANGES. BUYERS CAN BUILD EVEN MORE THAN 40 UNITS ON THIS SITE, AND THEY CAN EVEN BUILD CONDOS IF THEY CHOOSE! THERE ARE MANY OPTIONS AVAILABLE AT THIS AMAZING SITE JUST MINUTES FROM WORLD-FAMOUS CLEARWATER BEACH!
LOCATION DESCRIPTION
LOCATED IN DOWNTOWN CLEARWATER, FL, ON S MYRTLE AVE AND CHESTNUT ST. LOCATED AT THE SIGNALIZED INTERSECTION OF CHESTNUT ST.
CHESTNUT ST IS OTHERWISE KNOWN AS GULF TO BAY BLVD. GULF TO BAY BLVD IS THE MAJOR THROUGHWAY CONNECTING CLEARWATER AND TAMPA BAY!
PARKING DESCRIPTION
CURRENT PLANS HAVE GROUND-FLOOR PARKING WITH THE ABILITY TO ADD AN ADDITIONAL LEVEL OF PARKING ON THE SECOND FLOOR! IF A BUYER WANTS TO BUILD ADDITIONAL UNITS!
BUYER SHOULD CONTACT THE CITY AND ZONING OFFICE TO CONFIRM ALL DETAILS OF THIS DEVELOPMENT.