The Multifamily Firm is pleased to present the Wyatt Springs Apartments, a substantial value-add opportunity in Clearwater, Florida. Priced at just $39,000 per unit, this 19-unit property, comprised of six buildings on nearly 1 acre, offers investors significant upside through renovation and repositioning. Originally built between 1940 and 1954, the property has been owned by the same family for the past 22 years. While 10 of the 19 units are non-conforming, the site boasts abundant space to add community amenities and enhance overall appeal. Projected returns are compelling, with a Year 1–2 CAP rate of 10.31%–12.09% and Cash-on-Cash Returns ranging from 13.86% to 19.71%, inclusive of the proposed capital improvement budget. In a non-flood zone (Zone X) and just 10 minutes from Clearwater Beach, Wyatt Springs also benefits from three historical city water line hookups, although it currently operates on well water. This unique offering presents a rare opportunity to capitalize on strong fundamentals and reposition a well-located asset in one of Florida’s most desirable coastal markets.
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Parcel and Points of Interest Map
Parcel Outline
Parcel Outline
Parcel Outline
Street Frontage and Accessibility
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