(7.3 Cap Rate!) The Alpine Apartments In Clearwater, Fl!

$2,850,000

2045 & 2035 Alpine Rd, Clearwater, FL 33755

For Sale

Multifamily Mid High Rise

Active

Last Updated: 11/07/2025

Details:

Building Size: 16,860 sqft

Lot Area: 0.66 acres

Occupancy: 100%

Class: C

Units: 16

Year Built: 1970

Floors: 2

Parking Spots: 41

Offered by

David Rosenthal

Grimaldi Commercial Realty

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Grimaldi Commercial Realty Corp.

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Highlights:

16-UNIT APARTMENT COMPLEX IN CLEARWATER, FL!
MINUTES FROM WORLD FAMOUS CLEARWATER BEACH!
16 (2-BEDROOM) UNITS WITH SEVERELY BELOW MARKET RENTAL RATES IN PLACE! CURRENT RENTAL RATES ARE APPROXIMATLY $200-$300 PER MONTH, BELOW THE MARKET AVERAGE!
MASSIVE UPSIDE POTENTIAL FOR A BUYER TO COME IN AND INSTANTLY RAISE THESE RENTAL RATES TO INCREASE THEIR NOI ON DAY 1!
7.3% CAP RATE IN 2025!
8.2% CAP RATE IN 2026
10% CASH-ON-CASH RETURN IN 2026!
9% CAP RATE IN 2027!
11% CASH-ON-CASH RETURN IN 2027!
THE OWNERS HAVE SPENT OVER $300,000 ON INTERIOR AND EXTERIOR PROPERTY IMPROVEMENTS OVER THE PAST 3 YEARS!
LAUNDRY ON-SITE THAT PRODUCES ADDITIONAL INCOME FOR THIS AMAZING PROPERTY!

Description:

The Alpine Apartments Is A 16 Unit Concrete Block Apartment Building Located Just A Few Miles From The Gulf In Beautiful Clearwater, Fl! Clearwater Is Home To World Famous Clearwater Beach, A Top 10 Beach In The United States With Heavy Tourist Traffic Year Round! The Property Consists Of (16) Two Bedroom Units, With An Average 825 Rentable Square Feet (M.O.L). All Of The Units Have Been Updated, And The Property Has Undergone Significant Improvements Over The Past 3 Years.

The Property Has Massive Value Add Potential As Almost All Of The Rental Rates Are Still Very Much Below The Market Average. With The Limited Number Of 2 Bedroom Units Available For Rent In Cleawater, The Demand Is Off The Charts! Currently The Rental Rates Are $200 $300 Per Month Below The Market Average! With The Recent Upgrades, A Buyer Can Instantly Raise The Rental Rates Without Spending Money On Future Capex! Due To The Properties' Prime Location, These Units Will Stay Rented And The Rental Rates Will Only Climb Over Time!

This Is A Unique Opportunity To Purchase Prime Real Estate In One Of The Fastest Growing Markets In All Of Florida. This Opportunity Will Not Last Long! Currently, The Property Boasts An In Place Cap Rate Of Over 7.3% And As The Buyer Brings The Rental Rates Closer To The Market Average, That Will Rise Significantly. A Buyer Can Expect A Cap Rate Of Over 8.2% And A Cash On Cash Return Of Over 10% In 2026. And This Will Improve Over Time And A Buyer Can Generate A Cap Rate Of Over 9% By The Beginning Of 2027!

This Newly Rennovated 16 Unit Property Sits Just Minutes From World Famous Clearwater Beach, One Of The Largest Tourist Attractions In All Of Florida! Clearwater Is One Of The Fastest Growing Markets In The Country With Massive Amounts Of New Residents Moving To The Area Each Month! A Buyer Can Easily Obtain An 8.2% + Cap Rate In Early 2026, Just By Raising The Rental Rates To The Market Average! It’s Almost Impossible To Find An Updated Concrete Block Building With All 2 Bedroom Units Just Minutes From World Famous Clearwater Beach With This Much Upside!

The Exterior Of The Property Is Also In Good Condition, With The Replacement Of The Roof In The Past 3 Years, A Brand New Parking Lot, New Hvac Units, And Fresh Landscaping In Front Of The Building. This Will Allow A Buyer To Raise Rental Rates Without Having To Spend Any Money On Future Capex. The Units Are Approximatly $200 $300 Per Month Below The Market Average, Giving The Buyer Massive Value Add Opportunity And The Ability To Increase Their Noi Instantly!

The Owner Has Done A Very Good Job Maintaining And Updating The Units, Which Has Led To Most Of The Tenants Staying In Their Respective Units For An Average Of 3+ Years. The Owner Has Not Pushed The Rental Rates Up Anywhere Close To The Market Average, As They Preferred To Keep The Property Fully Occupied With Their Already In Place Tenants, Rather Than Going To The Market Each Year To Achieve The Highest Rent Possible. This Will Allow The Buyer To Come In And Push The Rents Close To The Market Average For The Best Possible Returns!

Recent Upgrades And Rennovations At The Property Include But Are Not Limited To: New Roof, New Hvac Units, Interior And Exterior Paint, New Kitchens With Top Of The Line Appliances, New Flooring, New Landscaping, Upgraded Doors And Windows, New Bathrooms With All New Appliances, Parking Lot Seal, Signage, And Much More!

Ideally Located In Clearwater, Fl, Less Than Two Miles From The Gulf!

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