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www.Beachside-Apartments.com |
Price: $849,500 |
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a charming collection of Florida Beach Apartments located directly on the sandy shores of the Gulf of Mexico. Enjoy a private residential beach park with covered picnic tables for exclusive sunset viewing. Enjoy a relaxing tropical atmosphere where you can soak up the sun on the beautiful white sandy beach. With only five units, come enjoy your "Home away from home" The new price is $849,500 for the entire property. The business is licensed as a hotel and is grandfathered in as such. The building was constructed in 1958. It is cement block with a flat roof and the roof is 5-7 yrs old. There are six units as follows: there is an upstairs 1br/1ba unit with a screened porch with a beach view: there is a downstairs 1br/1ba unit: there are four downstairs studio apartments. The building is on 3 lots all with single family land use and with a zoning of rs-10 I think (it may be rs-15) but just the same there are only 3 lots. The building cannot be converted to condos or townhomes due to the land use restrictions. The town of Redington Shores is fairly strict on that. Also I am willing (actually prefer) to sell a percentage interest in the property, and have up to three partners using a tenants in common type of ownership. Each owner or partner would have a recorded deed stating the percentage of ownership. It is in a very nice small community with a community association owned beach from park, for the private use of members. My idea of how this would work is: the upstairs 1br/1ba unit is the most desirable and I would think the owner of that unit would/should be entitled to 28% ownership with and investment of $238,000. The downstairs 1br/1ba is the next most desirable unit and the ownership would be 26% with an investment of $221,000. Since we have owned the property I have figures that support combining the studios into 2 1br/2ba units and the ownership would be 24% for $204,000 and 22% for $187,000. My vision is that each owner/partner would through a legal recorded agreement have exclusive use of whatever unit/s their investment specifies, to do with as they wish (to rent out or to occupy). The common area would be for all to use.
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