Great opportunity for cash flow on a corner lot triplex or potential development on this 15, 033 sqft corner lot! The triplex will need some TLC. It features a diverse unit mix: a 2-bedroom, 1. 5-bath unit (#214B), a 1-bedroom, 1-bath unit (#212), and an efficiency/studio with a bathroom (#214A). The 2-bedroom unit was generating $2, 200/month, while the 1-bedroom unit could potentially fetch $2, 000/month on VRBO or AIRBNB. The studio, due to previous tenant damages, had been successfully rented on VRBO and Airbnb for $2, 200/month (Rental Restriction in Clearwater is 30 days minimum rental). Units 214A and 214B share electric and water meters, and unit 212 has separate meters. The main 2-bedroom unit features hardwood floors and a master suite with a walk-in closet. The bonus room, complete with a fireplace, offers a versatile space that can be used as a game room or an office. The properties include central and window A/C units, with the central A/C for unit 214B (2004). The roof was replaced in 2017. Additionally, there is a storage shed/workshop on the vacant lot. For developers, this property is situated in the Downtown Gateway area, where the maximum residential density is 35 units/acre, allowing up to 10 units on this particular lot size. Buyers should confirm all permits, building codes, zoning, and leasing restrictions with the City of Clearwater.
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5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
|
---|---|---|---|
Loan Amount | $479,200 | $479,200 | $479,200 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 7.375% | 7.125% | 6.125% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.474% | 7.282% | 6.412 |
Monthly Tax Payment | $536 | $536 | $536 |
H/O Insurance Payment | $92 | $92 | $92 |
Initial Principal & Interest Pmt | $3,310 | $3,228 | $4,076 |
Total Monthly Payment | $3,938 | $3,856 | $4,704 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.