Open for funding until June 15.
2150 62nd Terrace Street St. Petersburg, FL 33712
Presenting an exclusive investment opportunity—an off-market 136-unit multifamily value-add property in south St. Petersburg, Tampa MSA. Secured at 30% below market comparables, a conservative 55% Loan to Value (LTV) agency interest-only debt, ensuring investor protection and high returns. Full-term interest-only financing enhances cash-on-cash returns and shields against market volatility. With 95% occupancy, evidence of below-market rents, and strong rental demand, Atlas at Bay Point promises significant value creation potential. Interior upgrades, amenity enhancements, and operational optimizations target rent increases of $175/month. EquityNest aims to achieve $8 million of forced appreciation value, presenting an exceptional opportunity.
136 Units
A variety of unit layouts, including one and two bedroom units.
5 Year Hold
This investment strategically optimizes both growth and stability over a 5-year hold period.
7.76%
Target Cash-On-Cash returns. On a $50k investment, that’s a $3,880 yearly return.
21.04%
Average Annual Return (AAR) calculates the mean percentage return each year, providing a straightforward, uniform measure of profitability across the investment period.
17.36%
Internal Rate of Return (IRR) evaluates the investment’s compounded growth rate over time, reflecting the real financial performance by considering each year’s impact on the subsequent periods.
2.05X
This deal offers the opportunity to more than double your initial investment, turning every $1,000 into $2,050 over the life of the investment.
Discover the exceptional features that make this property a standout investment. Here are six reasons why we are confident you’ll fall in love with this opportunity just as much as we have.
Originally marketed in Spring of 2023, CPI was able to secure Atlas at Bay Point at a 30% discount to the original pricing guidance via off-market process.
We secured a 30% discount compared to current average sale comparables due to our expedited acquisition process, meeting the seller's urgent need to sell this project.
Lower LTV (55%) safeguards investor capital, enhances cash-on-cash returns through interest-only financing, prioritizing stability and income at Atlas at Bay Point.
Atlas at Bay Point benefits from Tampa's robust market with a 3.25 million population, 1.1% population growth, and Florida's top migration rate.
Atlas at Bay Point in South St. Petersburg is strategically located near downtown and the Skyway Marina, offering prime opportunities for steady rental income amid the area's rapid growth.
Atlas at Bay Point offers a prime value-add opportunity with interior upgrades ($3,862/unit) yielding $175/month rent premium. Exterior Capex ($1.1M) and income optimization ($198K/year) further enhance profitability, contributing to substantial added value for investors.
With a modest average spend of $3,862 per unit, interior upgrades offer the potential for a significant rent premium of $175 per unit per month, translating to an added value of $4,760,000. Moreover, an exterior Capex budget of $1.1 million for deferred maintenance and amenity enhancements, will complement interior upgrades, further supporting rent increases and enhancing tenant satisfaction. Additionally, by optimizing other income streams, such as transitioning water and sewer RUBS to a utility fee, adding washer-dryer connections and machines, and simultaneously reducing expenses by $198,000 annually, the property stands to achieve substantial operational improvement, resulting in enhanced profitability and overall asset value, contributing to an added value of $3,300,000. These multifaceted value-add initiatives underscore the potential for significant returns and long-term appreciation for investors.
Kickstart your journey to wealth and passive income.
Once you invest, consider your work done. EquityNest handles the entire process on your behalf, from acquisition to improvement, providing a hassle-free investment experience.
Witness the fruits of your investment as EquityNest delivers superior returns. Your passive income journey has started. Onto the next deal!
| Year 0 / Acquisition | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Total | |
|---|---|---|---|---|---|---|---|
|
Cash Flow |
-$100,000 (investment) |
$4,725 |
$7,118 |
$8,389 |
$9,518 |
$9,753 |
$39,504 |
|
Return from Sale |
|
$0 |
$0 |
$0 |
$0 |
$165,693 |
$165,693 |
|
Total Return |
$-100,000 |
$4,725 |
$7,118 |
$8,389 |
$9,518 |
$175,446 |
$205,197 |
Purchase Price
Parcel Size
Year Built
EquityNest, CPI Capital, and WPG Property Management, each bringing unique expertise and proven success to enhance the value and performance of our properties.
Leverages deep market insights and strategic partnerships to drive successful real estate syndications and investor satisfaction.
Featured in Yahoo Finance, Forbes, Wealth Professional, StartUp Canada,Women's Real Estate Network.
Specializes in optimizing property operations, significantly enhancing tenant satisfaction and asset value.
JUNE 20, 2024
Those participating in this deal will have completed documentation and wire transfer.
JUNE 26, 2024
Official close date. Exterior renovation begins (6 month project). Interior renovations begin (45 month project).
DECEMBER 31, 2024
Exterior renovation complete enhancing curb appeal and attracting premium tenants. A rebrand is also completed updated from ‘The Villas’ to ‘Atlas at Bay Point’.
APRIL 2028
All 136 units have been upgraded from Classic to Premium. 3 units updated per month.
JUNE 2029
Property will have been operated in an efficient and strategic manor for a successful and profitable exit.
Tampa’s strategic Gulf Coast location and business-friendly environment, highlighted by no state income tax, attract a diverse range of industries, from finance to technology. The city’s quality of life, supported by strong education, robust tourism, and continuous infrastructure investments, makes it an ideal destination for companies seeking growth and employee satisfaction.
Tampa's Population: 3.25 million, with a 1.1% growth rate. Florida's Migration: Ranked #1 in total net migration, gaining 444,500 residents from July 2021-July 2022, a year-over-year gain of 185,000, reaching over 22.2 million in total population.
Landlord friendly state. Affordability is much greater than states like New York & California (Business Insider, May 2021) 3.5% projected 5-Year average annual rent growth for immediate submarket
Zillow predicts home prices will increase in the Tampa area throughout 2024. The typical home value in the Tampa area is still up nearly 18% year over year, compared to 11% across the country.
No state income tax and low sales tax 3.1% Unemployment Rate. Tampa employment expanded 3.1% in the 12 months ending in October 2023, or 41,500 net jobs
Tampa’s Median Household Income has grown over 84% over the last 21 years Tampa-St. Petersburg hourly wages have risen by 3.8% year over year according to Bureau of Labor Statistics
Tampa is home to a total of 15 colleges, including 11 private colleges and universities, 3 public colleges and universities, and 1 community college offering 2-year degrees, providing a diverse array of educational opportunities. Tampa ranked 14th overall for the lowest violent crime rate out of 59 major U.S. cities in 2022.
People in the Tampa MSA
Submarket Occupancy Rate
Corporate HQ
(Zillow, 2024)
(Redfin, 2022)
(Orlando Business Journal, 2023)
(JD Power, 2023)
(Forbes, 2024)
(WalletHub, 2024)
Rent growth has been normalizing over the past year and is now down to a far more sustainable pace after hitting a peak of 22% in 21Q4. While that represents a steep decline over recent record highs, it remains well ahead of the wider Tampa market annual growth rate.
The average rent of $1,630/month in South Pinellas represents a significant value when compared to the broader market where rents are currently averaging $1,770/month. Average Rents at Atlas at Bay Point is currently at $1,376/month showing an opportunity to grow rents, while maintaining an attraction for lower cost of living.
Atlas at Bay Point is 10 Minutes to St. Pete Beach which ranks #1 Beach Destination in the U.S. and #5 Beach Destination in the World by TripAdvisor
Surrounding our target property is a thriving community bustling with key developments and exciting new ventures that promise enhanced local engagement and economic growth.
| Atlas at Bay Point | |
|---|---|
|
Project Type |
Garden-Style Multifamily |
|
Strategy |
Value-Add |
|
Units |
136 |
|
Year of Construction |
1972 |
|
Purchase Price |
$16,850,000 |
|
Purchase Price/Unit |
$123,897 |
|
Current Occupancy |
94.9% |
|
Current NOI (T12) |
$922,855 |
|
Purchase Cap (T12) |
5.89% |
|
Assumed Cap at Exit |
6.00% |
| Expected Debt Structure | |
|---|---|
|
Loan Type |
Agency |
|
Loan Proceeds |
$9,267,500 |
|
Loan to Value |
55% |
|
Interest Rate |
5.81% |
|
Term |
60 Months |
|
Fixed or Variable |
Fixed |
| Project Return on Investment | |
|---|---|
|
Expected Hold Time |
5 Years |
|
IRR |
17.36% |
|
Average Cash-on-Cash |
7.76% |
|
AAR |
21.04% |
|
Equity Multiple |
2.05x |
|
Net Profit |
$11,059,872 |
Express your interest with a soft commitment; finalize your investment details later through our official investor portal.
1. Complete the form
2. Keep an eye out for a confirmation email with next steps
3. We’ll make sure all your questions are answered
Visit our “How It Works” page for more info.
