2350 CYPRESS POND ROAD 378 UNITS BUILT 1985 / 2017

The Property

Stillwater Palms was originally completed as a 432-unit apartment complex and converted into condominiums in 2005. Current ownership maintains 378 units with an average square footage of 782. Floor plans include one-bedroom and two-bedroom/two-bathroom units. The property offers a wide range of resort-style amenities.

Capital Improvements

The current owner has spent approximately $6,700,000 ($17,984/Unit) on capital improvements at Stillwater Palms including but not limited to, interior improvements, landscaping, and replacements of appliances, carpet, and fixtures.

Upside Potential

Due to recent capital expenditures by the current owner, there is $330,000+ upside by increasing all current leases to today's market rents. In addition, there are 36 units that have not been remodeled and do not have washer/dryer connections. There are also 44 units that were condo remodels that do not have washer/dryer connections.

Prime Palm Harbor Location

Stillwater Palms is located in a prime Palm Harbor location with access to major employers, Florida Hospital North Pinellas, St. Petersburg College – Tarpon Springs Campus, FreightCenter, and Nationwide Title Clearing. The property has immediate access to US 19 with average annual traffic count of 38K +/- cars per day.

Strong Palm Harbor / Tampa Market

The Tampa MSA continues to advance, showing median household income growth up 12% and unemployment rate down 3.6% year over year.

Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.

In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116.  For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx

Tampa Office

401 Corbett Street, Suite 460B

Clearwater, Florida, 33756


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