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