Exceptional Multifamily Investment: Wildwood Apartments in Clearwater, FL

An exceptional commercial investment opportunity is now available in Pinellas County. Offered at $3,400,000, Wildwood Apartments is a premier 18-unit multifamily complex located in Clearwater, Florida—minutes away from world-famous Clearwater Beach.

Encompassing 18,540 square feet of residential space, this turnkey property features recently renovated interiors, reliable cash flow, and low future capital expenditure requirements. With attractive assumable financing available, Wildwood Apartments offers an ideal acquisition for local or out-of-state real estate investors seeking a high-performing asset in the Tampa Bay metro area.

Property Overview & Investment Metrics

• List Price: $3,400,000

• Property Type: Multifamily (18-Unit Apartment Complex)

• Building Size: 18,540 SF

• Year Built: 1972 (Extensively Renovated 2023–2026)

• In-Place Cap Rate (2026): 6.0%+

• Projected Cap Rate (2027): 6.5%

• Projected Cap Rate (2028): 7.0%+

• Financing: Assumable Financing Terms Available

Extensive Capital Improvements & Upgrades

Over the past three years, current ownership has executed a comprehensive capital improvement plan across both interior units and exterior grounds, creating a modern, low-maintenance residential community.

Interior & Mechanical Upgrades Include:

• Modernized Kitchens: White shaker cabinetry, granite countertops, and updated appliance packages.

• Upgraded Bathrooms: Full fixture replacements, modernized vanity setups, and updated tile work.

• Premium Flooring: Durable luxury vinyl plank (LVP) and tile flooring throughout.

• Systems & Efficiency: Updated HVAC units, new tankless water heaters, and upgraded electrical panels.

• Structural Fixtures: Replacement doors, updated windows, and interior paint.

Exterior & Site Improvements:

• Well-maintained roofing system and fresh exterior paint schemes.

• Upgraded parking facility providing dedicated spaces for residents and guests.

• Enhanced landscaping design, common area pavers, and updated property signage.

• On-site community laundry facilities that generate supplemental income.

Immediate Value-Add Upside & Rental Growth

Clearwater represents one of the fastest-growing submarkets in the greater Tampa–St. Petersburg region. Due to long-term tenant retention policies maintained by current management, in-place rental rates are currently $150 to $300 per month below prevailing market averages.

Because all 18 units have already been substantially upgraded, incoming ownership can capture this upside by systematically adjusting rents to market rates upon lease renewals without incurring additional capital expenditure. The high demand for modernized rental housing near Clearwater Beach provides strong occupancy stability and continuous long-term rent appreciation potential.

Prime Location near Clearwater Beach

Situated minutes from Clearwater Beach, residents enjoy convenient access to coastal amenities, premier dining, local employment hubs, and major regional transit corridors connecting to Downtown St. Petersburg and Tampa International Airport.