Sarasota investors pay $1.75M for Cass Way Apartments

BUYER: Gayle Barrett and Russell McSwain, Sarasota
SELLER: Cass Way Apartments Inc.
PROPERTY: 2025 Cass Way, Sarasota
PRICE: $1.75 million
PREVIOUS PRICE: $710,000, July 1991
TITLE FIRM ON DEED: Integrity Title Services Inc., Sarasota

PLANS, DESCRIPTION:
Gayle Barrett and Russell McSwain purchased the 24-unit Cass Way Apartments for $1.75 million.

The price equated to $72,917 per unit. That figure is in line with the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

The 19,650-square-foot apartment was 100% occupied at the time of the sale. All of its units have two bedrooms and one bathroom and an average of 770 square feet of living space.

Ian Black, Steve Horn, and Melissa Harris of Ian Black Real Estate and Joe Boguszewski of Coldwell Banker St. Armands handled the transaction.

“[The 100% occupancy] was really driven by the location and the rents under $1,000,” Black says.

The buyers recently relocated to Sarasota from California.

The purchase price equated to a payoff ratio based on income (capitalization rate) of 7.5%.

Gayle Barrett and Russell McSwain mortgaged the property to Insignia Bank for $450,000.