Graystone Investment Group
3001 N Rocky Point Dr Tampa FL 33607
Legal disclosure https://bit.ly/3hWdP2i
GRAYSTONEIG.COM

Property Report: 308 58th Ave Duplex - Rental RENTAL PUBLISHED

Property Report :

308 58th Ave Duplex - Rental

308 58th Ave E, Bradenton, FL 34203

Created on: Jul 27, 2025

Author: Visit us at www.graystoneig.com

Company: Graystone Investment Group

308 58th Ave E, Bradenton, FL 34203

Multifamily: 6 bedrooms , 4 bathrooms

Year built: 1982, Size: 1932 SF

Investment strategy: Rental Property

Rear opportunity to buy a duplex with both the units being 3 bed 2 bath. The section 8 rent for this zip code is $1,590 per unit. It is currently under rented but we are able to get a seller credit of the rent difference for the rest of the lease duration.

Seller has already rehabbed the broken windows and the bathroom. Roof has 8 years of life left on it based on the 4 point inspection. The rehab of $20,000 is for updating the kitchen cabinets, painting, deep cleaning and general maintenance.

Unit 310:
- 3d virtual tour link:https://my.matterport.com/show/?m=bKcktBzCNH9&mls=1
- Photos link:
https://www.dropbox.com/sh/461j7i5bd2l02j3/AAB-yeERFBf0girJxDwMhNhRa?dl=0

Unit 308:
- 3d virtual tour link:https://my.matterport.com/show/?m=pzazzjw1KkH&mls=1
- Photos link: https://www.dropbox.com/sh/19a2jiw67jw60g9/AADUlcvWCwCneYE0jS2Tm8-ma?dl=0

Overall 4 point inspection link: https://drive.google.com/file/d/1N0aMSOZniaVfV5B87yeDdeL-czJShjxY/view?usp=sharing

Purchase Price$ 239,000
Rent$ 3,180/mo
Monthly Cash Flow$ 2,241
Cash on Cash Return10.26 %

Financial Analysis

Cash on Cash Return 10.26 %
Internal Rate of Return (IRR) 8.54 %
Capitalization Rate 11.25 %
Gross Rent Multiplier (GRM) 6.26
Debt-coverage Ratio (DCR) 0.00
Operating Expense Ratio (OER) 27.36 %

Financial Breakdown

Purchase Price $ 239,000
Purchase Costs $ 3,000
Repair/Construction Costs $ 20,000
Total Capital Needed
$ 262,000
Financing $ 0
Total Cash Needed
$ 262,000
Cash at Closing
$ 0
Cash During Rehab
$ 262,000

Operating Analysis

Rent $ 3,180/mo
Gross Operating Income (GOI) $ 37,015
Total Expenses $ 10,127
Net Operating Income (NOI) $ 26,888
Annual Debt Service $ 0
Cash Flow Before Taxes (CFBT) $ 26,889
Income Tax Liability $ 4,984
Cash Flow After Taxes (CFAT) $ 21,905
Purchase Price $ 239,000
Address 308 58th Ave E , Bradenton, 34203, FL
Year Built 1982
Type Multifamily
Number of Units
Size 1932 SF
Bedrooms 6
Bathrooms 4

Property History

Date Price Change Event
5/31/2006
9/7/2005
9/4/2003
8/3/1994
Unit Rent
Unit 1 $ 1,590/mo
Unit 2 $ 1,590/mo

Annual Property Operating Data

Incomes % of GOI
Gross Scheduled Income
$ 38,160    
Total Gross Income $ 38,160  
Vacancy loss
$ 1,145  
Gross Operating Income
$ 37,015 100.00 %
Expenses
Property manager $ 3,702 10.00 %
Utilities $ 2,400 6.48 %
Insurance $ 2,000 5.40 %
Property tax $ 2,025 5.47 %
Total Expenses $ 10,127 27.36 %
Net Operating Income
$ 26,888 72.64 %
JavaScript chart by amCharts 3.20.13
JavaScript chart by amCharts 3.20.13CFBTProperty managerUtilitiesInsuranceProperty tax

Cash Flow (Year 1)

Net Operating Income $ 26,888 72.64 %
Annual Debt Service $ 0 0.00 %
Cash Flow Before Taxes (CFBT)
$ 26,889 72.64 %
Income Tax Liability $ 4,984 13.46 %
Cash Flow After Taxes (CFAT)
$ 21,905 59.18 %

Operating Ratios

Operating Expense Ratio
27.36 %
Break-Even Ratio
27.36 %

Financial Measures

Net Present Value
$ 40,288
Internal Rate of Return
8.54 %
Profitability Index
1.15
Annual Depreciation $ 6,953

Holding period of 5 years and discount rate of 5.00% were used for calculation of NPV and IRR. The rest of the financial measures are for the 1st year only and therefore don't provide such an exact information.

Investment Return Ratios

Cash on Cash Return
10.26 %
Return on Investment
13.00 %
Capitalization Rate
11.25 %
Gross Rental Yield
15.97 %
Gross Rent Multiplier
6.26

There is no financing selected in this deal.

JavaScript chart by amCharts 3.20.13
JavaScript chart by amCharts 3.20.13Loan Principal Balance Equity: Principal Paid Equity: Cash Outlay Equity: Appreciation

This chart shows the process of accumulation of investor's equity. There is some equity created right at the beginning with the rehab/construction and later investor's equity is rising by paying off the principal of the loan and also by appreciation over the years. All the green parts is the cummulative equity belonging to the investor and the red part belongs to the lender.

Year 012345
Operational Analysis
Gross Scheduled Income 0 38,160 38,923 39,702 40,496 41,306
Vacancy Loss 0 1,145 1,168 1,191 1,215 1,239
Gross Operating Income 0 37,015 37,756 38,511 39,281 40,066
Expenses 0 10,127 10,329 10,536 10,746 10,961
Net Operating Income 0 26,889 27,426 27,975 28,534 29,105
Cash Flow
Repairs/Construction 20,000 0 0 0 0 0
Cash Flow Before Taxes -262,000 26,889 27,426 27,975 28,534 29,105
Depreciation 0 6,953 6,953 6,953 6,953 6,953
Taxes 0 4,984 5,118 5,256 5,395 5,538
Cash Flow After Taxes -262,000 21,905 22,308 22,719 23,139 23,567

Note: All amounts in the table above are in $

JavaScript chart by amCharts 3.20.13
JavaScript chart by amCharts 3.20.13GOINOICFBTCFAT

Resale Price Evaluation Methods

The property is sold after 5 years. Below is the resale price calculated using different methods.

Appreciation (3.00%) $ 277,067
Cap Rate (11.25%) & NOI $ 258,713
Gross Rent Multiplier $ 258,573

Sale Proceeds

Projected Selling Price $ 277,067
Costs of Sale (6.00%) $ 16,624
Net Sale Proceeds Before Tax $ 260,443

In the resale analysis we do not include any calculation for taxes that might be owed on sale of the property. The tax laws for the resale are rather complex and subjected to frequent changes.

Net Assets and Yield

Net Assets
Sale Proceeds Before Tax $ 260,443
Investor Cash Outlay $ 262,000
Net Assets $ -1,557
Average Yield
Annual Net Assets $ -311
Average Cash Flow (After Taxes) $ 18,014
Average Annual Gain (After Taxes) $ 17,703
Average Annual Yield (After Taxes) 7.41 %
JavaScript chart by amCharts 3.20.13
JavaScript chart by amCharts 3.20.13

This charts shows Net Present Value (NPV) when property is sold in various years, i.e. when sold in 5th year, the NPV is calculated from 5 years of Cash Flow (including the selling price) and this NPV is displayed in year 5. Optimal holding period can be estimated, using this method - when NPV is the highest. Please note that appreciation growth can change these numbers greatly. It sometimes makes sense to sell the property even before the end of the mortgage term.

BESbswy