Description

The Cloister's condominium in Atlantic Beach is a direct oceanfront residence. It is a seldom offered four bedroom home. Additional attributes are that it is an end unit on the second floor of the three-story condominium building. Included are two large contiguous garage units in addition to the exclusive security gate protected private parking. The enclosed porch is available for added living area, but is not included in the overall square footage stated. This end unit facilitates multiple windows for natural light and neighborhood views as opposed to a common wall with a neighbor. It exists with the original finish having the carpeting removed to provide a blank slate for a new remodel. The 4 bedroom floorplan has an opportunity to expand the master bath into the oversized laundry room. This is not the case with the typical 3 bedroom floor plans. The Cloister's is a small intimate three story development with private pool and gated access on a beach without the crowds. It is not a high rise. The owner believes a value of $2.4 million is supported AS RENOVATED. An allowance for renovations is considered of $300,000 to arrive at $2.1 million. This is further reduced as motivation to $1.59 million as a value added opportunity. Given the unique inclusion of two contiguous garage units contributing $200,000, a remainder of a $1.39 million consideration for the 4 bedroom/end unit/2nd floor home is supported and provides a prospect for instant equity.

Financial

Property