|Price/Rent PSF||$ 535,000.00|
|SQ. FT. Available||6,990|
THIS SIX PROPERTY PORTFOLIO IS LOCATED IN TAMPA HEIGHTS, AND MINUTES FROM YBOR CITY. THE ADDRESSES FOR THE PROPERTIES ARE AS FOLLOWS:
3021 SANCHEZ ST,
3024 SANCHEZ ST.,
1814 E. 19th Ave.,
3305 E. 27th Ave.,
2408 E. 20th Ave.
With the recent development boom in the Tampa Heights/Ybor city area, this market is at an all-time high. However, with the recent overhaul of Florida Ave. and the announcement of a new Baseball stadium going into Tampa/Heights/Ybor city market this area will only grow and increase in value. This is one of the fastest growing markets in the Tampa Bay area, and all the projection models indicate a rapid increase over the next 12-36 months. This is clearly a one of a kind location with immense upside. Buying property in this area today will pay dividends down the road, while the buyer will be able to obtain one of the highest in-place cap rates of any property on market in the Tampa Bay Area.
This 6- Unit Income producing portfolio is located in one of the most up and coming markets in the Tampa Area. It consists of 6 big rental units that have been recently renovated and are in great condition. All units are 100% occupied as these are some of the nicest units in their respective neighborhoods. The portfolio consists of 5 Single Family homes, and one guest house, that will be sold as a package. The portfolio has massive upside as the rents are very low for this area and with such high demand, and very little inventory, the buyer can raise the rental rates immediately to increase their net operating income (NOI). These units have been significantly updated in the past 12 months, leaving the buyer with minimal Capex upon taking over the portfolio. The portfolio has minimal expenses, as the tenants pay all their own water, electric, cable, garbage, and sewer bills. All units have washing machines and dryers inside as well as central A/C units!
EVEN BETTER, IS THE FACT THAT THE SELLER IS INTERESTED IN DOING SELLER FINANCING ON THIS PROPERTY. CURRENTLY, THE SELLER IS ASKING FOR (APPROX) THE FOLLOWING TERMS: 5-YEAR BALLOON, 5%-6% INTEREST ONLY PAYMENTS, AMORTIZED OVER 30 YEARS. ITS IMPOSSIBLE TO FIND TERMS THIS GOOD ANYWHERE ELSE. WITH THE ABILITY FOR INTEREST ONLY PAYMENTS THE MONTHLY DEBT SERVICE WILL BE UNDER ANY RATES A BANK CAN PROVIDE. GIVING THE BUYER AN AMAZING CASH ON CASH RETURN OF OVER 22% IMMEDIATELY. WHEN THE RENTAL RATES ARE RAISED TO THE MARKET AVERAGE, THE CASH ON CASH RETURN WILL APPROACH 30%, WHICH IS ALMOST IMPOSSIBLE TO FIND IN THIS MARKET.
Another amazing feature of this portfolio is the ability to self-manage these units as it is only 6 units total that are all in very close proximity to each other. However, we have included a management fee consistent with the market in-case you prefer to go that route. This is a unique opportunity to own valuable real estate in the most up-and-coming market in the Tampa Bay Area. Many projections show this area growing at an amazingly high rate with the recent announcement of the new Tampa Bay Rays baseball stadium just down the street!
The property boasts an amazing in place 10.3% cap rate and a 22% Cash-on-Cash return. With the upside, this property possesses, the Cap rate and Cash-on-Cash return will only rise! In this hot market, it is extremely hard to find a real in place 10-Cap like this. With is excellent condition, insane upside and, the amazing in-place return, this opportunity will not last long!