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Note
TAMPA FLATS FOR SALE!
Listing was updated at: 11/29/2018
Property Overview
Price/Rent PSF $ 675,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 6,712
Date Available 11/29/2018
Additional URL Link
Parking 16
Floors 2
Additional parameters Show
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Description

Location
LOCATED IN ONE OF THE FASTEST GROWING MARKETS IN ALL OF TAMPA, MINUTES FROM BOTH SOUTH AND NORTH TAMPA NEIGHBOURHOODS. MASSIVE REDEVELOPMENT IS EXPECTED TO CONTINUE TO TAKE PLACE MAKING THIS AN IDEA AREA TO PURCHASE INVESTMENT PROPERTY IN. EVEN BETTER IS ITS CLOSE PROXIMITY TO THE UNIVERSITY OF SOUTH FLORIDA, MOFFIT CANCER CENTER, FLORID HOSPITAL, BUSCH GARDENS, TAMPA INTERNATIONAL AIRPORT AND LESS THAN A MILE FROM INTERSTATE I-275.

Sale
TAMPA FLATS IS AN 8-UNIT, CONCRETE BLOCK, APARTMENT COMPLEX LOCATED IN TAMPA, FL. THE PROPERTY HAS EIGHT 2-BEDROOM APPARTMENTS, THAT ARE APPROXIMATELY 812 S/F EACH. TAMPA FLATS CONSISTS OF TWO BUILDINGS WITH FOUR UNITS IN EACH BUILDING. EACH UNIT HAS A VERY SIMILAR LAYOUT, AND THE MASSIVE INTERIOR OF THESE UNITS IS EXTREMELY RARE FOR A PROPERTY OF THIS SIZE!

TAMPA FLATS IS CURRENTLY 100% OCCUPIED AND HAS EXTREMELY LOW RENTS MAKING THIS AN IDEAL VALUE-ADD OPPORTUNITY FOR AN INVESTOR LOOKING FOR THE PERFECT CASH-FLOWING ASSET. WITH THE MASSIVE GROWTH AND REDEVELOPMENT PLANNED FOR THIS AREA, THE PROPERTY HAS MASSIVE UPSIDE. TAMPA FLATS HAS BEEN RECENTLY RENOVATED AND IS IN FANTASTIC CONDITION, REQUIRING LITTLE TO NO CAPEX FOR A BUYER UPON ACQUIRING THIS ASSET.

THE PROPERTY CONSISTS OF SEVERLY BELOW MARKET RENTS FOR THE AREA AND PRESENTS MASSIVE UPSIDE FOR AN INVESTOR. CURRENTLY, THE BUILDING IS 100% OCCUPIED AND HAS A STRONG MIX OF BOTH LONG-TERM AND SHORT-TERM TENANTS, WHO’S RENTAL RATES CAN BE INCREASED IMMEDIATELY.

WITH THE MASSIVE 2-BEDROOM PLAN EACH UNIT POSSESSES, THE BUYER WILL BE ABLE TO RAISE THE RENTS WITHOUT ISSUE. EACH UNIT IS APPROXIMATELY 812 S/F AND HAS 2 PARKING SPOTS ON SITE. DUE TO THE LACK OF QUALITY 2-BEDROOM AVAILABLE FOR RENT ON MARKET, THE DEMAND HAS NEVER BEEN HIGHER. THESE UNITS WILL STAY RENTED FOR YEARS TO COME AS THE PROPERTY VALUE ONLY RISES!

UPON PURCHASING THIS ASSET A BUYER WILL OBTAIN AN IN-PLACE CAP RATE OF OVER 8.30% AND AN IN-PLACE CASH-ON-CASH RETURN OF NEARLY 14%. WITH THE LOW RENTS THAT CAN BE INCREASED QUICKLY AFTER PURCHASE, THE BUYER CAN OBTAIN A CAP RATE OF ALMOST 10% AND A CASH-ON-CASH RETURN OF 20% DURING 2019! THE BEST PART IS THE RENTAL RATES CAN BE RAISED WITH ALMOST NO EXPENSE OR RENOVATIONS NEEDED, AS THE PROPERTY HAS BEEN WELL MAINTAINED AND UPDATED IN THE PAST 12 MONTHS!

THE PROPERTY HAS BEEN RENOVATED IN BOTH 2017 AND 2018 WITH MANY GREAT ADDITIONS AND IMPROVEMENTS. RECENT IMPROVEMENTS INCLUDE BUT ARE NOT LIMITED TOO, NEW FLOORING, NEW HVAC UNITS AS WELL AS HVAC UPDATES, INTERIOR AND EXTERIOR PAINTING, NEW TOILETS, NEW BATHROOM TILES, KITCHEN UPDATES, AND ADDITIONS. WITH ALL THESE RECENT UPGRADES, THE PROPERTY IS CLEARLY IN GREAT CONDITION AND WILL BE EASY TO MAINTAIN IN THE FUTURE. EACH UNIT HAS THEIR OWN WASHER AND DRYER UNITS AS WELL! A FULL LIST OF ALL UPDATES AN REPAIRS CAN BE FOUND ON PAGE X IN THE OFFER MEMORANDUM.


THERE IS CURRENTLY A MANAGEMENT COMPANY IN PLACE AND THE MANAGEMENT EXPENSE IS INCLUDED IN THE FINANCIALS BELOW. THEY HAVE DONE A FANTASTIC JOB MANAGING THE PROPERTY AND ARE OPEN TO STAYING ON AS THE PROPERTY MANAGERS EVEN AFTER THE SALE.

Location

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