8.2% Cap Rate! South Tampa Multifamily! 2111 W North B St Immeuble | 135 m² | Spécialité | À vendre 1 015 670 € | Taux de capitalisation 8,20 % | Tampa, FL 33606

WESTLAND GARDENS IS LOCATED IN SOUTH TAMPA, ACROSS FROM THE NEW JCC, ONE BLOCK OFF N HOWARD AVE. THE PROPERTY CONSISTS OF 5 LARGE MULTIFAMILY UNITS. THIS FANTASTIC PROPERTY CONSISTS OF (3) THREE-BEDROOM/TWO-BATHROOM UNITS AND (2) ONE-BEDROOM/ONE-BATHROOM UNITS WITH AN AVERAGE OF 900 RENTABLE SQUARE FEET M.O.L.
THE PROPERTY SITS JUST 2 MILES FROM DOWNTOWN TAMPA AND DIRECTLY IN THE SOHO DISTRICT OF SOUTH TAMPA! ALL OF THE UNITS HAVE BEEN UPDATED, AND THE PROPERTY HAS UNDERGONE SIGNIFICANT IMPROVEMENTS SINCE 2022. THE PROPERTY HAS MASSIVE UPSIDE POTENTIAL AS ALMOST ALL OF THE RENTAL RATES ARE STILL VERY MUCH BELOW THE MARKET AVERAGE.
THE PROPERTY IS CURRENTLY 100% OCCUPIED, AND WITH THE LIMITED NUMBER OF UNITS AVAILABLE FOR RENT IN THE SOHO AREA, THE DEMAND IS OFF THE CHARTS! THE UNITS ARE APPROXIMATLY $350-$400 PER MONTH BELOW THE MARKET AVERAGE COMPARED TO OTHER 3-BEDROOM AND 1-BEDROOM UNITS! THIS GIVES THE BUYER MASSIVE UPSIDE AS THEY CAN COME IN AND INSTANTLY INCREASE THE RENTAL RATES AND BOOST THEIR NOI.
GIVEN THE ABILITY TO INCREASE THE RENTAL RATES AT THE PROPERTY IMMEDIATELY, A BUYER CAN OBTAIN A CAP RATE OF OVER 8.2% AND A CASH-ON-CASH RETURN OF OVER 10% AT THE START OF 2026! BY 2027, A BUYER CAN OBTAIN A CAP RATE OF OVER 9% AND A CASH-ON-CASH RETURN OF OVER 14%!
THE PROPERTY IS IDEALLY LOCATED IN ONE OF THE BEST RENTAL MARKETS IN ALL OF FLORIDA. SOUTH TAMPA IS ONE OF THE MOST EXCLUSIVE AREAS IN THE STATE, WITH VERY FEW UNITS AVAILABLE FOR RENT. THE OCCUPANCY RATES ARE INCREDIBLE, AND AVERAGE RENTAL RATES HAVE BEEN ON THE RISE FOR THE PAST 14 YEARS! THE PROPERTY SITS ON A HARD CORNER IN THE SOHO DISTRICT WITH 5-MULTIFAIMILY UNITS IN THE FRONT AND ACCESS TO PRUCHSAE THE LARGE VACANT LOT BEHIND THEM THAT IS ZONED FOR DEVELOPMENT OF MULTIFAMILY OR SINGLE-FAMILY RESIDENTIAL UNITS. THIS AMAZING ASSET HAS UNDERGONE SIGNIFICANT RENOVATIONS IN THE PAST 5 YEARS, CREATING THE PERFECT VALUE-ADD OPPORTUNITY FOR A BUYER TO COME IN AND RAISE THE RENTAL RATES JUST TO THE MARKET AVERAGE WITHOUT HAVING TO SPEND EXCESSIVE AMOUNTS OF MONEY ON CAPEX. THIS WILL PRODUCE A CAP RATE OF OVER 8% AND WILL CREATE ONE OF THE BEST CASH FLOWING ASSETS ON THE MARKET IN THE HEART OF SOUTH TAMPA!
A BUYER WILL GET A HIGH-CASH-FLOWING ASSET IN THE HEART OF SOUTH TAMPA, AND THE ABILITY TO PURCHASE THE PARCEL OF VACANT LAND BEHIND THESE UNITS. THE SELLER OWNS THAT PARCEL AS WELL, AND IT IS CURRENTLY ZONED FOR REDEVELOPMENT. THIS WILL GIVE THE BUYER MASSIVE UPSIDE TO BUILD MORE RESIDENTIAL UNITS IN AN AMAZING LOCATION IN SOUTH TAMPA. DUE TO THE HIGH OCCUPANCY RATE AND LOW NUMBER OF AVAILABLE UNITS FOR RENT, A NEW DEVELOPED PROPERTY WILL RENT SEAMLESSLY!
THE OWNERS HAVE RECENTLY UPGRADED THE UNITS, AND THEY ARE IN FANTASTIC CONDITION. RECENT UPGRADES AND RENNOVATIONS AT THE PROPERTY INCLUDE BUT ARE NOT LIMITED TO: NEW ROOFS (2022), NEW HVAC UNITS (2020), ALL NEW ELECTRICAL BOXES AND WIRING (2022), INTERIOR AND EXTERIOR PAINT, UPDATED KITCHENS AND APPLIANCES, NEW LAMINATE FLOORING AND TILE, NEW LANDSCAPING, UPDATED BATHROOMS AND LIVING ROOMS, NEW DOORS, NEW WASHER AND DRYER AND, MUCH MORE!
THIS IS AN AMAZING VALU-ADD OPPORTUNITY TO PURCHASE PRIME REAL ESTATE IN TAMPA, FL. THE BELOW MARKET RENTAL RATES WILL ALLOW FOR UPSIDE, AND IT'S EXTREMELY CLEAN AND EASY TO MANAGE, WHETHER THE BUYER IS LOCAL OR OUT OF STATE. THE MANY UPGRADES AND IMPROVEMENTS WILL ONLY HELP THE EXISTING UNITS APPRECIATE OVER TIME. FURTHERMORE, THERE IS TREMENDOUS VALUE FOR A BUYER TO PURCHASE THE ADDITIONAL LAND AND DEVELOP DUPLEXES, OR AN APARTMENT BUILDING OF UP TO 22 UNITS, LOCATED IN SUCH AN AMAZING LOCATION! IT'S RARE TO SEE A PROPERTY WITH SO MUCH UPSIDE AVAILABLE IN SOUTH TAMPA!