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Case Studies
August 24, 2019
Video
Multifamily Case Study: 104 Units in Tampa, FL
This property is located within the key MSA of Tampa Bay. It consists of...
This property is located within the key MSA of Tampa Bay. It consists of 11 residential buildings and an auxiliary building that houses an onsite office, gym and gathering room. It provides convenient access to the beaches, downtown Tampa and St. Petersburg, the Tampa International Airport and several Universities making it a prime residential location.
The property was built in 1984 and went thru a major exterior renovation in 2012 which included roof replacements, impact window installation and the replacement of all exterior doors with insulated doors. All 104 units and the leasing and fitness center received new mechanical updates. The fitness center also received all new equipment. In 2016 the pool area was resurfaced with custom pavers and the pool was converted to a salt filtration system. The grounds have been professionally maintained and the landscaping and hardscaping is in excellent condition. The units have not been upgraded but have been extremely well maintained. Because of these factors the property consistently maintains less than a 1% vacancy rate.
The property was refinanced in 2019 and the loan for $7,600,000 will be assumed. The current owner stripped his equity out of the property during the refinance. The current loan offers superior terms that will improve cashflow and investor returns. An additional $1,248,000 will be invested into the property during the first six months to modernize all 104 Units and improve the grounds and signage.
With the extremely low supply and high demand the property should be re-tenanted by month 7. With the improvements in place annual rental income will increase by $122,592 and NOI will increase by $191,890.
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