Terrace Park - Tampa, FL Commercial Real Estate

Located just south of University of South Florida.

LOCATED ABOUT JUST A FEW MILES NORTH OF RAPIDLY GROWING DOWNTOWN TAMPA, TERRACE PARK IS A SUBURBAN NEIGHBORHOOD HOME TO SOME OF THE CITY’S MOST RENOWNED AMENITIES. TERRACE PARK CONTAINS BUSCH GARDENS TAMPA BAY, ADVENTURE ISLAND, UNIVERSITY OF SOUTH FLORIDA, AND THE MUSEUM OF SCIENCE AND INDUSTRY! EASY ACESS TO I-275 AND TAMPA INTERNATIONAL AIRPORT! THE TEMPLE HEIGHTS APARTMENTS IS AN 8-UNIT APARTMENT COMPLEX LOCATED IN BEAUTIFUL TAMPA, FL. THE PROPERTY HAS EIGHT (2-BEDROOM UNITS WITH EXTREMELY UNDER-MARKET RENTAL RATES CURRENTLY IN PLACE. THE PROPERTY CONSISTS OF SPACIOUS APARTMENTS AND A LARGE PARKING LOT IN THE FRONT OF THE COMPLEX FOR TENANTS AND THEIR GUESTS. THE PROPERTY IS CONCRETE BLOCK AND IN FANTASTIC CONDITION. ALL UNIT INTERIORS HAVE BEEN UPDATED IN THE PAST 12 MONTHS! THE PROPERTY IS CURRENTLY 100% OCCUPIED AND HAS EXTREMELY LOW RENTAL RATES, MAKING THIS AN IDEAL VALUE-ADD OPPORTUNITY FOR AN INVESTOR LOOKING FOR THE PERFECT CASH-FLOWING ASSET. THE PROPERTY CONSISTS OF APARTMENTS WITH SEVERELY BELOW-MARKET RENTAL RATES FOR THE AREA AND PRESENTS MASSIVE UPSIDE FOR AN INVESTOR IMMEDIATELY! CURRENTLY, THE TENANTS ARE PAYING APPROXIMATELY $100-$200 PER MONTH BELOW THE AVERAGE MARKET RATE! THIS WILL ALLOW FOR AN IMMENSE JUMP IN THE POTENTIAL NOI THAT IS EASILY OBTAINABLE WITH THE CURRENT RENTS BEING SO UNDERVALUED DUE TO THE PROPERTY’S FANTASTIC CONDITION, LOCATION, AND DEMAND! A BUYER CAN EASILY OBTAIN A CAP RATE OF OVER 7.5% AND A CASH-ON-CASH RETURN OF OVER 11% BY THE BEGINNING OF 2022 SIMPLY BY RAISING THE RENTAL RATES BY APPROXIMATELY $125 PER UNIT. FURTHERMORE, A BUYER CAN OBTAIN A CAP RATE OF APPROXIMATELY 8% AND A CASH-ON-CASH RETURN OF OVER 13% BY RAISING THE RENTAL RATES TO THE MARKET AVERAGE! GIVEN THAT EACH UNIT HAS BEEN RECENTLY REDONE, A BUYER CAN INCREASE THE RENTAL RATES WITHOUT HAVING TO SPEND MONEY ON CAPEX! THIS CREATES ENORMOUS UPSIDE FOR AN INVESTOR LOOKING FOR A VALUE-ADD PROPERTY IN THE VASTLY GROWING TAMPA, THE PROPERTY IS CURRENTLY IN FANTASTIC CONDITION AND ALL 8 UNITS HAVE BEEN FULLY REDONE IN THE PAST 12 MONTHS. WITH THE MASSIVE 2-BEDROOM FLOOR PLAN, A BUYER WILL BE ABLE TO RAISE THE RENTS EXTREMELY QUICKLY. DUE TO THE LACK OF QUALITY 2-BEDROOM UNITS CURRENTLY AVAILABLE FOR RENT IN THE TAMPA AREA, THE DEMAND HAS NEVER BEEN HIGHER. THESE UNITS WILL STAY RENTED FOR YEARS TO COME AS THE PROPERTY VALUE WILL ONLY CONTINUE TO RISE WITH THE ACCELERATED DEVELOPMENT THAT THE CITY OF TAMPA HAS PLANNED IN THE NEAR FUTURE! A 2-BEDROOM APARTMENT IN THIS PART OF TAMPA, FL SHOULD BE RENTING FOR NO LESS THAN $1,250 PER MONTH. MANY COMPARABLE UNITS ARE RENTING FOR OVER $1,300+ PER MONTH! DUE TO THE FACT THAT THE PROPERTY HAS CONSISTENTLY STAYED OCCUPIED WITH HIGH-QUALITY TENANTS, THE OWNER HAS NOT ACTIVELY TRIED TO INCREASE THE RENTAL RATES. HOWEVER, BASED ON THE RENTAL RATES OF COMPARABLE PROPERTIES, A $100-$200 INCREASE SHOULD BE VERY EASILY ATTAINABLE. AS A RESULT, THE PROPERTY SHOULD PRODUCE A CASH-ON-CASH RETURN ALMOST IMPOSSIBLE TO FIND ANYWHERE ELSE IN THE TAMPA, AREA. WITH THE RAPID GROWTH THAT TAMPA HAS SEEN IN THE PAST 5 YEARS, THE DEMAND FOR THIS TYPE OF UNIT IS THROUGH THE ROOF! EACH UNIT HAS ITS OWN WASHER AND DRYER HOOKUP FOR EASY ACCESS FOR ALL TENANTS. ALL UNIT INTERIORS HAVE BEEN RECENTLY REDONE IN 2020-2021 AND ARE IN FANTASTIC CONDITION. THE PROPERTY IS WELL MAINTAINED BY THE MANAGER AND HAS MANY GREAT ADDITIONS AND IMPROVEMENTS WHICH INCLUDE, BUT ARE NOT LIMITED TO, COMPLETELY NEW KITCHENS, NEW TILE BACKSPLASHES, NEW KITCHEN APPLIANCES, CERAMIC TILE FLOORING THROUGHOUT, WOOD FINISHINGS IN MULTIPLE UNITS, NEW INTERIOR PAINT, UPDATED BATHROOMS, ALL WINDOWS WERE REPLACED IN THE PAST 12 MONTHS, NEW TOILETS, NEW SINKS, UPDATED PLUMBING, NEW HVAC AIR HANDLERS, AND PLANNED EXTERIOR PAINT STARTING IN AUGUST 2021! ALL HVAC UNITS HAVE BEEN REPLACED IN THE PAST 7 YEARS AND ARE IN GOOD WORKING CONDITION. ROOFS ARE IN GOOD WORKING CONDITION AND HAVE ANNUAL SCHEDULED MAINTENANCE! GIVEN ALL OF THESE RECENT UPGRADES, THE PROPERTY IS CLEARLY IN PRISTINE CONDITION AND WILL BE EASY TO MAINTAIN IN THE FUTURE. THIS IS THE PERFECT INVESTMENT FOR AN OUT-OF-STATE OR LOCAL BUYER! GIVEN THE DEMAND FOR MULTI-FAMILY UNITS IN THE TAMPA AREA HAS NEVER BEEN HIGHER, THIS AMAZING OPPORTUNITY WON’T LAST LONG!

3 Acres MOL of Outside Storage or Off Dock Trailer Parking. Easy Access to I-75, I-275, and I-4.

The center is anchored by a Roses store, 40,000 sq. ft., a furniture store, 25,000 sq. ft., a warehouse, 35,000 sq. ft., a Dollar General store, 11,000 sq. ft., a bingo store, 8,000 sq. ft., hair, wig and beauty supply store, 11,000 sq. ft., and a discount grocery store, 14,000 sq. ft. The center has been substantially remodeled. It is located one mile east of Busch Gardens. It has 175,000 sq. ft. of gross leasable area and is across the street from a Sav-A Lot grocery store. There is one vacant land area in front of the center still to be developed, Unit Q, 125' x 125', 15,600 sq. ft. in size. It can be leased or subdivided for restaurant or retail uses and is available on a land lease or the owner will do a build to suit. Units Q has excellent visibility and very good access from Busch Boulevard. The current traffic count on Busch Boulevard is about 40,000 cars per day and there are 106,000 people within a 3-mile radius with a median household income of $34,000.