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5902 122Nd AveTampa, FL 33617

Tampa, FL Multifamily Investment

Overview

Added:
Dec 11, 2024
Days on market:
114
This 18-unit apartment building, Chateau Village, presents a compelling value-add opportunity in Tampa's rapidly growing Uptown District. Situated on a 0.99-acre lot, the property comprises three two-story buildings totaling 14,778 square feet, constructed in 1986. All 18 units boast two bedrooms and one bathroom, each featuring 821 square feet of living space. Sixteen units include washer/dryer appliances, with connections in all units. Significant renovations have already been completed: three units have undergone full renovations (stainless steel appliances, plank flooring, shaker cabinets, granite countertops), and twelve units have received partial renovations. The property's location offers substantial upside potential, with opportunities to increase average rents by $100-$250 per unit through further renovations. The large lot size allows for the addition of amenities and potentially four more units. The Uptown District's robust economic growth, fueled by major employers like Amazon, Moffitt Cancer Center, and the University of South Florida, creates a strong rental market. Additional revenue streams could be generated through a utility reimbursement program and targeted marketing to nearby USF students. The majority of the air conditioning units have been recently replaced. This property offers a unique blend of immediate income and significant long-term growth potential.

Highlights

  • 16 units feature in-unit washer/dryer; all units have hookups.
  • All 821 sq ft units are two-bedroom, one-bathroom floor plans.
  • Renovations offer $100-$250 average effective rent increase potential.
  • Large lot allows for amenity additions and four extra units.
  • Three units boast recent renovations including stainless steel appliances, plank flooring, shaker cabinets, new vanities, and granite countertops.
  • Implement a $50 flat-fee utility reimbursement program to boost revenue.

Property Details for 5902 122Nd Ave

Property type
Apartment buildings
Square Feet
14,778 SF
Year Built
1986
Buildings
3
Stories
2
Lot Size (sq. ft)
43,124 SF
Units
18

Location Insight

City
Tampa
County
Hillsborough
State
Florida
Latitude
28.058337654622
Longitude
-82.390377161497
5902 122Nd Ave, Tampa, Florida

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5902 122Nd Ave
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