12703 15Th StTampa, FL 33612

Property Details for 12703 15Th St

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 8-unit apartment building, located at 12703 N 15th St, Tampa, FL 33612, presents a compelling investment opportunity. Priced at $1,495,000 ($186,875 per unit), this property boasts a strong 7.74% cap rate and a substantial net operating income (NOI) of $115,648. Recently renovated between 2022 and 2023, the property features significant capital expenditures exceeding $200,000. These improvements include new roofs, exterior paint, landscaping, a paved parking lot, and the installation of separate water meters. Interior upgrades are equally impressive, showcasing new luxury vinyl flooring, white shaker cabinets, quartz countertops, stainless steel appliances, and in-unit laundry facilities. Situated less than one mile from the University of South Florida's urban core, this property benefits from its proximity to a large student population. The current occupancy date is June 1, 2024. Furthermore, a new owner has the potential to increase the total rental income by approximately $25,248 annually through rent recapture, averaging $263 per unit per month. This multifamily complex offers a blend of immediate cash flow and significant long-term appreciation potential in a rapidly growing area. The property is ready for immediate occupancy and offers a strong return on investment.

Location Insight

City

Tampa

County

Hillsborough

State

Florida

Latitude

28.0619

Longitude

-82.4426

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