6909 Indian River DrTampa, FL 33617

Property Details for 6909 Indian River Dr

Property type

Apartment buildings

Description

Rivertree Landing, a 228-unit apartment building in Tampa, Florida, presents a compelling value-add investment opportunity. Located at 6909 Indian River Dr, 33617, this Hillsborough County property boasts tranquil grounds and attractive water views on the Hillsborough River. The property benefits from a strong location, with proximity to major employers including Busch Gardens Tampa Bay (nine minutes), Downtown Tampa (sixteen minutes), and the Seminole Hard Rock Hotel & Casino (nine minutes). Significant recent capital improvements include new roofs (all replaced since 2021) and over 50% of windows replaced. The property features a desirable unit mix of one, two, and three-bedroom floor plans. A substantial loss-to-lease of over $137,000 exists, representing approximately 60% below market rent, offering significant upside potential. 220 units have already been updated, providing a platform for further value enhancement. Additionally, the opportunity exists to implement a Ratio Utility Billing System (RUBS) to substantially reduce water and sewer expenses. Favorable market dynamics include projected 2025 submarket rent growth of 4.45% (2024 data from AxioMetrics) and a projected 5-year submarket rent growth of 4.85% (2025-2029, AxioMetrics). The infill location, with no new supply within a three-mile radius, further strengthens the investment thesis. Historical performance demonstrates strong rent growth, with a 9.5% T12 net rental income growth. This property offers a rare combination of immediate value and long-term growth potential.

Location Insight

City

Tampa

County

Hillsborough

State

Florida

Latitude

28.0116

Longitude

-82.3889

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