220 MADISON
SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire 220 Madison in Downtown Tampa. 220 Madison offers an investor the unique opportunity to acquire a 136-bed/48-unit mixed-use tower with three ground-floor retail tenants consisting of Downtown’s only CVS, Subway and Pita Republic. As one of the few residential rental properties truly located within the core of Downtown Tampa, 220 Madison offers residents unparalleled lifestyle, walkability, and proximity to an abundance of nearby amenities.
Fully redeveloped and historically designated in 2019, 220 Madison will provide investors with above market returns when compared to other core-Tampa offerings, while also providing strong upside as the University of Tampa recently announced they will have a significant housing shortage come August 2021 due to a surge in admissions, which should lead to substantial rent growth moving forward. Furthermore, 220 Madison offers the ability to realize value appreciation by being immersed within $5 Billion+ in current and future development.
Property tours are by appointment only. Please contact one of the listing brokers below to schedule tours.
48
UNITS
136
BEDS
61,762
SQFT
1962
YEAR BUILT
2019
YEAR FULLY REDEVELOPED
PRICED AT
MARKET BID
VITAL PROPERTY DATA
Property Addresses: 220 E Madison Street, Tampa, FL, 33602
NUMBER OF UNITS: 48
NUMBER OF BEDS: 136
RENTABLE SQUARE FOOT: 61,762 SF
AVERAGE UNIT SIZE: 916 SF
NUMBER OF BUILDINGS: (1) Building
LOT SIZE: 0.26 Acres +/-
FINANCING: Free and Clear
UNCOMPARABLE LOCATION WITH UNTAPPED UPSIDE
The Only Residential Structure Located Directly on Downtown Tampa’s “Restaurant Row”
Situated at the Heart of Downtown Tampa and Just 1-Minute From Curtis Hixon Park and The Popular Tampa Riverwalk
Former Office Tower Entirely Redeveloped Into a Mixed-Use Luxury Student Housing Property in 2019
High-Tech Property Offering Keyless Entry, High-Speed Internet Throughout, an Amazon Hub, RokuTV’s, and a Smart-Phone Compatible Laundry Facility
Amenities Consist of a Fitness Center, Theatre Room, Leasing Office, Study Rooms, On-Site Tanning Bed, and a Massage Room
In-Place Average Effective Rents are up to 45% Below the Average of All Surrounding Rent Comparables
Ability to Increase Net Operating Income by 18% Within the First Twelve-Months Following Acquisition
LOCATED WITHIN THE CORE OF TAMPA
Over 20 Restaurants and Bars Located Within a One-Block Radius
1-Minute to Curtis Hixon Park, The Museum of Art, and the Tampa Riverwalk
2-Minutes to the University of Tampa
2-Minutes to The Straz Center of Performing Arts
3-Minutes to the Tampa Convention Center
4-Minutes to The Sail Pavilion, a Hub for Recreational Water Activities
4-Minutes to Amalie Arena, Home of The Tampa Bay Lightning (NHL)
5-Minutes to Sparkman’s Wharf, an Outdoor Food Court and Event Area
5-Minutes to Ybor City, Potential Future Home of the Tampa Bay Rays (MLB)
5-Minutes to Armature Works and The Heights Public Market
TAMPA BAY: A TOP TIER INVESTMENT MARKET
#1 City in the U.S. That Americans are Moving to (Forbes)
#1 Healthiest Housing Market in the U.S. (Investopedia)
#1 Metro in the Southeast for Net Migration (Wallethub)
#2 Highest “Buy” Recommendation for Multifamily in the U.S. (ULI/PwC)
#2 Metro Where Renters are Looking to Move (Apartment List)
#9 Fastest Growing Large City in the U.S. From 2010 to 2019 (Patch)
#11 Strongest Local Economy in the U.S. For 2021 (ULI/PwC)
42.7% Projected 10-Year Future Job Growth (BestPlaces))
DEAL TEAM CONTACTS
Benjamin Skinner
Associate Director | Senior Investment Associate
O. (407) 557-3889
Benjamin.Skinner@marcusmillichap.com
Matthew Prozzillo
Associate Director | Senior Investment Associate
O. (407) 557-3888
Matthew.Prozzillo@marcusmillichap.com
Jhamil Moore
Investment Associate
O. (407) 557-3830
Jhamil.Moore@marcusmillichap.com
Contact an Agent Listed Above to Schedule Property Tours