SOUTH TAMPA PORTFOLIO

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SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire the South Tampa Portfolio. The Portfolio consists of two buildings, Island Flamingo and Bay View Apartments that are well located within the highly desirable Davis Island and South Tampa neighborhoods of Tampa, FL. Island Flamingo is within eight minutes from Tampa General Hospital, Downtown Tampa and Water Street Tampa, while Bay View Apartments is within eight minutes from Hyde Park Village, Memorial Hospital of Tampa, Palma Ceia Golf & Country Club and Plant High School. The Portfolio was built in 1925 and consists of ten, one-bedroom units, and two, two-bedroom units, with ample parking and on-site laundry. The South Tampa Portfolio offers investors the opportunity to acquire an asset with average in-place rents, 19% to 69% below the average rents. This is achieved directly by comparable properties, located within the #1 Metropolitan area in the Southeast for Net Migration, according to WalletHub.

Property tours are by appointment only. Please contact one of the listing brokers below to schedule tours.

8 | 10
UNITS

5,040 | 6,600
SQFT

1924 | 1925
YEAR BUILT

PRICED AT
MARKET BID

VITAL PROPERTY DATA

  • Property Addresses:

    Island Flamingo: 517 Columbia Dr, Tampa, FL 33606

    Bay View Apartments: 2920 Bay View Ave, Tampa, FL 33611

  • NUMBER OF UNITS: 18 Units In Total

  • RENTABLE SQUARE FOOT: 11,640 SQ In Total

  • NUMBER OF BUILDINGS: 2 (Residential) In Total

  • LOT SIZE: 0.37 Acres +/- In Total

  • FINANCING: Free and Clear

RENOVATED ASSET WITHIN A GROWING MARKET

  • Rare Opportunity to Acquire a Portfolio in Highly Desirable Tampa Neighborhoods

  • Ability to Takeover from Current Long-Term Owner (20 years of Ownership)

  • On-Site Laundry Facilities for Additional Income

  • Located Within the Number One Ranked “Top 25 Markets for Current and Forecasted Multifamily Rental Growth” (WealthManagement.com)

  • Situated Within Ten Minutes of Over 92,000 Jobs

  • In-Place Average Effective Rents are Between 19% and 69% Below the Average of All Rent Comparables

  • Ability to Increase Net Operating Income by 60.41% within the first twelve to fifteen months following acquisition

Island Flamingo | Rare Davis Island Location

  • 2-Minutes to Peter O. Knight Airport

  • 7-Minutes to Tampa General Hospital (8,000 Employees)

  • 7-Minutes to Water Street Tampa (9,900+ Employees)

  • 8-Minutes to University of Tampa (650 Employees)

  • 8-Minutes to Downtown Tampa (75,000+ Employees)

  • 8-Minutes to Hyde Park Village

  • 12-Minutes to The Heights Development (342,000 SF of Office Space)

  • 13-Minutes to Ybor City Historic District

  • 15-Minutes to Raymond James Stadium (3,000 Employees)

Bay View Apartments | Premier South Tampa Location

  • 3-Minutes to Britton Plaza Shopping Center (522,689 SF)

  • 5-Minutes to Palma Ceia Golf & Country Club

  • 6-Minutes to Plant High School

  • 7-Minutes to Kindred Hospital

  • 8-Minutes to Memorial Hospital of Tampa (400+ Employees)

  • 8-Minutes to Hyde Park Village

  • 9-Minutes to MacdillAir Force Base (4,000+ Civilian Employees)

  • 10-Minutes to South Howard Retail & Nightlife

  • 11-Minutes to University of Tampa (650 Employees)

FT. MYERS/CAPE CORAL: AN EXPANDING ECONOMY

  • #2 Strongest Commercial Real Estate Markets 2021 (NAR)

  • #3 Fastest Growing Places 2021-2022 (US News & World Reporting)

  • #8 Fastest Growing Cities in the US 2021 (Rocket Mortgage)

  • #16 Overall Real Estate Prospects 2021 (PWC/ULI “Emerging Trends)

  • 27% Population Growth (2010-2020)

  • 30% Employment Growth (2010-2020)

  • Ft. Myers/Cape Coral MSA Population of 790,767

TAMPA BAY: A TOP TEN REAL ESTATE MARKET

  •  #1 Best City to Live in, Statewide, #15 in the U.S. –WalletHub

  • #1 Metro in the Southeast for Net Migration –WalletHub

  • #1 City in the U.S. that Americans are Moving To –Forbes

  • #1 Best City in the Southeast –Money Magazine

  • #1 S.T.E.M. Job Growth in Florida –State of Florida

  • #2 Highest Buy Recommendation in the U.S. for 2021 –ULI/PWC

  • #3 Fastest Growing City in Florida –U.S. Census Bureau

DEAL TEAM CONTACTS

Jhamil Moore
Investment Associate
O. (407) 557-3830
Jhamil.Moore@marcusmillichap.com

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

Contact an Agent Listed Above to Schedule Property Tours