SUMMIT AT CAMPUS EDGE
SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire Summit at Campus Edge. This student housing property, built of concrete block in 1972, consists of all 1x1’s with 560 rentable Sq. Ft. each and have washer/dryer appliances within all units. Summit at Campus Edge also boasts a swimming pool along with premier walkability to Florida State University and the bars and restaurants located at The Strip and Tennessee Street. The buyer’s new business plan should consist of renovating the remaining 82 units that have not been renovated at an estimated $8,500/unit to unlock a 39% rental increase based on market comparables along with furnishing 75% of the unit interiors at $2,300/unit to achieve a $100/unit/month furniture fee. Summit at Campus Edge is extremely well located within 1-minute of the Tallahassee Strip, Florida State University, and more.
Property tours are by appointment only. Please contact one of the listing brokers below to schedule tours.
95
UNITS
53,760
SQFT
1972
YEAR BUILT
2020
NEW ROOF
PRICED AT
MARKET BID
VITAL PROPERTY DATA
Property Addresses: 630 West Virginia Street, Tallahassee, FL
NUMBER OF UNITS: 95 Units
RENTABLE SQUARE FOOT: 53,760 SF
AVERAGE UNIT SIZE: 560 SF
NUMBER OF BUILDINGS: (1) Residential
LOT SIZE: 1.55 Acres +/-
FINANCING: Free and Clear
VALUE-ADD ASSET WITH PREMIER WALKABILITY
Highly desirable and rare student housing unit mix consisting of 100% one-bedroom floorplans, positioned to further benefit from social distancing
Ability to increase rents by 39% by renovating the remaining 82 unrenovated units, and still maintain a 25% spread below the rent comps
Amenity package includes washer/dryer appliances in all units, high speed internet, swimming pool with lounge area
The Property benefits from a new roof which was installed in 2020, and allows an investor to further renovate the exterior curb appeal through new paint, landscaping, and addition of a barbeque grill in the lounge area
Successfully Caters to Florida State University, Florida A&M University, and Tallahassee Community College (65,988 Students Located within 5-Minutes)
Premier Walkable Location Between Florida State University, The FSU Strip (Bars and Nightlife), The Student Union, and Downtown Tallahassee
HIGHLY ACCESSIBLE, CENTRALIZED LOCATION
Highly desirable and rare student housing unit mix consisting of 100% one-bedroom floorplans, positioned to further benefit from social distancing
Ability to increase rents by 39% by renovating the remaining 83 unrenovated units, and still maintain a 25% spread below the rent comps
Amenity package includes washer/dryer appliances in all units, high speed internet, swimming pool with lounge area
The Property benefits from a new roof which was installed in 2020, and allows an investor to further renovate the exterior curb appeal through new paint, landscaping, and addition of a barbeque grill in the lounge area
Successfully Caters to Florida State University, Florida A&M University, and Tallahassee Community College (65,988 Students Located within 5-Minutes)
Premier Walkable Location Between Florida State University, The FSU Strip (Bars and Nightlife), The Student Union, and Downtown Tallahassee
TALLAHASSEE: A GROWTH MARKET
Florida State University YoY Enrollment Growth Rate: 2.51% (Fall 2020)
Florida State University Two-Year Application Growth: 59.33%
18th Best College Town in the U.S. (Best College Reviews)
Top 100 Real Estate Markets to Watch in 2020 (Buildium)
Fastest Growing Economy Per Capita in Florida (U.S. Dept. of Commerce)
Top 10 Real Estate Market to Watch in 2019
7th Largest City in Florida
11th Most Educated City in the U.S. (Forbes)
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
Contact an Agent Listed Above to Schedule Property Tours