Property Details for 4325 Aegean Dr

Year built

1981

Property size

23,640 SF

Property type

Apartment buildings

Description

This exceptional multifamily investment opportunity presents a 24-unit apartment complex in Tampa, Florida, situated at 4325 Aegean Dr, 33611. The property, built in 1981 and extensively renovated in 2022, boasts 23,640 square feet with 22,120 square feet of net rentable space. Currently operating at 100% occupancy (as of October 27, 2023), the property generates a strong NOI of $312,604, projecting to $332,879. The asking price is $4,500,000, representing a compelling $187,500 per unit and a 6.95% cap rate (pro-forma 7.40%). The complex comprises three two-story buildings constructed of concrete block and features an on-site amenity package exceeding comparable properties in the area. Significant capital improvements completed between 2018 and 2021 include new roofs on all three buildings, repaved and restriped parking lots, fresh exterior paint and shutters, added gutters, and new washer/dryer units in each building's common laundry facilities. The property benefits from its prime location near the Westshore Marina District redevelopment, a 52-acre mixed-use project encompassing residential, retail, restaurant, office, and waterfront park spaces. Assumable owner financing is available (terms detailed in the offering memorandum). This value-add opportunity offers a projected 15% cash-on-cash return in the first year and a three-month minimum lease term within the HOA. The property is offered fee simple. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a rapidly growing Tampa submarket.

Location Insight

City

Tampa

County

Hillsborough

State

Florida

Longitude

-82.5173

Latitude

27.8971