1826 138Th Ave Tampa, FL 33613
- Apartment buildings
- 0.72 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 1826 138Th Ave
- Year built
- 1972
- Lot size
- 0.72 lot acres
- Property type
- Apartment buildings
Description
This exceptional 12-unit apartment building in Tampa, Florida presents a compelling investment opportunity. Situated on a 0.72-acre lot, this property comprises six single-story buildings constructed between 1972 and 1973, totaling 8,895 net rentable square feet. The property boasts a current NOI of $134,815, yielding a 6.13% cap rate, with a pro-forma NOI of $160,505 and a pro-forma cap rate of 7.13%. The asking price is $2,200,000. Significant value-add potential exists through continued interior and common area improvements, projected to increase effective gross income by 22% within two years. Extensive renovations have already been completed, including new roofs, HVAC systems, and electrical panels, with nine units fully remodeled. The property is zoned RMC-20 and features a desirable unit mix, primarily two-bedroom units with one three-bedroom unit. Its prime location offers convenient access to major thoroughfares, including I-275, providing easy commutes to Downtown Tampa, Westshore, St. Petersburg, and Clearwater. Furthermore, the property benefits from its proximity to the University of South Florida, AdventHealth Hospital Tampa, Haley VA Medical Center, Moffitt Cancer Center, and the burgeoning RITHM @ Uptown innovation community, a $1 billion development project. The property's APN is U-06-28-19-1GH-000005-00014.1, U-06-28-19-1GH-000005-00015.0, U-06-28-19-1GH-000005-00015.1. This is a rare opportunity to acquire a well-located, value-add multifamily property in a rapidly growing area of Tampa.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Tampa
- County
- Hillsborough
- State
- Florida
- Longitude
- -82.4393
- Latitude
- 28.0729
