103 Moody Ave Tampa, FL 33609

Property Details for 103 Moody Ave

Year built

1921

Lot size

0.15 lot acres

Property type

Commercial real estate

Description

This Class A, eight-unit apartment building in desirable South Tampa presents a compelling value-add investment opportunity. The property, built in 1921, features 3,248 square feet of net rentable space across two stories on a 0.15-acre lot. Currently boasting 97% occupancy and a $60,869 Net Operating Income (NOI), a pro-forma NOI of $95,493 is projected, representing a significant increase. This potential is driven by the opportunity to increase rents by an average of $335 per unit per month, achievable within 18 months. The property benefits from its prime location, just steps from various amenities including employers, shops, restaurants, and grocery stores, and within an eight-minute drive of Hyde Park Village, Palma Ceia Golf & Country Club, Tampa General Hospital, Bayshore Boulevard, Downtown Tampa, Amalie Arena, and the University of Tampa. The building includes on-site laundry and off-street parking. The bottom floor is constructed of concrete block. With an asking price of $1,500,000 ($187,500 per unit), this property offers a current cap rate of 4.06% and a pro-forma cap rate of 6.37%. The affluent neighborhood boasts average household incomes exceeding $120,000 within a one-minute drive, providing a strong tenant base and rental market. Convenient access to major roadways, including I-275 and the Selman Expressway, further enhances its appeal.

Location Insight

City

Tampa

County

Hillsborough

State

Florida

Longitude

-82.4843118

Latitude

27.9440702