7702 Rivergate Dr Tampa, FL 33619

This 116-unit apartment building in Tampa, Florida, presents a compelling value-add investment opportunity. Built in 1975 and extensively renovated between 2020 and 2021, the property boasts a 92.2% occupancy rate with an average in-place rent of $1,627 per month. The renovations included modernizing 113 units (97%) with Shaker cabinets, subway tile backsplashes, hardwood-style floors, in-unit washers and dryers, stainless steel appliances, and granite countertops. Significant capital improvements were also made to the exterior, including new roofs, signage, exterior paint, landscaping, and windows. The property sits on an 8.75-acre lot with 200 parking spaces spread across 15 two-story buildings. The permitted zoning is RMC-16. Located just five miles east of downtown Tampa, the property benefits from proximity to major employers and ample retail and office space within a five-mile radius. The property's strong performance is further evidenced by nearly 6% organic rent growth on new leases and 4% on renewals over the past five months. Further value-add potential exists through the renovation of the remaining three units and the ability to add 24 units "by right" on the property. Adding amenities such as a pool and fitness center, along with targeted leasing office enhancements, will further increase the property's appeal and rental income. The current average unit size for the 87% of units that are two and three-bedroom floorplans is 872 square feet.