911 E 23Rd Ave Tampa, FL 33605

0.2 ac lot Built 1969

Property ID

US18-6064436

$1,050,000

911 E 23Rd Ave, Tampa, FL 33605
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Exceptional investment opportunity: Cigar City Flats, a 9-unit apartment building in Tampa, FL's desirable Tampa Heights neighborhood (911 E 23rd Ave, 33605). This two-story, 4,350-square-foot building, constructed in 1969 on a 0.2-acre lot, presents a compelling value-add opportunity. The property boasts a 6.34% cap rate and an asking price of $1,175,000. Significant recent capital expenditures totaling $214,000 have been invested in upgrades, including comprehensive replumbing and rewiring, a new concrete parking lot, tankless water heaters, new appliances, updated cabinetry, and vinyl flooring in individual units. Further, $92,000 was spent on community upgrades including new washing machines. An average monthly rental upside of $183 per unit is projected, representing approximately $20,000 in additional annual income. Additional revenue streams can be generated through community laundry fees, optimized utility billbacks, and parking charges. The property's prime location offers easy access to I-275 and proximity to popular attractions like Armature Works, the Tampa Riverwalk, and the Straz Center, as well as major development projects such as Water Street and Gasworx. Nearby parks provide recreational amenities. This property offers significant upside potential for savvy investors seeking strong returns in a thriving Tampa market.