Hubert Avenue Portfolio | $1,325,000

4716, North Hubert Avenue, Drew Park, Tampa, Hillsborough County, Florida, 33614, United States | Updated on May 23, 2023 at 2:50 pm

Recently Sold Opportunity Zone
4716, North Hubert Avenue, Drew Park, Tampa, Hillsborough County, Florida, 33614, United States
  • $1,325,000

Property Facts

  • Price: $1,325,000
  • Property Size: 12076 Square Feet
  • Year Built: 1944
  • Property Type: Multifamily
  • Property Status: Recently Sold
  • Capitalization Rate: 9.04%
  • Price Per Unit: $66,250
  • Cash on Cash Return: 15.87%
  • Opportunity Zone: Yes
  • Community Redevelopment District (CRD): Yes
  • Occupancy Rate: 100%

Details

Updated on May 23, 2023 at 2:50 pm
  • Price: $1,325,000
  • Property Size: 12076 Square Feet
  • Year Built: 1944
  • Property Type: Multifamily
  • Property Status: Recently Sold
  • Capitalization Rate: 9.04%
  • Price Per Unit: $66,250
  • Cash on Cash Return: 15.87%
  • Opportunity Zone: Yes
  • Community Redevelopment District (CRD): Yes
  • Occupancy Rate: 100%

Description

The Hubert Avenue Apartment Portfolio consists of an 11 unit and a 9 unit apartment community that are within 0.4 miles of each other, totaling 20 apartment units. This investment is located in an opportunity zone of the Drew Park (CRD) neighborhood of Tampa, Hillsborough County, Florida.

The portfolio consists of six buildings with three addresses on two parcels.

The Hubert Avenue property is a Class C value add apartment community that has a total of nine units with five 1 bedroom / 1 bathroom units and four 2 bedroom / 1 bathroom units. The 1/1 units range in size from 500-600 square feet and the 2/1 units range in size from 700-900 square feet.

The W. South Avenue property is a Class C value add apartment community that consists of one 1 bedroom / 1 bathroom unit, nine 2 bedroom / 1 bathroom units and one 3 bedroom / 1 bathroom unit.

Combined this portfolio consists of 70% of 2 and 3 bedroom units. This investment allows for a significant value add opportunity. Through light upgrades and solid management the property could be performing at an increased revenue of $60,000/year in by increasing retention and stabilizing management. Currently the property runs at an 18% economic vacancy with market being in the 2.5% – 3% range for this asset class. Even at 18% economic vacancy this opportunity is priced at a 9% cap rate.

Location Description

The Hubert Avenue Apartment Portfolio is located in the Drew Park neighborhood of Tampa near the Tampa International Airport. The Drew Park area has seen the continuous expansion of Tampa International Airport and airport-related businesses as well as the establishment of Hillsborough Community College’s Dale Mabry campus. It is also home to NFL football with Raymond James Stadium and the Tampa Bay Buccaneers headquarters. George Steinbrenner baseball facilities, the spring training home of the New York Yankees also calls Drew Park home. Drew Park has embraced the growth of Dale Mabry Highway and Hillsborough Avenue into major transportation arteries and commercial centers. Both properties are in the Drew Park Community redevelopment district (CRD) which offers owners grants for beatification projects and guarantees a minimum city investment in the infrastructure and beatification projects on public lands which is often considered commitments for positive transitioning communities.

Attachment

  • City Tampa
  • State/county Florida
  • Area Drew Park
  • Country United States

Contact Information

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Verdad Commercial Real Estate Services

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Overview

Property ID: HZA-05-29-18-3IP-000062-00003.0
  • Multifamily
  • Property Type
  • 12076
  • Square Feet
  • 1944
  • Year Built

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