Investment Overview 

Capitalize on a prime value-add opportunity at 1214 E 138th Avenue — a 16-unit multifamily asset strategically positioned in Tampa’s robust rental market. This gated complex spans 0.96 acres and comprises 12 one-bedroom, one-bath units and 4 two-bedroom, one-bath units, offering substantial upside potential through strategic renovations and operational efficiencies. 

Investment Highlights 

Projected Proforma Cap Rate: Over 9% 

Undervalued Rents – Immediate Upside Potential: 

Current 1 Bed / 1 Bath Rents: $650 (Market: $1,090–$1,150) 

Current 2 Bed / 1 Bath Rents: $725 (Market: $1,295–$1,400) 

Operational Value-Add: 

Install On-Site Laundry Facility or In-Unit Washer/Dryer to Drive Premium Rents 

Implement Utility Bill-Back Program (Currently, owner covers all water utilities) 

Modernize Units to Capture Full Market Rent Potential 

Favorable Lease Structure: All tenants are on month-to-month leases, providing immediate flexibility to adjust rents and reposition the asset. 

Business Plan 

1214 E 138th Avenue Apartments offers a compelling 5-year repositioning strategy for a new investor, leveraging strategic renovations, operational efficiencies, and targeted rent adjustments to maximize NOI and asset value. In Year 1, implement a utility bill-back program, upgrade parking lot, increase curb appeal, and initiate unit renovations to attract higher-paying tenants. In Years 2-3, complete premium unit upgrades, introduce on-site laundry, and adjust rents to market rates, positioning the property as a more competitive rental option in the submarket. By Year 4, all units are modernized, rents are fully optimized, and ancillary income streams are established, driving strong cash flow and tenant retention. In Year 5, the property is positioned for either refinance or disposition, with the potential for asset appreciation based on full renovation completion and stabilized cash flow, presenting a strategic exit opportunity for investors.