Arbor Alley
Closed6237 S Manhattan Ave, Tampa, FL 33616
Property type
Multifamily
Unit / Space count
80
Price
$5,600,000
Building size
75,135 sf
Rentable area
75,135 SF
Year built
1983
Year renovated
Occupancy
Zoning code
Lot size
3.59 Acres
Sold/status
Sold · Date unknown
Sale price
$5600000
Bedroom count
Property description
Arbor Alley is an attractive 80-unit garden style apartment community built in 1983 and located in the heart of highly sought after South Tampa. The property consists of 12 two-story buildings comprised of concrete block construction with new pitched roofs situated on a tranquil 3.59-acre site accented by mature landscaping. The property’s appealing unit mix consists of 80 spacious Two Bedroom/One Bathroom floor plans that are each 900 square feet. Forty of the apartments have been recently renovated with new hardwood flooring, and new kitchens including appliances, countertops, and cabinets. Additionally, each of the units comes equipped with a dishwasher, full-size washer & dryer connections, ceiling fans in all living areas, and central heating & air conditioning. Arbor Alley’s amenities include an inviting pool and recreation area nestled quietly in the back of the property, and all units have patios or balconies and discreet security cameras. The current owner operates the property off site with his other properties. The new owner could add an onsite full or part time person for added personal attention to the residents during the day. At the front of the property there is an office with bathroom that is never used. Also attached to that office is additional unused space. It may be possible to create a managers apartment attached to the office within the front building inexpensively. Also the possibility of a fitness room or some other type of resident amenity may exist. Arbor Alley presents an opportunity to own a solid concrete block investment property in a coveted area with a high barrier to entry. Each individual unit is sub-metered for water & sewer, which helps control the utility expenses.