Chelsea Place Apartments
For sale806 E Chelsea St, Tampa, FL 33603
Property type
Multifamily
Unit / Space count
4
Price
$1,000,000
Building size
4,517 sf
Rentable area
4,517 SF
Year built
1923
Year renovated
Occupancy
Zoning code
Lot size
0.21 Acres
Bedroom count
CAP
5.40%
Price per Unit
$250,000
Price per SF
$221.39
Property description
This two-story multifamily property, built in 1923, offers a well-positioned four-unit investment opportunity consisting of one 3-bedroom/1-bath unit, one 2-bedroom/1-bath unit, and two 1-bedroom/1-bath units. The fully furnished residences feature renovated interiors, modern finishes, updated kitchens, premium appliances, and wood flooring throughout, complemented by on-site laundry, individual A/C systems, and off-street parking. The variety of floorplans and furnished configuration provides flexibility to target traditional, corporate, and medium-term renters, while immediate opportunities exist to increase income through water, sewer, and trash reimbursements and by optimizing or monetizing the on-site laundry facilities. The property is also attractive from a long-term investment perspective due to its central Tampa location and multiple avenues for improving cash flow. Convenient access to Seminole Heights, Tampa Heights, Downtown Tampa, and major employment and entertainment destinations supports consistent rental demand and tenant convenience. With renovated units already in place, investors can focus on operational and revenue enhancements rather than significant upfront renovations. Combined with potential access to favorable residential financing options, utility reimbursement upside, ancillary laundry income, diversified rental demand, and the property's desirable Tampa location, the asset offers the potential for stronger cash flow today and additional value creation over the hold period.
Property highlights
- Seller Financing: 70% LTV with interest-only payments over a three-year term. The interest rate is 5.80% in Year 1, 6.25% in Year 2, and 6.75% in Year 3, with the remaining principal balance due at maturity
- 4 Unit apartment complex located in Seminole Heights.
- Property consists of one 3-bedroom/1-bath unit, one 2-bedroom/1-bath unit, and two 1-bedroom/1-bath units.
- Fully furnished units featuring renovated interiors, modern finishes, updated kitchens, premium appliances, and wood flooring throughout.
- Off-street parking, and on-site laundry facilities for tenant convenience.
- Immediate income upside through implementation of water, sewer, and trash utility reimbursements.
- Additional income opportunity through monetization or optimization of the on-site laundry facilities.
- Opportunity to capitalize on potentially favorable residential financing options.
- Centrally located with convenient access to Seminole Heights, Tampa Heights, Downtown Tampa, and major employment and entertainment destinations.