Courtyards of South Tampa
Closed3814 W Euclid Ave, Tampa, FL 33629
Property type
Multifamily
Unit / Space count
71
Price
$8,250,000
Building size
56,844 sf
Rentable area
56,844 SF
Year built
1969
Year renovated
Occupancy
Zoning code
Lot size
1.81 Acres
Sold/status
Sold · Date unknown
Sale price
$8250000
Bedroom count
Property description
The Courtyards of South Tampa is located in Tampa, Florida spread across 1.8 acres. The property was built in 1969 with concrete block construction and stucco exterior walls. The unit mix consists of 56 one bedroom one bathroom units of 600 square feet and 15 two bedroom one bathroom units of 760 square feet. There is one building that surrounds a center courtyard with a swimming pool. Majority of the units have views of the beautifully landscaped courtyard and pool. Fully renovated units have received all new appliances and granite counter tops in kitchens and bathrooms. The Property is within walking distance of a Publix Supermarket. With such strong submarket occupancy coupled with the prime location in South Tampa, there is room for rent growth. In the South Tampa submarket, effective rent growth for B/C Class product has been positive in all but two quarters over the last 5 years. Average annual rent growth during that time period has been over 4.2%. In our opinion, occupancy will remain strong for Courtyards of South Tampa while Net Operating Income will increase.
Property highlights
- Prime Location in the Supply Constrained South Tampa Peninsula. With Limited Development Opportunities, This is a Rare Acquisition Opportunity in a Submarket With 2.7% Average Vacancy
- Value-Added Opportunity Available Through Proven Interior Renovations Program that Previous Owner Started in 2008 and the Current Owner Has Continued
- In Close Proximity to Westshore Plaza (1.1 Million Square Footage of Shopping & Dining), Downtown Tampa (9.7 Million Square Footage of Office Space), International Plaza (1.2 Million Square Footage of Shopping & Dining) And Tampa International Airport (Ranked as the 2nd Best Airport in the Country, by Travel & Leisure, With Nearly 7,500 Local Employees)
- Courtyards of South Tampa Features Highly Desirable Concrete Block Construction & Exceptional Central Courtyards with Mature Landscaping
- Walking Distance to Bayshore Boulevard, A Local Tampa Bay Favorite for its’ Scenic Bike Paths & Annual Festivities that run alongside the Hillsborough Bay