Evergreen Manor Apartments
Closed1807 Canberra Ln, Tampa, FL 33612
Property type
Multifamily
Unit / Space count
40
Price
$3,350,000
Building size
54,195 sf
Rentable area
54,195 SF
Year built
2007
Year renovated
Occupancy
APN
035944-1000
Zoning code
Lot size
2.81 Acres
Bedroom count
Price per Unit
$83,750
Price per SF
$61.81
Property description
Evergreen Manor is a 40 unit multifamily community located in Tampa, FL. The property is comprised of 5, two-story residential buildings and 1, single-story clubhouse built in 2007 with wood frame construction. The community features pitched roofs and central HVAC systems. Evergreen Manor is an income-restricted property subject to Section 42 of the Internal Revenue Code via an Extended Low-Income Housing Agreement (ELIHA). These restrictions survive for 37 more years (expires April 21, 2057 per ELIHA) and provides that nineteen (19) units must be occupied and rented to persons or households whose incomes are 50% or less of the area median income. Twenty one (21) units must be occupied and rented to persons or households whose incomes are 60% or less of the area median income (adjusted for family size, as determined by HUD). The property features spacious floor plans averaging over 1,200 square feet with 8; 2 bedroom 2 bath units at 1,054 square feet, 24; 3 bedroom 2 bath units at 1,190 square feet, and 8; 4 bedroom 2 bath units at 1,385 square feet. The interiors feature light wood shaker-style cabinets, Formica countertops, white appliances, six-panel doors, carpeted flooring in living areas, and tile flooring in the kitchens and bathrooms. Second floor units feature vaulted ceilings. All units are equipped with dishwashers and washer & dryer connections. Residents enjoy a low-density, garden style site plan with convenient parking just steps away from each apartment. Community amenities including a sparkling swimming pool, shuffleboard courts, an on-site leasing office, and a clubhouse with a business center, library, and kitchenette. Evergreen Manor is well located in the Innovation Alliance (Potential Unleashed) District of Tampa, also referred to as Uptown. The property is in close proximity to some of Tampa Bay’s largest employers in the education, medical, and tourism industries. The immediate area has attracted significant investment and there are currently over $1 billion in new developments within two miles of the subject property. Evergreen Manor represents an excellent opportunity to acquire an extremely well maintained, newer vintage, multifamily asset at a price well below replacement cost. There is significant demand for affordable housing which continues to fuel perennially stable operations at the property. A new owner can capture significant rental upside through continued increases in HUD rents and increasing the percentage of Section 8 Housing Choice Voucher tenants.
Property highlights
- 40 Units - Section 42 LIHTC Property in Tampa, FL
- Newer Construction (2007 Year Built) with Pitched Roofs & Central HVAC
- Parking Lots Restriped & Resealed in 2021
- Spacious Layouts with 2, 3, & 4 Bedroom Floor Plans Averaging Over 1,200 Square Feet
- All Units Feature Washer & Dryer Hookups and Dishwashers
- Community Amenities Include a Swimming Pool, Clubhouse, Shuffleboard Courts, and an On-Site Leasing Office
- Income Restrictions Require 47% of Units Rented to <50% Area Median Income (AMI) and 53% of Units Rented to <60% AMI
- Well Located in the Innovation Alliance (Potential Unleashed) District of Uptown Tampa
- Near Major Employers Including University of South Florida (0.8 Mi.), James A. Haley VA Hospital (0.9 Mi.), Advent Health Hospital (1.4 Mi), Moffitt Cancer Center (1.4 Mi.), Busch Gardens (3.3 Mi.), & Adventure Island (3.1 Mi.)
- Located in Close Proximity to Multiple Mega-Development Projects Including the University Mall Redevelopment ($1 Billion), James A. Haley VA Hospital Expansion ($148 Million), Advent Health New Tower Development ($256 Million), and the Yuengling/PepsiCo Expansion