French Quarter
Closed6400 N Armenia Ave, Tampa, FL 33604
Property type
Multifamily
Unit / Space count
57
Price
N/A
Building size
50,585 sf
Rentable area
50,585 SF
Year built
1968
Year renovated
Occupancy
Zoning code
Lot size
2.49 Acres
Sold/status
Sold · Date unknown
Bedroom count
Property description
French Quarter is a 57 unit multifamily community located in Tampa, FL. The property features 8, two-story, concrete block buildings with new roofs. All buildings have been well maintained and the property has received over $3,000,000 in recent interior & exterior upgrades. Approximately 60% of all HVAC systems and hot water tanks have been replaced and all units have received new appliances in 2019-2020. French Quarter is located nearby to several major employers, retailers, and points of interest. The property is within a 12 minute drive to Downtown Tampa, Tampa International Airport, and the Westshore Business District, which holds over 4,000 businesses and 100,000 employees. French Quarter is convenient to national retailers including Wawa (1.3 Mi), Starbucks (2.5 Mi), Publix Supermarket (3.0 Mi), Target (4.7 Mi), Whole Foods, and over 200 premium restaurants and retailers at International Plaza & Bay Street (5.0 Mi). The Seminole Heights District is only a 5 minute drive from French Quarter and features dozens of unique restaurants, boutiques, bars, and cafes. French Quarter offers the ability to acquire a well maintained property with value-add potential in a neighborhood that is convenient to all of Tampa's major points of interest. The nearby retailers and employers combined with major city developments ensures continued rental success in the near and future market.
Property highlights
- 57 Unit Multifamily Community Located in Tampa, FL
- Highly Desirable Concrete Block Construction with 56% Two-Bedroom Floor Plans
- Property is in Excellent Condition with ~$3,000,000 ($50k+ Per Unit) in Recent Upgrades
- Exterior Improvements Include New Roofs, Sewer Lines, Parking Lots, Iron Stairwells, Landscaping, Irrigation System, Lighting & Signage, Paint, Pool, Renovated Leasing Office and Laundry Facility
- All Interiors Renovated in the Past Three Years with New Black Appliance Package (with Dishwashers), Gray Raised Panel Cabinetry, Formica Countertops, Vinyl Flooring in Common/Wet Areas with Carpet in Bedrooms, Tile Backsplashes in Kitchens, Light Gray Paint Scheme, and Modern Plumbing & Lighting Fixtures
- Value-Add Opportunity with Potential to Achieve $472 in Average Monthly Rental Upside Through Continued Market Growth and Selective Higher-End Interior Upgrades
- Proven Upside with $152K of In-Place Loss to Lease and Average Lease Rents $236 Below Current Base Market Rents at the Property
- Strong Year-to-Date Lease Trade-Out Activity Averaging a $360 (32.7%) Increase Across New Leases and Renewals (26 Leases)
- Attractive Amenity Set for Property Size, Including On-Site Leasing Office, Swimming Pool, Grilling/Picnic Areas, On-Site Laundry Facility, and Spacious Maintenance Shop
- Infill Location within a 12 Minute Drive to Downtown Tampa, Tampa International Airport, and the Westshore Business District
- Within Minutes of Major Employers Including Raymond James Stadium, George M. Steinbrenner Field, Zoo Tampa, Tampa International Airport, St. Joseph’s Hospital, and Advent Health Carrollwood Hospital
- Located 5 Minutes From the Seminole Heights District - a Local Artistic District with Dozens of Unique Restaurants, Boutiques, Bars, and Cafes
- Convenient to Nearby Retailers Including Wawa (1.3 Mi), Powerhouse Gym (1.4 Mi), Starbucks (2.5 Mi), Publix Supermarket (3.0 Mi), Walmart Supercenter (3.4 Mi), Target (4.7 Mi), Whole Foods (4.9 Mi), and International Plaza & Bay Street (5.0 Mi)