Georgetown & Cynthia Gardens
Closed603 N Dort St, Plant City, FL 33563
Property type
Multifamily
Unit / Space count
110
Price
$10,094,000
Building size
113,366 sf
Rentable area
113,366 SF
Year built
1974
Year renovated
Occupancy
Zoning code
Lot size
13.20 Acres
Sold/status
Sold · Date unknown
Sale price
$10094000
Unit mix
16x
2br
48x
2br
20x
2br
Bedroom count
Property description
Georgetown & Cynthia Gardens Apartments is a 2-property, 104 unit multifamily investment opportunity in Plant City, FL. The properties were built in 1974 & 1978 with Georgetown Apartments featuring pitched roofs while Cynthia Gardens Apartments feature flat roofs. Both properties reside in Plant City, FL within Hillsborough County and are a part of the Tampa/St. Petersburg MSA. Cynthia Gardens Apartments offers an additional 4.5 acres of undeveloped land included with the purchase price. This 4.5 acres of land is zoned and approved for the construction of 4 additional buildings and up to 58 new units. Situated between both properties is another 3.2 acres of land that could be developed to create 38 additional units. This land is available from a separate owner for $475,000. Georgetown & Cynthia Gardens Apartments is a quiet and serene community surrounded by conservation views. Residents can enjoy the 2 sparkling pools and being in close proximity to large employers, dining, retail, recreation and educational facilities. Georgetown & Cynthia Gardens Apartments offers an investor the opportunity to acquire 2 stable, high-occupancy, value-add assets with great potential for further construction & development.
Property highlights
- Never Been Sold Before & Owned by the Original Developer 18
- 4.5 Acres of Undeveloped Land Included with Purchase, Which is Zoned & Approved for the Development of 4 New Buildings & 58 Additional Units
- Opportunity to Purchase the 3.2 Acres of Land Between Both Properties for $475,000 & Develop an Additional 38 Units - Listed with a Separate Owner
- Subject Property Contains the Largest Units in the Immediate Submarket and the Lowest Rent Per Square Foot
- Value-Add Opportunity to Charge Tenants for Water/Sewer
- Ability to Upgrade Interiors and Increase Rents
- Favorable Unit Mix with Almost 80% Two Bedrooms
- Conveniently Located 1 Mile from I-4 Providing Easy Access to Tampa (23 Miles) and Lakeland (20 Miles)