Heritage at Tampa
Closed7011 San Ramon Place, Tampa, FL 33617
Property type
Multifamily
Unit / Space count
110
Building size
161,392 SF
Year built
1969
Lot size
7.75 acres
Sold/status
Sold · Date unknown
Sale price
$13100000
Property description
Heritage at Tampa is a 110-unit property located in the Northeast portion of Tampa. It is well connected to local employment centers thanks to major roadways including I-4, I-75, and I-275. The 1969 vintage property is solid block construction with a brick façade and consists of spacious 2 and 3-bedroom units averaging 1,259 square feet, the largest units in the submarket. Heritage at Tampa boast an impressive set of amenities including a leasing center, clubhouse with billiards, fitness center, resort style swimming pool, and a common laundry facility. The current owners acquired the property in 2015 as a fractured condominium and have since re-purchased all units and collapsed the HOA. Investors have the opportunity to acquire an excellent candidate for value-add projects. Some suggestions include: • No significant renovations were completed under current ownership providing a great canvas for the new owners. Updated interiors, fencing and/or paving of the private patios, and the addition of washer/dryers would significantly boost to the potential NOI of the property. • An unused leasing space at the front of the property could be brought back online to allow for the repurposing of the current space at the back of the property. The new space would become an additional tenant amenity and a potential new source of income. Other amenity upgrades will allow the property to continue to differentiate itself from submarket competitors. • The parcel also includes approximately 3.194 Acres of land on the Hillsborough River, which is currently zoned for multifamily development and allows for up to 20 Units/Acre to be built.
Property highlights
- Transaction Completed with Significant Contingent Free Deposit at Contract Signing
- Buyer Closed at Contract Price and with New Agency Financing
- Additional Land Included in the Sale Provides Value Add Potential of Adding Additional Units
- Excellent Visibility on Major Thoroughfare