North Hyde Park Apartments
Closed304 N WESTLAND AVE, Tampa, FL 33606
Property type
Multifamily
Unit / Space count
20
Price
$2,400,000
Building size
13,799 sf
Rentable area
13,799 SF
Year built
1928
Year renovated
Occupancy
Zoning code
Lot size
0.16 Acres
Sold/status
Sold · Date unknown
Sale price
$2400000
Bedroom count
Property description
The North Hyde Park Apartments are comprised of two properties totaling 20 rentable units. These include: one 8 unit multifamily building constructed in 1928 and one 12 unit multifamily building constructed in 1925; Both properties feature historic architecture including Mediterranean revival design. Both buildings are extremely well located in North Hyde Park, one of South Tampa’s most sought after submarkets. The properties are centrally located near Tampa’s major employment districts including Downtown Tampa (1.2 miles), Westshore Business District (1.7 miles), and St. Petersburg’s Gateway Business District (12.8 Miles). The properties are surrounded by approximately $6 Billion in ongoing public and private development projects including Water Street Tampa, Armature Works at The Heights Development, Midtown Tampa, and the West River Redevelopment Project. SoHo Entertainment district is within walking distance and features dozens of bars, restaurants, and shops. The properties are in close proximity to the University of Tampa as well with 9,000 annual students in constant need of rental housing. The North Hyde Park Apartments have been operated by long-term ownership for the past 20+ years, offering a significant value-add opportunity through increasing rents to market levels. Current average in-place rents are approximately $775/month which offers the investor an opportunity to capture significant rental upside on the existing portfolio. The North Hyde Park portfolio represents an attractive hybrid opportunity to execute an existing light value-add multifamily strategy in a highly desirable submarket.
Property highlights
- Two-Property Portfolio Including 8-Unit & 12-Unit Multifamily Properties in Tampa, FL
- Long-Term 20+ Year Ownership; Property Has Been Operated by Single Owner Since Late 1990’s
- All Properties are Located in the Highly Desirable North Hyde Park Neighborhood in Close Proximity to 1,500+ Units of New Construction Apartments
- Nearby Points of Interest Include University of Tampa (1.2 Mi.); South Howard “SoHo” Entertainment District (0.5 Mi.); Hyde Park Village (1.1 Mi.); and Tampa International Airport (6.4 Mi.)
- Centrally Located to Tampa’s Major Employment Districts Including Downtown Tampa (1.2 Mi) & Westshore Business District (1.7 Mi.)