Shadow Pines
Closed12202 N 15th Street, Tampa, FL 33612
Property type
Multifamily
Unit / Space count
48
Price
$3,683,333
Building size
47,760 sf
Rentable area
47,760 SF
Year built
1984
Year renovated
Occupancy
Zoning code
Lot size
2.63 Acres
Sold/status
Sold · Date unknown
Sale price
$3683333
Bedroom count
Property description
Shadow Pines is a 48-unit multifamily community located in Tampa, Florida. The property was built in 1984 with all buildings consisting of concrete block construction on the first floor and wood framing on the second. The unit mix consists of 1 one bedroom one bathroom units of 850 square feet and 47 two bedroom two bathroom units of 850 square feet. There are 8 separate buildings on-site with over 97% of the units being two bedroom two bathroom. Shadow Pines is conveniently located close to the University of South Florida, one of the largest schools in the nation, and one of the area’s largest employers. Amenities on-site including a swimming pool and on-site laundry facility. Other large employers in the market include Busch Gardens and the Florida Hospital. Shadow Pines presents an outstanding opportunity to own in the growing Tampa market with immediate rent upside and promising growth in the surrounding area for the foreseeable future.
Property highlights
- Current In-Place Cap Rate of 8.38%, with a Total Return of 16.92%
- Within Two Miles of The University of South Florida, One of the Largest Schools in the Country With an Annual Enrollment of Over 50,000 Students
- 1980’s Built Portfolio Consisting of 97.9% Two Bedroom Apartments
- Water & Sewer Is Individually Metered Recapturing Over 82% of the Utility Bill
- Major Employers in the Area Include Busch Gardens, The University of South Florida, Florida Hospital & The University Mall
- All Units Have a Patio or Balcony with Outside Storage at Shadow Pines
- East Accessibility to Downtown Tampa, Tampa International Airport, Pinellas County, and Much More Via I-275