Lagoon Villas
Closed8821 S Lagoon St, Tampa, FL 33615
Property type
Multifamily
Unit / Space count
6
Price
$750,000
Building size
3,156 sf
Rentable area
3,156 SF
Year built
1970
Year renovated
Occupancy
Zoning code
Sold/status
Sold · Date unknown
Sale price
$750000
Bedroom count
Property description
Lagoon Villas is a 6-unit, waterfront, multifamily property located in Tampa, FL within Hillsborough County. The property is comprised of 3 single-story concrete block buildings with pitched, shingle roofs. Each building contains 2 units with waterfront views. The unit mix consists of two; 1 Bed, 1 Bath units at 414 SF and four; 2 bed, 1 Bath units at 567 SF. Residents at Lagoon Villas enjoy several amenities including grassy areas, 3 boat slips and a relaxing waterfront gazebo featuring seating areas, barbecue grills and a fire pit. The property is secured with fencing surrounding the perimeter. Each unit has central AC and in-unit washers and dryers. The 0.6-acre property has direct canal-access which leads to Tampa Bay. The well located property is surrounded by over $6-billion in new developments, including the $3-billion Water Street Tampa Redevelopment (11.4 miles away). Lagoon Villas is within a 20-minute drive to all 3 of Tampa's largest employment districts, Downtown Tampa, Westshore Business District and Gateway. Travel is convenient with Hillsborough Ave nearby which provides access to hundreds of retailers, restaurants and destinations including Publix Supermarket (0.4 Miles), Aldi (0.7 Miles), The Home Depot (0.3 Miles), Starbucks (0.5 Miles), Walgreens (0.3 Miles), Chili's (0.5 Miles) and Tampa International Airport (6.0 Miles). Interstate 275 is within 6 miles and provides easy access to Downtown Tampa (10.9 Miles) and Downtown St. Petersburg (23.6 Miles). Lagoon Villas offers an investor the rare opportunity to acquire a 6-unit, waterfront asset in Tampa, near several major employers, retailers and entertainment districts. The property would benefit from a light interior & exterior renovation strategy which would allow a new owner to increase rents to market.
Property highlights
- 1970's Vintage Single Story Concrete Block Construction with Pitched Roofs & Central HVAC
- 6 Waterfront Units with Access to Tampa Bay
- Significant Value-Add Potential with $200 in Average Monthly Rental Upside Through Interior/Exterior Renovation Program
- Property Features 3 Boat Slips, a Waterfront Gazebo, Barbecue Grills, a Fire Pit, a Fenced Perimeter, Surface Parking, In-Unit Washers & Dryers and Several Grassy Areas
- Surrounded by 238-Acres of Wetlands Owned by Hillsborough County
- Within a 5-Minute Drive to Publix Supermarket, The Home Depot, Aldi, Chilis and Anytime Fitness
- Located Within 20 Minutes of Tampa's 3 Largest Employment Districts
- Centrally Located Near More Than $6-Billion in New Developments