Oak Gardens
Closed11734 N 15th St & 11717 N 14th St, Tampa, FL 33612
Property type
Multifamily
Unit / Space count
32
Price
$2,300,000
Building size
26,412 sf
Rentable area
26,412 SF
Year built
1981
Year renovated
Property class
C
Occupancy
100%
APN
U-07-28-19-1GN-D00000-00015.0; U-07-28-19-1GN-D00000-00002.0
Zoning code
Lot size
1.79 Acres
Unit mix
32x
-br
Bedroom count
Price per Unit
$71,875
Price per SF
$87.08
Property description
Oak Gardens is a two-property portfolio consisting of 32 multifamily units with proven value-add potential located in North Tampa. Both properties were constructed in 1981 with concrete block framing and pitched roofs. The floor plans consist of all two-bedrooms units each featuring central HVAC as well as washer/dryer connections. Over the past five years, the properties have undergone significant interior renovations, including new kitchens, bathrooms and flooring. The property has also received recent exterior improvements, including new parking lots and a new roof. The properties are conveniently located only a short block away from each other at 11717 N 14th St Tampa, FL 33612 and 11734 N 15th St Tampa, FL 33612. Major economic drivers in the area include The University of South Florida, The Florida Hospital, James A Haley VA Hospital, and Busch Gardens amusement park. The submarket is easily accessible via major roadways including I-275 serving Downtown Tampa and I-75. Oak Gardens offers the investor an opportunity to acquire a value-add property in excellent condition with immediate upside in rents.
Property highlights
- Oak Gardens is 2 Properties, Totaling 32 Units, Located 1 Block Apart
- 1981 Concrete Block Construction Comprised Entirely of 2 Bedrooms
- Significant Interior Renovations Include: New Kitchen, New Bathrooms, New Flooring
- Recent Exterior Improvements Include: New Roof at 14th St, and Both Parking Lots Resurfaced/Re-striped.
- Immediate Upside Available as Current Rents are Significantly Below Market.
- Property is less than 1 Mile from the University Mall, which has plans for a $1B Redevelopment
- Property is 1.6 Miles from University of South Florida, a Flagship University with an Enrollment Over 50,000
- Other Nearby Economic Drivers Include: Veterans Hospital (1.9 Miles), Florida Hospital (2.1 Miles), Busch Gardens (3.4 Miles)