Park View Portfolio
Closed5505 N Habana Ave, 2505 Violet St, 4827 Melton Ave, Tampa, FL 33614
Property type
Multifamily
Unit / Space count
84
Price
$13,000,000
Building size
82,388 sf
Rentable area
82,388 SF
Year built
1983
Year renovated
Occupancy
Zoning code
Lot size
2.63 Acres
Sold/status
2026-06-16
Sale price
$13000000
Bedroom count
Property description
The Park View Portfolio is a three-property multifamily offering featuring durable concrete block construction built between 1972 and 1983 and a strong, well-balanced unit mix of 52% two-bedroom/one-bath and 48% one-bedroom/one-bath units. The portfolio is offered at a 5.83% takeover cap rate with adjusted taxes and has already seen meaningful capital improvements, including two of three new roofs, all-new HVAC systems, stainless-steel appliances, and light interior renovations—allowing a new owner to focus on executing the remaining value-add strategy. With average in-place rents of $1,378, the portfolio sits below the surrounding competitive set, providing a clear opportunity to increase rents to $1,500+ and achieve a projected 7.15%+ year-two cap rate. Centrally located in Tampa, the properties offer convenient access to Downtown, the Westshore Business District, and Tampa International Airport, along with major healthcare and educational employers. Proximity to established retail, dining, and rapidly redeveloping neighborhoods such as Seminole Heights and North Tampa further supports long-term renter demand and investment upside.
Property highlights
- Concrete Block Construction Built in 1972, 1981, and 1983
- 5.83% Takeover Cap Rate with Adjusted Taxes
- Prime Value-Add Opportunity in a Great Location and Strong Unit Mix
- 52% 2/Bed 1/Bath and 48% 1/Bed 1/Bath units
- Recent Capex Includes: Two of the Three New Roofs (Parkview and Southview), All-New HVAC, All-New Stainless-Steel Appliances, and Light Interior Renovations
- Rents Are Currently on the Low End of the Comp Set in the Surrounding Area. Average Rents at the Portfolio Are $1,378
- Clear path to 7.15%+ year 2 cap rate by increasing rents to the comp set average of $1,500+
- Central Tampa Positioning: Strategically Located Minutes from Downtown Tampa, Westshore Business District, and Tampa International Airport, Offering Direct Access to the Region’s Leading Economic Engines and 170,000+ Jobs Combined
- Healthcare & Institutional Employment Core: Proximity to Major Employers Including St. Joseph’s Hospital, Tampa General Hospital, Hillsborough County Public Schools, and the University of Tampa Drives Strong Renter Demand
- Lifestyle & Retail Convenience: Surrounded by Established Commercial Corridors with Convenient access to Publix, Midtown Tampa, International Plaza & Bay Street, and a Wide Selection of Dining and Entertainment
- Rapidly Growing Urban Neighborhoods: Positioned within Redeveloping and High-Demand Areas Including Seminole Heights and North Tampa, Supported by Continued Population Growth, Rising Home Values, and Increased Renter Preference