Royal Village
Closed13911 N 19th St, Tampa, FL 33613
Property type
Multifamily
Unit / Space count
68
Price
$5,088,000
Building size
49,688 sf
Rentable area
49,688 SF
Year built
1972
Year renovated
Occupancy
98%
Zoning code
Lot size
2.53 Acres
Unit mix
68x
-br
Bedroom count
Price per Unit
$74,824
Price per SF
$102.40
Property description
Royal Village is a 68 unit multifamily community located in the densely populated University Area submarket of Tampa, FL. The property is comprised of 14 one & two-story buildings that were built between 1971 and 1974. Each building features concrete block construction with flat roofs. The unit mix includes 44 1Bed 1Bath units (650 SF) and 24 2Bed 1Bath units (750 SF), totaling 68 villa-style units. Residents at Royal Village enjoy off-street parking and on-site laundry facilities. The property is minutes away from Tampa’s largest employers including The University of South Florida (1.4 Mi), Busch Gardens (4.2 Mi), Adventure Island (4.2 Mi), James A. Haley Veteran’s Hospital (1.4 Mi), Moffitt Cancer Center (1.9 Mi) and Advent Health (1.3 Mi). The property is located in the highly desirable Innovation Alliance District, near several major redevelopment projects including: the $1 billion redevelopment of University Mall (1.6 Mi), the Fowler Innovations redevelopment (2.6 Mi), and the Tampa International Airport Redevelopment (16.7 Mi). Royal Village is located 5.5 miles from Interstate 75 and 1.3 miles from Interstate 275 which provide convenient access to Downtown Tampa (10 Mi) and Tampa International Airport (16.7 Mi). Royal Village offers an investor the opportunity to acquire a stable, high occupancy asset in one of Tampa’s most prime locations. The property has a proven value-add business model with ability to increase rents while improving management efficiencies.
Property highlights
- Sold at 96% of List Price
- Navigated Complex Deal Challenges Presented by COVID-19
- Buyer Planning Value-Add Strategy to Significantly Improve NOI
- Located 1.4 Miles from the University of South Florida - A Leading Public University in the United States with Over 50,000 Annual Students
- Minutes Away From Tampa's Largest Employers Including: Busch Gardens (4,000+ Employees), James A. Haley Veteran's Hospital (4,700+ Employees), Moffitt Cancer Center (6,000+ Employees) & Advent Health (2,300+ Employees)