Southsider Tampa
Closed7106 & 7108 S Kissimmee St, Tampa, FL 33616
Property type
Multifamily
Unit / Space count
7
Price
$1,163,000
Building size
5,394 sf
Rentable area
5,394 SF
Year built
1983
Year renovated
Occupancy
Zoning code
Lot size
0.30 Acres
Sold/status
Sold · Date unknown
Sale price
$1163000
Bedroom count
Property description
Southsider Tampa, is a highly desirable multifamily investment property featuring 1980’s concrete block construction with pitched roofs, offering durability and timeless appeal. This property consists of seven units, six of which have been recently renovated with modern upgrades including white shaker cabinets, granite countertops, new vinyl wood/tile flooring, and a full suite of brand-new appliances, including microwaves, dishwashers, and in-unit washer/dryers. Recent capital expenditures totaling $105,000 have significantly improved the property, including brand new HVAC condensing units and handlers, a newly replaced staircase, white vinyl fencing, landscaping enhancements, and upgraded kitchens. The property is strategically located in the Port Tampa area, an ideal location with strong rental demand. Southsider Tampa offers a compelling investment opportunity with a 6.02% takeover cap rate and the potential to increase NOI by over 15% in year two through rent adjustments to market rates. The property’s prime location in Port Tampa ensures a steady demand for housing, with close proximity to major employers like MacDill Air Force Base and easy access to Tampa’s top business districts, including Downtown Tampa, Westshore Business District, Gateway Business District, and Downtown St. Petersburg—all just a short drive away. Residents will enjoy the convenience of nearby retail centers featuring popular stores like Publix, Target, and Home Depot, as well as dining options such as Starbucks, Chipotle, and Chick-fil-A. Just five minutes from the Westshore Marina District, a stunning 52-acre waterfront redevelopment with upscale shopping, dining, and panoramic views of Tampa Bay, this property is positioned for long-term growth and tenant satisfaction, making it an exceptional choice for any investor.
Property highlights
- 7-Unit Multifamily Property Located in Port Tampa
- Strong Unit Mix with 100% 2 Bedroom Floorplans
- Competitive Marketing Process With Multiple Written Offers
- Execution of Contract to Closing in 55 Calendar Days, Despite Challenges in the Insurance and Debt Markets
- Out of State Buyer Focused on Growing Market Presence in Tampa Bay MSA
- Excellent Location in Port Tampa with Close Proximity to MacDill Air Force Base, a Major Employer which Creates Constant Demand for Nearby Housing
- Conveniently Located to Tampa’s Largest Employment Districts Including Downtown Tampa (15 Minutes), Westshore Business District (17 Minutes), Gateway Business District (20 Minutes) and Downtown St. Petersburg (24 Minutes)
- Within 3 Miles to Major Retail and Dining Including Publix Super Market, Target, Home Depot, Starbucks, Chipotle & Chick-fil-A Located
- Just 5 Minutes From Westshore Marina District, a 52- Acre Master Planned, Mixed-Use, Waterfront Redevelopment with High-End Shopping, Restaurants and Views of Tampa Bay