Timber Trace Apartments
Closed11716 N 58th St, Tampa, FL 33617
Property type
Multifamily
Unit / Space count
116
Price
$7,800,000
Building size
80,240 sf
Rentable area
80,240 SF
Year built
1974
Year renovated
Occupancy
Zoning code
Lot size
6.04 Acres
Sold/status
Sold · Date unknown
Sale price
$7800000
Unit mix
98x
2br
Bedroom count
Property description
Timber Trace Apartments is located in Tampa, Florida spread across 6.04 acres. The property was built overtime over the course of a decade from 1974 until 1983 with all buildings consisting of concrete block construction and stucco exterior walls. The unit mix consists of 16 one bedroom one bathroom units of 550 square feet, 24 two bedroom one bathroom duplex units of 710 square feet, 64 two bedroom one bathroom units of 715 square feet and 12 two bedroom one bathroom units at 720 square feet. There are 16 separate buildings on-site with over 86% of the units being two bedroom one bathroom. Timber Trace is conveniently located close to the University of South Florida, one of the largest schools in the nation, and one of the area’s largest employers. Amenities on-site include a swimming pool, laundry facility and a play-ground for residents to enjoy. Other large employers in the market include Busch Gardens, and the Florida Hospital. Timber Trace presents an outstanding opportunity to own in the growing Tampa market with immediate rent upside and promising growth in the surrounding area for the foreseeable future. With such strong occupancy coupled with the prime location in the University of South Florida submarket, there is room for immediate rent growth. In the University submarket, effective rent growth change has increased 1.6% in the last four months and currently stands at $831. Vacancy rates are at the lowest rates in over 20 years and currently sitting at an impressive 1.7%. With 17,081 units, amounting to 10.3% of the total metro inventory, the University submarket is the second largest of the seventeen distinct geographic concentrations that form the Tampa-St.Petersburg apartment market.
Property highlights
- Value-Added Opportunity With 20+ Year Ownership
- Current occupancy of 99%, providing immediate ability to significantly raise rents
- Within one mile of The University of South Florida, one of the largest schools in the country with an annual enrollment of over 50,000 students
- Constructed of Highly Desirable Concrete Block
- Over 6 Acres of Land with Mature Landscaping Spanning the Entire Property
- Major employers in the immediate area include Busch Gardens, University of South Florida, Florida Hospital & The University Mall
- Excellent unit mix with over 86% of the units comprised of 2 bedrooms