Westwinds
Closed5215 S West Shore Blvd, Tampa, FL 33611
Property type
Multifamily
Unit / Space count
68
Price
$9,250,000
Building size
53,617 sf
Rentable area
53,617 SF
Year built
1985
Year renovated
Occupancy
Zoning code
Lot size
2.76 Acres
Sold/status
Sold · Date unknown
Sale price
$9250000
Bedroom count
Property description
Westwinds is a garden-style apartment community located in South Tampa, Florida in Hillsborough County. The property consists of seven-2 story buildings situated on 2.76 acres of land that sits directly on Westshore Blvd. The buildings were constructed in 1985 and are concrete block with pitched roofs. The unit mix at Westwinds consists of 28-1Bdr/1Bath apartments at 589 square feet and 40-2Bdr/1Bath apartments at 889 square feet. Community amenities include a swimming pool, on site laundry facility, and picnic & BBQ area. Most of the units at Westwinds have been at least partially upgraded and improvements include granite countertops & oak cabinetry, contemporary ceiling fans, new appliances and new carpet. The fully upgraded units are achieving rents $125-150 higher than the non-upgraded units which creates the opportunity for an investor to finish the unit upgrades and greatly increase the property’s gross income. Units at Westwinds are currently renting at the bottom of the immediate submarket, leaving significant upside through rent increases. The units are all individually sub metered for water, allowing the recapture of a portion of the monthly utility bill and 37 of the units have washers and dryers.
Property highlights
- 52-Acre Westshore Marina District Development Planned Directly Behind the Property Consisting of 1,750 Residential Units, 156,250 Sq Ft of Retail, and 83,750 Sq Ft of Office Space, Plus Hundreds of Boat Slips and Hotel Rooms
- Outstanding, Supply Constrained South Tampa Location with Frontage on High-Traffic Westshore Blvd
- Two Thirds of the Units Have Been Renovated Including Granite Countertops, Oak Cabinetry, New Appliances, Carpets, and Ceiling Fans
- Property is Renting Near the Bottom of the Immediate Submarket, Leaving Significant Upside Potential Through the Completion of the Renovation Projects
- Directly Around the Corner From The Gandy Bridge, a Major East-West Thoroughfare Connection Tampa with St Petersburg with an AADT of 36,500
- In Close Proximity of the Property:
- - 0.9 Miles to Westshore Yacht Club
- - 4.2 Miles to Westshore Business District
- - 4.6 Miles to MacDill Air Force Base
- - 7.9 Miles to Tampa International Airport (Ranked 6th Best Airport in Country; 7,500 Local Employees)
- - 13 Miles to Downtown Tampa (9.7 Million SF of Office Space)
- In Close Proximity to Bayshore Boulevard, A Local Tampa Bay Favorite for its’ Scenic Bike Paths & Annual Festivities that run alongside the Hillsborough Bay
- 37 Units Contain Washers and Dryers