THE LAKE MAGDALENE VILLAS (7-UNIT APARTMENT COMPLEX)- FOR SALE IN TAMPA, FL

2101-2113 Oak Chace Tr Tampa, FL 33613

2101-2113 Oak Chace Tr, Tampa, FL, 33613
2101-2113 Oak Chace Tr, Tampa, FL, 33613
FOR SALE
Property Type:
MultiFamily Apartments
Amount:
$1,100,000
Last Verified:
Jun 18, 2019

Highlights

  • 7-LARGE MULTI-FAMILY UNITS NEAR BEAUTIFUL LAKE MAGDALENE IN TAMPA, FL!
  • 8% CAP-RATE IN 2019!
  • EXTREMELY LOW RENTAL RATES, GIVING THE BUYER MASSIVE UPSIDE!
  • 100% OCCUPIED WITH A PERFECT MIX OF SHORT AND LONG TERM TENANTS!
  • ALL UNITS ARE PART OF A HOMEOWNERS ASSOCIATION THAT MAINTAINS THE PROPERTY!
  • NEW CONSTRUCTION, AS THESE UNITS, WERE BUILT IN 2015!

Description

THE LAKE MAGDALENE VILLAS ARE A 7-UNIT MULTI FAMILY BUILDING LOCATED IN TAMPA, FL. THESE UNITS ARE IN EXCELLENT CONDITION AND, ALL HAVE THE SAME MASSIVE FLOOR PLAN OF APPROXIMATELY 1,710 S/. BUILT IN 2015, THIS PROPERTY IS IN FANTASTIC CONDITION AND HAS BEEN WELL MAINTAINED BY THE OWNER AND PROPERTY MANAGER. THE PROPERTY BOASTED AN IN-PLACE CAP RATE OF OVER 7% IN 2018 AND THIS WILL ONLY RISE TO APPROXIMATELY 8%+ BY THE END OF 2019!

IT IS EXTREMELY RARE TO FIND A VALUE-ADD OPPORTUNITY IN THIS PART OF TAMPA! NOT TO MENTION THE NEW CONSTRUCTION SHOULD ALLOW THE BUYER TO INCREASE THE RENTAL RATES WITHOUT HAVING TO SPEND MUCH ON REPAIRS AT THE PROPERTY!

THE LAKE MAGDALENE VILLAS ARE CURRENTLY 100% OCCUPIED AND HAVE IMMENSE UPSIDE WITH THE EXTREMELY LOW RENTAL RATES CURRENTLY IN-PLACE. THE PROPERTY HAS A FANTASTIC MIX OF SHORT-TERM AND LONG-TERM TENANTS WHICH GIVES THE BUYER THE ABILITY TO INCREASE THE RENTAL RATES IMMEDIATELY UPON TAKING OVER THE PROPERTY. CURRENTLY, EACH UNIT IS RENTING FOR APPROXIMATELY $250-$300 BELOW THE CURRENT MARKET RATE! THIS IS A MASSIVE JUMP IN THE POTENTIAL NOI THAT IS EASILY OBTAINABLE WITH THE CURRENT RENTS BEING SO UNDER MARKET VALUE.

A THREE-BEDROOM/ TWO AND A HALF-BATHROOM APARTMENT IN THIS PART OF TAMPA SHOULD BE RENTING FOR NO LESS THAN $1,500-$1,575 PER MONTH. SOME COMPARABLE UNITS ARE RENTING FOR AS MUCH AS $1,600 A MONTH! DUE TO THE FACT THAT THE PROPERTY HAS CONSISTENTLY STAYED OCCUPIED WITH HIGH-QUALITY TENANTS, THE OWNER HAS NOT ACTIVELY TRIED TO INCREASE THE RENTAL RATES. HOWEVER, BASED ON THE RENTAL RATES OF COMPARABLE PROPERTIES, A $200-$300 INCREASE SHOULD BE VERY EASILY ATTAINABLE.

THE BEST PART ABOUT THIS AMAZING INVESTMENT OPPORTUNITY IS THAT ALL OF THE UNITS ARE PART OF A HOMEOWNERS ASSOCIATION. THE HOA HAS A SET MONTHLY COST OF $115 PER UNIT, WHICH THE OWNER PAYS. IN EXCHANGE FOR THE MONTHLY FEE, THE HOA COVERS ALL REPAIRS TO THE EXTERIOR OF THE BUILDING INCLUDING BUT NOT LIMITED TOO: GARBAGE, LAWN, LANDSCAPING, PLUMBING, ROOF, AND ALL HVAC UNITS AT THE PROPERTY.


PAYING A SET MONTHLY FEE OF $115 PER MONTH WILL DEFINITELY PROVE TO BE A MASSIVE HELP IN THE FUTURE AS ALMOST ALL THE REPAIR AND MAINTENANCE EXPENSE WILL COME FROM THIS MONTHLY FEE. THIS HELPS THE BUYER LIMIT THE AMOUNT OF POTENTIAL REPARIS MOVING FORWARD WITHOUT THE RISK OF HAVING TO OUTLAY A LARGE AMOUNT OF MONEY FOR A MAJOR REPAIR AT THE PROPERTY!

FUTHERMORE, COMPARABLE PROPERTIES HAVE AN AVERAGE OF $250 PER UNIT, PER MONTH IN REPAIR AND MAINTENANCE EXPENSES. THE $115 HOA FEE IS WELL, BELOW THAT AVERAGE AMOUNT AND WILL SAVE THE BUYER MONEY NOW AND IN THE FUTURE!


ALL ROOFS AND HVAC UNITS WERE INSTALLED DURING CONSTRUCTION JUST 4 YEARS AGO AND ARE IN FANTASTIC CONDITION. THE ROOFS, A/C UNITS, AND PLUMBING ARE CURRENTLY IN GOOD WORKING CONDITION AND ARE WELL MAINTAINED BY THE PROPERTY MANAGER AND PAID FOR BY THE HOA. LASTLY, EACH UNIT HAS ITS OWN WASHER AND DRYER MACHINES AS WELL AS AMPLE PARKING FOR TENANTS AND THEIR GUESTS!

THIS FANTASTIC VALUE-ADD OPPORTUNITY IS LOCATED NEAR LAKE MAGDALENE AND BEARSS AVENUE IN TAMPA, FL!


Year Built: 2015
Building Size: 12040.0sq ft
Lot Size: 0.03 acres

Map of 2101-2113 Oak Chace Tr, Tampa, FL, 33613

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