241 UNIT CLASS B ‘VALUE ADD’ MULTI-FAMILY
Updated: May 20
14350 N. 22ND STREET, TAMPA, FLORIDA 33613
241 UNIT CLASS B ‘VALUE ADD’ MULTI-FAMILY COMMUNITY IN TAMPA FL
Asking Price: $24.5M + 3% FIRM HERE IS A RARE CLASS B 241 VALUE ADDED MULTI-FAMILY UNITS IN TAMPA, FLORIDA......PROPERTY IS WELL MANAGED, MID 90's OCCUPANCY RATE AND AN ATTRACTIVE ASSUMABLE LOAN IF THE BUYER IS INTERESTED MAKE BIG BUCKS IN TAMPA, FLORIDA WITH THIS 241 UNIT VALUE ADD CLASS B M.F. ASSET, TOTALLY RENOVATED & A MONEY-MAKER ! This asset is located in a really nice area and neighborhood, close to the University of South Florida, near Fletcher Avenue
It is 2 stories, built in 1971 and totally renovated from the studs and these units are beautiful 230 of the 241 units are tenanted occupied...........Net Operating Income is $1,256,342...................Cap Rate is 5.2% The buyer may if they choose to, take advantage of an assumable loan originated in February 2018.......the loan balance is about $11,000,000 It is Fannie Mae Loan. The interest rate is fixed at 4.57%, amortized over 30 years and the loan matures in February 2028
The seller has expended at great cost the upgrades to make this a solid Class B Asset ….and this place is really nice
The 241 units have granite countertops, new kitchen cabinets, black appliances, all the floors are beautiful tile, new remodeled Bathrooms, luxurious tiled bath and shower enclosures, most units have walk in closets, gated community, there is maintenance on site.
There is pet care, onsite laundry facility, a picnic area, pool, playground, open green spaces, etc., etc., etc.
Avalon Village is located in Tampa, Florida which is in Hillsborough County. The property consists of 24 two-story buildings located on 7.78 +/- acres of land. The buildings were constructed in 1970 with a concrete block frame and flat roofs. The unit mix consists of 230 One Bedroom-One Bathroom units, 10 Two Bedroom-One Bathroom units, and 1 Two Bedroom-Two Bathroom Unit. Avalon Village is a gated community with a swimming pool area and a laundry facility on site.
Avalon Village is located Tampa, Florida of Hillsborough County. The property is less than two miles from I-275, a major North/South thoroughfare in Tampa that provides easy access to the whole Tampa/St. Petersburg area. Avalon Village is also just 2 miles from the second largest university in Florida with over 45,000 students, University of South Florida. Downtown Tampa, a major employment hub, is just 10 miles south of the property. Downtown Tampa offers a wide variety of arts and entertainment, dining, and nightlife options, as well.
ADDITIONAL INFORMATION IS AVAILABLE TO QUALIFIED BUYERS ONLY! THIS ASSET IS DELIVERABLE WHILE IT IS AVAILABLE THIS IS AN OFF MARKET ASSET, MUST STAY OFF THE MARKET, PLEASE DO NOT LET THIS GO VIRAL 1) The prepayment penalty is $3 million if the buyer chooses not to assume the loan. 2) We're currently working with an occupancy rate of 96%, 231 units are occupied. The other 10 units are simply vacant. 3) Deferred Maintenance – None remaining, the seller has taken great care of the asset .
THIS IS A PRE-DUE DILIGENCE, AND NOT A FORMAL DUE DILIGENCE PACKAGE. ONCE THE BUYER AND THE SELLER EXECUTE THE PURCHASE AND SALE AGREEMENT AND THE BUYER OPENS THE CONTRACTED ESCROW TRUST ACCOUNT WITH THEIR EARNEST MONEY DEPOSIT, THE SELLER WILL PROVIDE THE BUYER WITH THE P&Ls, VENDOR CONTRACTS AND ANY AND ALL FORMAL DUE DILIGENCE INFORMATION AND DOCUMENTATION AVAILABLE TO BE ABLE TO CLOSE ESCROW. Buyers are advised to do their own independent due diligence and research before commuting with the purchase FOR FINANCING OPTIONS PLEASE EMAIL NOTE: - Price is firm and not negotiable. PLEASE, NO TRANSACTIONAL FUNDING. REQUIRED - FOR FINANCIALS OR TO MAKE AN OFFER: 1. SIGNED NDA 2. LETTER OF INTENT 3. POF (BANK OR FUND STATEMENT)....NO EXCEPTIONS!