1309 E Sitka St - Apartments FOR SALE


Tampa, FL 33604- Sulphur Springs
$485,000 USD
727-251-5953
1309 E Sitka St, Tampa, FL for Sale
$485,000 USD
Apartments - FOR SALE
1/14
null | 9.64% Cap Rate

1309 E Sitka St
Tampa, FL 33604
Sulphur Springs


HIGHLIGHTS

  • Massive Value-Add Opportunity: Projected +10% CAP Rate and +15% Cash-on-Cash Return in Years 1-3 (w/ CAP Ex Budget Included)
  • Currently 25% Occupied, w/ 3-Units Needing Full Renovation, 3 Partially Updated Units, and 2 Renovated Units, Allowing for a Strategic Repositioning
  • Substantial Foundation Repairs Completed: Including IntelliJack Leveling Systems, Supplemental Steel Beams, and Floor Joist Sistering
  • Critical Plumbing Updates Completed: Exterior Sewer Line Replaced, Drainage System Reinstalled w/ Proper Pitch, Replumbed Drains & Brought Up to Code
  • Renovated Interior Hallways & Stairs – Updated on Both Floors w/ New Flooring & Modern Fresh Paint
  • Newly Replaced Stairs on Exterior of Building and New Roof | Non-Flood Zone Location, Drastically Reducing Insurance Expenses

OVERVIEW

*** View OFFERING MEMORANDUM document for full details & financial projections at MultifamilyFirm.com (Doc is NOT on LoopNet) *** The Multifamily Firm is pleased to present Sulfur Springs Apartments, an 8-unit apartment building in Tampa, Florida, offering a compelling value-add opportunity with a projected +10% CAP rate and +15% cash-on-cash return. Currently 25% occupied, the property consists of 2 renovated units, 3 partially updated units, and 3 requiring full renovation, allowing for strategic repositioning. Extensive structural and mechanical upgrades have been completed, including IntelliJack leveling systems, supplemental steel beams, floor joist sistering, replaced exterior sewer line, and drain lines. Interior improvements feature renovated hallways and stairs with new flooring and modern paint, while exterior enhancements include newly replaced stairs and new roofs. Located approximately 6-miles north of Downtown Tampa on a 0.12-acre corner lot, the property is in a NON-flood zone area (Zone X) and continues ample space for parking, as well as the potential to add community amenities.

FOR SALE DETAILS

PRICE

$485,000 USD

PRICE/SF

$168 USD /SF

# OF UNITS

8

PRICE/UNIT

$60,625

CAP RATE

9.64%

% LEASED

25%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Sulphur Springs Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1924

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.12 AC

LAND SF

5,227 SF

ZONING

RS-50

APN/PARCEL ID

A-30-28-19-45M-000058-00010.0

ASK ABOUT THIS PROPERTY

Kyle KeelanThe Multifamily Firm, LLCMore Info
727-251-5953

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Kyle KeelanThe Multifamily Firm, LLCMore Info
727-251-5953

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.