SELLER FINANCING AVAILABLE!!! Harper Flats is a 28-unit boutique apartment community comprised of all one bedroom / one bathroom floor plans located in high-demand South Tampa immediately North of MacDill Air Force Base. As of September 2023, the property is 100% occupied and has historically experienced strong renter demand due to its excellent location.
Current ownership completed a $166K renovation plan that included exterior aesthetic upgrades that helped reposition the property as a premium housing option. These improvements may be further upgraded via a value-add strategy to include stainless steel appliances, in unit washer/dryer, expanded hardwood flooring, upgraded light fixtures, kitchen backsplashes, undermount sinks, exterior repainting, enclosing and expanding first floor patios, and a larger amentity area.
In addition to value-add improvements, additional rental rate upside could be achieved by marking rents to current market. As the summer leasing season progressed, current ownership continued to increase rental rates resulting in leases signed earlier in the year that are now below the market.
Unit interiors include granite countertops, hardwood floors, central air conditioning, crown molding, modern cabinets, and black appliances. The property's exterior amenities include a fire pit lounge, an outdoor grill kitchen, and a picnic area.
Capitalizing on the strong submarket demand and accompanying market rent growth, Harper Flats provides a compelling value-add opportunity through targeted interior and exterior upgrades.
Condominium association in-place to facilitate immediate retail sales, if desired. This offering includes the entirety of the condominium.