Property Details:
Cayman Islander is a 24-unit garden style apartment complex located in the heart of South Tampa on S. Manhattan Avenue. The property was built in 1960 and is two-story concrete block construction with flat roofs. The property's unit mix is comprised of all One Bedroom-One Bathroom floor plans, each approximately 625 square feet. Cayman Islander Apartments offers an investor a great rehab opportunity in South Tampa with great visibility on Manhattan Avenue. The property is currently unoccupied and has been for a few years. The property will need an extensive renovation including, but not limited to a new roof, plumbing and electrical re-figuration, interior renovations, appliances, and exterior staircases. The property previously had window air conditioning units, so there is the opportunity to convert the property to central A/C. A new investor has the chance to rehab Cayman Islander and offer a like-new product in the highly desirable South Tampa submarket. Once the renovations are completed, the property will be well-positioned for rapid lease-up due to its geographic advantages. The South Tampa location will ensure the property enjoys stable occupancy, strong rental rates, and capital appreciation as the overall market and economy continue to improve.
Price: $490,000
Year built: 1960
Occupancy: 0%
Units: 24.00
Square Footage: 15,000 sqft
Price Per Foot: $32.67
Price Per Unit: $20,417.00
Price Per Acre: $700,000.00
Lot Size: 0.70+/-