Multi-Family•Low-Rise/Garden•For Sale

Irene Street Apartments

2207 Irene Street, Lutz, Florida 33549

Sale Price $1,077,000
Sale Type Investment
Zoning RMC-16
Bldg Type Multi-Tenant
Year Built 1981
Vacancy 100%
Gross Bldg 7,044 SqFt
Land Area .6 Acres
Project Size 10
Market Tampa
Sub-Market New Tampa
KW Commercial is proud to represent Irene Street Apartments in Lutz, FL for Sale. This offering includes (2) quadplexes and (1) duplex for a total of (10) units. Each unit comprises a 2/1 configuration with roughly 705 SF. All units are currently fully leased. The Sale includes three parcels, 2203, 2205, & 2207 Irene Street addresses. All of the buildings had new roofs installed in 2018. Interior wise, 1 of the 10 units has been fully upgraded with granite countertops, new appliances and new bathroom features. Future ownership has the value add upside to renovate the remaining 9 units and increase rents to market rent of $950/month. New ownership may also elect to add an onsite laundry facility to increase income. For a full review of the Financial Offering, please sign the Confidentiality Agreement attached to the Initial Offering Memorandum and return to Broker. The property is located just north of E Bearss Ave. between I-275 and Bruce B Downs Blvd.
  • - 10 Units of Multifamily for Sale with interior value add potential.
  • - Located in the North Tampa Market of Lutz near the University District.
  • - Fully Leased and performing at a 5.66% CAP Rate.
  • - 9 of 10 units remain to be upgraded and rents increased to market.
  • - Additional value add by creating onsite laundry facility.

1 Attachments

Initial OM

5/17/2019 6:21:44 PM 5/17/2019 6:21:44 PM

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