70 BFR Investment Opportunity Tampa FL
70 BFR Investment Opportunity Tampa FL, Tampa MSA, Florida 34241
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This Build for Rent (BFR) portfolio opportunity allows a buyer to acquire new 70+/- homes spread around seven subdivisions in the Tampa, Florida area. The homes have been built or are in the final stages of construction by Meritage Homes of Florida. Known for quality and well-designed homes and communities, this portfolio allows a buyer to acquire a group of homes and not worry about capital expenditures for a number of years. It also allows the buyer to not worry about over saturation of rentals in a single community because the homes are spread across the area in seven communities.
All of the homes in this portfolio are being built to for-sale standards and quality and include the standard Meritage Home Warranty. They are also being built to high energy-efficiency standards providing tenants an incentive to pay higher rent. The homes are Energy Star© certified and have high-efficiency air conditioners. Many of the homes also include M.Connected Home™ Automation Suite.
This Meritage new home BFR portfolio includes a mix of homes of assorted sizes and number of bedrooms. Although the portfolio as a whole offers good returns, a buyer can select a subset of homes that best suit their investment criteria. The asking price on the total portfolio is just under $32,000,000, an average of $448,641 per home. There is an average of 4.1 bedrooms per home and an average per month rent of $2,920.
Florida is widely known as the Sunshine State, but it is also well-known for its business-friendly environment offering business owners low corporate income tax rates and no personal income tax. These tax situations continue to rank Florida as one of the top states to do business.
Tourism is one of the largest sectors of the state economy, employing nearly 1.4 million people in 2016. Tourism, manufacturing, construction, international banking, biomedical and life sciences, healthcare research, simulation training, aerospace and defense, and commercial space travel have contributed to the state’s economic development. Florida’s GDP in 2017 was $967.3 billion making it the fourth largest economy in the United States.
Tampa has an estimated population of 3,091,399 people as of 2018. Several Fortune 1000 companies have headquarters in Tampa, including OSI Restaurant Partners, WellCare, TECO Energy, and Raymond James Financial. Also, MacDill Air Force Base is an active United States Air Force installation located 4 miles south-southwest of downtown Tampa, Florida. Tampa was ranked as the 5th hottest real estate market for rental homes in 2017.
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- Stabilized Year 1 Gross Yield of 7.64%
- Stabilized Year 1 Cap Rate of 4.54%
- Strong 18.94% Stabilized Year 1 Leveraged IRR
- 70 +/- Single Family Home Build for Rent Investment Portfolio
- Homes are spread through seven communities in Metro-Tampa, Florida
- Seller is Meritage Homes
- Homes come with a new home warranty
- Homes are built to high energy-efficiency
- Buyer can select the homes that most meet their criteria (five or more homes)
- Q1 2018 unemployment rate of 3.6%
- Annualized job growth rate of 2.9%
- Estimated population April 2018 in Hillsborough county of 1,347,700, an estimated 24% are between the ages of 18 and 34
12/27/2018 5:39:19 PM
3/14/2019 4:16:09 PM