32 Home SFR Investment Portfolio St. Petersburg and Tampa FL
32 Home SFR Investment Portfolio St. Petersburg and Tampa FL, Tampa, Florida 33605
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This 32 home SFR investment portfolio opportunity located in St. Petersburg and Tampa, Florida offers an investor immediate cash flow in this growing market. St. Petersburg is a relatively large coastal city located just east of the bay of Tampa in the state of Florida. With a population of 263,255 people and 79 constituent neighborhoods, St. Petersburg is the fourth largest community in Florida. Tampa with a population of 377,165 people and 177 constituent neighborhoods, Tampa is the third largest community in Florida. The median home value in St. Petersburg is $216,200 and Tampa median house value of $202,718 which is an average of about 50% higher than this current portfolio’s average home price of $99,497, offering an excellent value for an investor. This portfolio is 94% occupied making it instant cash flow for an investor. In the last 10 years, St. Petersburg has experienced some of the highest home appreciation rates of any community in the nation. St. Petersburg real estate appreciated 38.27% over the last ten years, which is an average annual home appreciation rate of 3.29%, putting St. Petersburg in the top 20% nationally for real estate appreciation. Looking at just the latest twelve months, St. Petersburg appreciation rates continue to be some of the highest in America, at 11.8%, which is higher than appreciation rates in 96.57% of the cities and towns in the nation. The median list price per square foot in St. Petersburg is $202, which is 48% higher than the $105 price per square foot of this portfolio.
The average vintage of homes in this portfolio is 1936, offering an average square footage of 948 per home. This portfolio consists of 7 - 1 bed / 1 bath homes, 13 - 2 bed / 1 bath homes, 9 - 3 bed / 1 & 2 bath homes, and 3 - 4 bed / 2 bath homes. These floor plans range from 297-1,684 livable square feet, averaging 961 square feet in total. Rental rates throughout the portfolio are 25% below area market rents and 64% below neighborhood average rents, which are continuing to climb in this submarket and will continue bringing increased cash flow to investors bottom line over the next few years. The average rent in this portfolio is only $937 which is 62.4% below the median rent price in St. Petersburg of $1,500.
Tampa is a major city within the state of Florida with an estimated population of 377,165 residents in 2016. The Tampa Bay Partnership and U.S. Census data showed an average annual growth of 2.47% or a gain of 97,000 residents per year. Several Fortune 1000 companies are headquartered in Tampa, including OSI Restaurant Partners, WellCare, TECO Energy, and Raymond James Financial. Of interest, Tampa was the ranked as the 5th hottest real estate market for rental homes in 2017. Tampa residents and visitors have an array of attractions and areas to visit during their free-time, offering a laid-back and nautical-filled culture and way of life. As part of the Tampa area gulf coast, St. Petersburg is well-known for pleasant weather, bringing in an abundance of new visitors each year and new residents as well. St. Petersburg is a large coastal city with an estimated 2017 population of 263,255, a 7.4% increase since 2010. St. Petersburg made the New York Times list of global destinations in 2014.
Florida is widely known as the Sunshine State, but it is also well-known for its business-friendly environment offering low corporate income tax rates and no personal income tax. Low taxes combined with a lower cost of living than other metro areas contribute to these rankings. The state's proximity to the ocean influences multiple aspects of Florida culture and daily life. Tourism is one of the largest sectors of the state economy, pulling in nearly 1.4 million visitors 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 2016 was $216 billion- making it the fourth largest economy in the United States.
- Go to www.SFRhub.com to add a custom search and view additional information.
- Median real estate prices in this portfolio are about 48% lower than the current market prices
- Strong 8.76% Pro Forma Cap Rate
- Pro Forma Gross Yield of 11.77% and Leveraged Cash on Cash 13.29%
- Rental rates throughout the portfolio are roughly 62.4% below current market rates per home
- Price per sqft for this portfolio is $105 compared to the area median price of $202 sqft
- St. Petersburg home prices are up 11.8% in the last year
12/28/2018 8:43:13 PM
6/4/2019 12:39:03 PM