Pinecrest Villas

Pinecrest Villas is a single-story, thirty-three-unit multifamily property located in the University submarket of Tampa, FL. Located just minutes away from major demand drivers, points of interest and major transportation corridors. Residents are less than one mile away from the University of South Florida, AdventHealth Tampa Hospital, RITHM at Uptown, Publix, Walmart, Chick-Fil-A and much more. Pinecrest Villas is unparalleled in its proximity to the area’s most popular economic and entertainment drivers. Consisting of nineteen 721sf one-bedroom/one-bathroom and fourteen 824sf two-bedroom/one-bathroom units, an investor can capitalize on the tremendous amount of upside left in the deal by implementing a strategic value-add program to increase rents an additional $250/unit/month on average to capture an 8%+ cash-on-cash return within 12-months of ownership.

Pinecrest Villas is located in a high rental demand submarket with ample comparable rentals for a future owner to follow. An incoming owner has numerous opportunities to improve the property including, but not limited to, renovating the remaining interiors, reintroduce the on-site laundry room, convert the laundry room into an additional one-bedroom unit and/or install washer/dryer hookups in the two-bedroom units. The asset has received major capital improvements over the last several years and is being delivered fully-stabilized. Each building is concrete block, slab on grade with a pitched shingle roof, and the property is on city water and sewer. These vital characteristics well position an incoming owner for long-term success by allowing them to obtain favorable debt and insurance on the property.