Harper Flats | 6822 S Shamrock Dr
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Harper Flats 6822 S Shamrock Dr
28 Unit Block of Flats £4,712,871 (£168,317/Unit) 5.05% Net Initial Yield Tampa, FL 33616
Investment Highlights
- Seller Financing Available!!!
- Located in the dynamic South Tampa submarket and less than a mile from MacDill Air Force Base
- Offered Free & Clear
- 100% occupied with the vast majority of the leases not rolling until 2024
- Targeted interior & exterior upgrade opportunities remain to capture new high-end consumer demand
- In-place condominium association
Executive Summary
SELLER FINANCING AVAILABLE!!! Harper Flats is a 28-unit boutique apartment community comprised of all one bedroom / one bathroom floor plans located in high-demand South Tampa immediately North of MacDill Air Force Base. As of September 2023, the property is 100% occupied and has historically experienced strong renter demand due to its excellent location.
Current ownership completed a $166K renovation plan that included exterior aesthetic upgrades that helped reposition the property as a premium housing option. These improvements may be further upgraded via a value-add strategy to include stainless steel appliances, in unit washer/dryer, expanded hardwood flooring, upgraded light fixtures, kitchen backsplashes, undermount sinks, exterior repainting, enclosing and expanding first floor patios, and a larger amentity area.
In addition to value-add improvements, additional rental rate upside could be achieved by marking rents to current market. As the summer leasing season progressed, current ownership continued to increase rental rates resulting in leases signed earlier in the year that are now below the market.
Unit interiors include granite countertops, hardwood floors, central air conditioning, crown molding, modern cabinets, and black appliances. The property's exterior amenities include a fire pit lounge, an outdoor grill kitchen, and a picnic area.
Capitalizing on the strong submarket demand and accompanying market rent growth, Harper Flats provides a compelling value-add opportunity through targeted interior and exterior upgrades.
Condominium association in-place to facilitate immediate retail sales, if desired. This offering includes the entirety of the condominium.
Current ownership completed a $166K renovation plan that included exterior aesthetic upgrades that helped reposition the property as a premium housing option. These improvements may be further upgraded via a value-add strategy to include stainless steel appliances, in unit washer/dryer, expanded hardwood flooring, upgraded light fixtures, kitchen backsplashes, undermount sinks, exterior repainting, enclosing and expanding first floor patios, and a larger amentity area.
In addition to value-add improvements, additional rental rate upside could be achieved by marking rents to current market. As the summer leasing season progressed, current ownership continued to increase rental rates resulting in leases signed earlier in the year that are now below the market.
Unit interiors include granite countertops, hardwood floors, central air conditioning, crown molding, modern cabinets, and black appliances. The property's exterior amenities include a fire pit lounge, an outdoor grill kitchen, and a picnic area.
Capitalizing on the strong submarket demand and accompanying market rent growth, Harper Flats provides a compelling value-add opportunity through targeted interior and exterior upgrades.
Condominium association in-place to facilitate immediate retail sales, if desired. This offering includes the entirety of the condominium.
Property Facts Under Contract
| Price | £4,712,871 | Building Class | C |
| Price Per Unit | £168,317 | Lot Size | 0.80 AC |
| Sale Type | Investment | Building Size | 140,586 SF |
| Net Initial Yield | 5.05% | Average Occupancy | 100% |
| No. Units | 28 | Number of Floors | 2 |
| Property Type | Residential | Year Built/Renovated | 1983/2017 |
| Property Subtype | Apartment | Parking Ratio | 2.06/1,000 SF |
| Apartment Style | Low Rise |
| Price | £4,712,871 |
| Price Per Unit | £168,317 |
| Sale Type | Investment |
| Net Initial Yield | 5.05% |
| No. Units | 28 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.80 AC |
| Building Size | 140,586 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built/Renovated | 1983/2017 |
| Parking Ratio | 2.06/1,000 SF |
Unit Amenities
- Air Conditioning
- Microwave
- Heating
- Crown Moulding
- Granite Countertops
- Wooden Floors
Site Amenities
- Laundry Facilities
- Breakfast/Coffee Concierge
- Grill
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 28 | - | 561 |
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zoning
| Zoning Code | RS-50 |
| RS-50 |
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Harper Flats | 6822 S Shamrock Dr
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