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This historic 1925 building is a 15 unit + restaurant mix and sits on a unique lot with access to a boat dock. It is also located next to a historic Indian mound and burial site where original Spanish explorers first landed in the year 1528. You can find out more historic info here: https://www.trailoffloridasindianheritage.org/anderson-mound-jungle-prada/
It was purchased for $2.5M and has undergone extensive interior and exterior renovations upwards to $1M. The units are a mix of studios, one and two bedrooms achieving rents from $1,500-3,000/mo. The new value exceeds $6.5M. The property has all new landscaping, paint, exterior finish, custom metal work, fencing, an outdoor grill, private patios and decks, a shuffle board and more! The interior units have been fully remodeled and designed to keep the original intent of the building
This 8 unit, multifamily property was acquired as a value add strategy for $800k in Tampa. Situated in one of the hottest neighborhoods, Seminole Heights the new buyers, along with Out Fast Property Mgmt, immediately began the capex strategy for the property. Rebranding the name, implementing new signage, fencing, paint and other exterior improvements while also renovating units as tenants left. In the first 12 months, all units were turned over boosting rents from an average of $750-1,000 to $1,400-2,000 when finished. After the capex strategy was completed it created forced appreciation and equity creation bringing the value to over 1.6 million.
This duplex was acquired from a wholesaler buy an out of state investor that had never seen the property in person. They paid $213,500 with an estimated renovation cost of $8,200 which was provided by the wholesaler. We were contacted during the due diligence phase to assist with assessing the property, rental values and the overall strategy. The original bid was very low and not accurate. We had the property properly assessed with a licensed contractor for $22,000 setting the correct expectations and budgets with the client. We saved them time and energy by making the proper repair recommendations for their budget and strategy with a qualified team. The renovation was completed within just a few weeks achieving high market rents and allowing the owner to refinance within the first year pulling his initial down payment out from the value being created. Years later we still manage the asset, no tenant turnover, consistent rent increases and a quiet property with few problems for our out of state investor. They continue to look for deals like this to repeat the BRRR strategy, buying, repairing, renting and refinancing! The value in today’s market would easily exceed $350,000.
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