Mike Steiner

Senior Associate

Email: Mike.Steiner@MarcusMillichap.com
Phone:
(813) 387-4772 – Direct
(850) 322-8267 – Mobile

 

Casey Babb, CCIM

First Vice President Investments

Email: Casey.Babb@MarcusMillichap.com
Phone:
(813) 387-4723 – Direct
(813) 368-0835 – Mobile

Marcus & Millichap, as exclusive advisor, is pleased to present the Hayden Villas; an 11-unit, 1970’s vintage, single story apartment community located in Tallahassee, Florida just 0.5 miles south of the Florida State University Campus and less than two miles to the State Capitol Building. This property has a strong rental history and is being offered at a 6.87% FY1 Cap Rate and a 9.24% cash-on-cash return with additional upside potential through a strategic plan of improving both the exterior curb appeal through landscaping upgrades, common area amenities, cosmetic upgrades and updating unit interiors.  In addition, Hayden Villas is being offered free and clear of existing debt thereby allowing investors to take advantage of attractive long-term financing options which are still at historically low rates.

Outstanding Pedestrian Location: Hayden Villas offers a true pedestrian to campus location and is located within walking distance (three blocks) from Florida State University  offering convenient access to the Campus’ academic buildings, facilities and Doak Campbell Stadium.  Florida A&M university is less than one mile from the property and home to 10,000 students.

Excellent Enrollment Growth: Florida State University has a current enrollment of nearly 42,000 students and has continued to experience record setting growth. FSU anticipates 6,500 incoming freshman for the 2018/2019 year, an increase of more than 300 from last year, making it one of the largest incoming freshman classes in University history.

Favorable Zoning: Hayden Villas sits on a rectangular 0.66 Acre site within the University Transition (UT) Zoning District which allows for up to 50 Units per acre. Property is being offered at a below market land cost per square foot of $30 so the possibility for future redevelopment does exist.

  • Pedestrian to FSU Campus
  • Value-Add Property with Rental Upside
  • Favorable Unit Mix
  • Favorable Zoning and Future Land Use
  • Prime for Future Redevelopment
  • Pedestrian to FSU Campus
  • Short Walk to All of Florida State University’s Major Sports Venues
  • Excellent Shopping, Dining and Nightlife Options in the Area

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