Luis Baez, CCIM

First Vice President Investments

Email: Luis.Baez@MarcusMillichap.com
Phone:
(813) 387-4849 – Direct
(813) 767-6275 – Mobile

 

Casey Babb, CCIM

First Vice President Investments

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

 

Shawn Rupp

Senior Associate

Email: Shawn.Rupp@MarcusMillichap.com
Phone:
(813) 387-4766 – Direct
(813) 966-7924 – Mobile

Melrose Court I is a newly repositioned, 56-unit, garden apartment property located in South Tampa; the region’s strongest rental submarket and one of the most densely populated employment centers.  The property was constructed in the late 1960s.  In 2006 Melrose I was extensively rehabbed before being sold in 2007 to condo converters.  The current owner has reassembled the units and terminated the condo regime.  The property has been completely rehabbed to a ‘Best in Class’ to the point where it should compete with and/or draft just behind newer construction type assets in the Westshore and South Tampa submarket. One-third +/- of the unit interiors have been renovated to a Class A finish level making this an excellent value-add candidate with the ability to drive significant premiums through the implementation of a targeted renovation program.

Melrose I is two stories, with concrete block construction, built-up flat roofs and either metal mansards.  It is square-shaped with exterior breezeways overlooking an interior pool and lush courtyard amenity area.  Units include a variety of one and two-bedroom floorplans averaging 834 square feet and feature open layouts with private patios/balconies and renovated units with in-unit laundry, all hard surface flooring and Best in Class kitchens and baths.  Rental comps suggest there may be as much as $415/unit/month of rental upside for an incoming investor or $20,000/month on top of the current rent roll which equates to a nearly $62,000 per unit worth of new capitalized value.  Given its ideal location between Tampa’s two most dynamic employment centers and its Class A school district, this asset more than justifies the additional capital investment and is expected to outperform almost all of its true competition with consistently high occupancy levels, durable cash-flow and stable returns.

  • Boutique Property Located in South Tampa; Tampa’s Strongest Rental Submarket
  • Solid CB Constructed Property
  • Received Nearly $4 Million of Capital Improvements Since 2015
  • Only 30% +/- of the Unit Interiors Have Been Rehabbed
  • Comparable Properties Show Average Rental Premium of $400/unit +
  • Average Household Income Within a Two-Mile Radius is 41.6 Percent Higher than the Florida Average and 35 Percent Higher than the Hillsborough County Average
  • Average Single Family Home Value in Beach Park is $664,200 +/-
  • Surrounded by Class A Rated Schools
  • The Region’s Two Largest Employment Centers and Over 23 Million Square Feet of Office Space Located Within 5 Miles

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