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 lI is a 52-unit garden apartment property located in South Tampa; the region’s strongest rental submarket and one of the most densely populated employment centers in the state. The property was constructed in 1972. In 2006 Melrose ll was extensively rehabbed before being sold in 2007 to condo converters. The current owner has reassembled the units and terminated the condo. The property has received some recent improvements; however, it is ideally positioned for a significant value-add play and repositioning to a completely rehabbed ‘Best in Class’ asset where it will compete with and/or draft just behind newer construction type assets in the Westshore and South Tampa submarket. Recent improvements include a new roof and one-third +/- of the unit interiors have been renovated to a Class A finish level. Considering the prime, Class A+ location, this asset is an excellent value-add candidate with the ability to drive significant premiums through a continued renovation program.

Melrose Il is two stories, with concrete block construction and built-up flat roofs. It is square-shaped with exterior breezeways overlooking an interior pool and courtyard amenity area ideal for upgrades and improvements in efforts to enhance the resident experience. Units include a variety of one- and two-bedroom floorplans averaging 810 square feet and feature open layouts with private patios/balconies. The recently renovated units feature in-unit laundry, all hard surface flooring, and fully upgraded kitchens and baths. Rental comps suggest there is as much as $380+/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 $70,000 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.

  • Value-Add, Boutique Property Located in South Tampa; Tampa’s Strongest and Most Desirable Rental Submarket
  • Solid CB Constructed Property
  • Desirable Unit Mix
  • Submarket Complexes 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 Hillsborough County
  • Average Single-Family Home Value in the Submarket is $664,200 +/-
  • Surrounded by Class A Rated Schools
  • Located Within 5 Miles of the Region’s Two Largest Employment Centers and Over 23 Million Square Feet of Office Space

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