5112-5134 Temple Heights Rd | Tampa, FL 33617
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5112-5134 Temple Heights Rd
Tampa, FL 33617
Washington Square Condos · Multifamily Property For Sale · 48 Units
Investment Highlights
- 21 units have been fully renovated (58% total)
- Each unit includes washer and dryers as well as private backyard patios
- $120k invested in newly renovated pool funded by a strong HOA budget
- Opportunity to execute on the already proven business plan by completing renovations on the additional 9 partially renovated units and 6 classic units
- Current ownership owns 36 of the 48 total units (75% of the property) providing buyer with full control of the HOA
- Resurfaced driveways done two years ago
Executive Summary
CBRE Multifamily is pleased to present Washington Square Townhomes, a 36-unit townhome community located in the Uptown District, which is currently undergoing a $1.84 billion redevelopment project. Current ownership owns 36 of the 48 total units (75% of the property) providing buyer with full control of the HOA.
The property consists entirely of thirty six (36), two (2)-bedroom, one and a half (1.5) bathroom townhome style units with individual private fenced in backyard space. Washington Square is also within close proximity to major local employers such as the University of South Florida (16,200+ employees), Pepsi Co (2,000+ employees), Yuengling Brewing, and major regional hospitals such as Moffitt Cancer Center, AdventHealth, and James A. Haley Veterans’ Hospital (14,900+ employees). Washington Square is fully stabilized with the upside to achieve average of $100-200 higher than current in-place rents. The buyer of Washington Square will benefit from 21 full renovations at $15,000 a unit, 9 partially renovated units at $5,000, and 6 classic units remaining to implement a proven value-add strategy and a strong loss to lease recapture. Full renovations include high-quality interior upgrades such as granite countertops with undermount sinks, white shaker cabinets, new appliances, LTV flooring, and recessed LED lighting in both living and bedrooms.
The property consists entirely of thirty six (36), two (2)-bedroom, one and a half (1.5) bathroom townhome style units with individual private fenced in backyard space. Washington Square is also within close proximity to major local employers such as the University of South Florida (16,200+ employees), Pepsi Co (2,000+ employees), Yuengling Brewing, and major regional hospitals such as Moffitt Cancer Center, AdventHealth, and James A. Haley Veterans’ Hospital (14,900+ employees). Washington Square is fully stabilized with the upside to achieve average of $100-200 higher than current in-place rents. The buyer of Washington Square will benefit from 21 full renovations at $15,000 a unit, 9 partially renovated units at $5,000, and 6 classic units remaining to implement a proven value-add strategy and a strong loss to lease recapture. Full renovations include high-quality interior upgrades such as granite countertops with undermount sinks, white shaker cabinets, new appliances, LTV flooring, and recessed LED lighting in both living and bedrooms.
PROPERTY FACTS
| Sale Type | Investment | Building Size | 19,000 SF |
| No. Units | 48 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1983 |
| Apartment Style | Garden | Parking Ratio | 3.94/1,000 SF |
| Building Class | C | Opportunity Zone |
Yes
|
| Lot Size | 1.85 AC |
| Sale Type | Investment |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.85 AC |
| Building Size | 19,000 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1983 |
| Parking Ratio | 3.94/1,000 SF |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 48 | - | - |
zoning
| Zoning Code | RM-16 |
| RM-16 |
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