Cigar City Flats | 911 E 23rd Ave
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Cigar City Flats 911 E 23rd Ave
9 Unit Apartment Building $1,175,000 ($130,556/Unit) Tampa, FL 33605
Investment Highlights
- 9-Unit Partially Renovated Apartment Community Located in the Highly Desirable Tampa Heights Neighborhood in Tampa, FL
- Additional Income Streams Can Be Introduced by Charging for the Existing Community Laundry, Boosting the Utility Bill Back System for Water/Sewer,etc.
- Recent Capex of $92K Upgrades Include Replumbing & Rewiring, New Concrete Parking Lot, Community Washing Machines, Tankless Water Heaters
- Average Monthly Rental Upside of $183 Per Unit (or ~$20k/year) Based on Comparable Properties in the Market
- Value-Add Opportunity to Improve the Exterior of the Property to Increase Curb Appeal (ex: Roof, Building Siding, Paint, Landscaping)
- Additional Capex of $122K to Individual Units Include New Framing/Drywall/Paint, Minisplit HVAC Units, New Appliances, White Shaker Cabinets, Flooring
Executive Summary
Cigar City Flats is an exceptional investment opportunity nestled in the heart of Tampa Heights, one of Tampa's most sought-after neighborhoods. This 9-unit apartment community, already partially renovated, presents a compelling chance to capitalize on a thriving rental market with potential monthly income increases of $183 per unit, translating to around $20,000 annually. The property’s recent enhancements, including comprehensive replumbing, rewiring, and the installation of modern amenities like tankless water heaters and a new concrete parking lot, lay a strong foundation for continued growth. With additional opportunities to boost revenue through community laundry fees, optimized utility billbacks, and parking charges, Cigar City Flats offers significant upside potential.
Beyond its immediate investment appeal, the property benefits from its proximity to Tampa’s premier attractions, such as Armature Works, the Tampa Riverwalk, and the Straz Center, as well as transformative projects like Water Street and Gasworx. With easy access to I-275, residents and visitors alike will appreciate the convenience of transportation throughout Tampa and beyond. Cigar City Flats is not just a real estate investment; it's a gateway to the dynamic and evolving Tampa Bay area.
Beyond its immediate investment appeal, the property benefits from its proximity to Tampa’s premier attractions, such as Armature Works, the Tampa Riverwalk, and the Straz Center, as well as transformative projects like Water Street and Gasworx. With easy access to I-275, residents and visitors alike will appreciate the convenience of transportation throughout Tampa and beyond. Cigar City Flats is not just a real estate investment; it's a gateway to the dynamic and evolving Tampa Bay area.
Property Facts
| Price | $1,175,000 | Lot Size | 0.20 AC |
| Price Per Unit | $130,556 | Building Size | 4,350 SF |
| Sale Type | Investment | No. Stories | 2 |
| No. Units | 9 | Year Built | 1969 |
| Property Type | Multifamily | Parking Ratio | 2.07/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low Rise |
| Price | $1,175,000 |
| Price Per Unit | $130,556 |
| Sale Type | Investment |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Lot Size | 0.20 AC |
| Building Size | 4,350 SF |
| No. Stories | 2 |
| Year Built | 1969 |
| Parking Ratio | 2.07/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | 450 |
| 1+1 | 3 | - | 550 |
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Bike Score ®
Very Bikeable (73)
PROPERTY TAXES
| Parcel Number | A-07-29-19-4UQ-000001-00003.0 | Improvements Assessment | $415,188 |
| Land Assessment | $87,182 | Total Assessment | $502,370 |
PROPERTY TAXES
Parcel Number
A-07-29-19-4UQ-000001-00003.0
Land Assessment
$87,182
Improvements Assessment
$415,188
Total Assessment
$502,370
zoning
| Zoning Code | RS-50 (Residential Single Family) |
| RS-50 (Residential Single Family) |
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Cigar City Flats | 911 E 23rd Ave
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