For Sale | Westshore Flats II

Description:

Westshore Flats II is a 68-unit stabilized multifamily community located in Tampa’s Westshore submarket and adjacent to the Westshore Marina District, a 52-acre destination retail, condominium, and luxury apartment development that has transformed the submarket. Currently 100% occupied, Westshore Flats II fronts busy S West Shore Boulevard, which over the last five years has become a highly sought after location for luxury apartment development. As of September 2023, rents at Westshore Flats II averaged $1,545, nearly $1,000 below average rents at nearby luxury product providing a new owner with significant rent upside potential.

In addition, over the busy summer leasing season the current ownership continually increased new and renewal rental rates, resulting in a large group of in-place leases that are currently below market. Marking these leases to market upon renewal provides additional rental rate lift.

Each of property’s units include in-unit washer / dryers, central air conditioning, microwave and contemporary fixtures. In addition, the community has a sparkling swimming pool, grill area and bike rack. Over the past few years, the market has shifted to a more high-end renter allowing a new owner the opportunity to further improve the interiors and exteriors of the property and achieve higher rental rates.

Westshore Flats II is positioned immediately South of the Selmon Expressway, the main transportation artery connecting the Westshore submarket with Hyde Park, downtown Tampa (10min drive), and St. Petersburg. This location is amongst the best in Tampa and allows easy tenant connectivity throughout the Tampa MSA.

PROPERTY HIGHLIGHTS
• Central A/C & Heat
• Covered Bike Racks
• In-Home Washer & Dryer
• Microwave Included
• Outdoor Grill Kitchen
• Pet Friendly
• Pet Trail
• Smoke Free
• Swimming Pool
• Picnic Areas
• Adjacent to Marina District

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