Irene Street Apartments

2207 Irene Street, Lutz, FL

$1,077,000

Price

7,044 sqft

Building Size

0.6 acres

Lot Area

Overview
Building Size
7,044 sqft
Lot Area
0.6 acres
Occupancy
100%
Units
10
Year Built
1981
Description

KW Commercial is proud to represent Irene Street Apartments in Lutz, FL for Sale. This offering includes (2) quadplexes and (1) duplex for a total of (10) units. Each unit comprises a 2/1 configuration with roughly 705 SF. All units are currently fully leased. The Sale includes three parcels, 2203, 2205, & 2207 Irene Street addresses. All of the buildings had new roofs installed in 2018. Interior wise, 1 of the 10 units has been fully upgraded with granite countertops, new appliances and new bathroom features. Future ownership has the value add upside to renovate the remaining 9 units and increase rents to market rent of $950/month. New ownership may also elect to add an onsite laundry facility to increase income. For a full review of the Financial Offering, please sign the Confidentiality Agreement attached to the Initial Offering Memorandum and return to Broker.

The property is located just north of E Bearss Ave. between I-275 and Bruce B Downs Blvd.

Highlights
  • - 10 Units of Multifamily for Sale with interior value add potential.
  • - Located in the North Tampa Market of Lutz near the University District.
  • - Fully Leased and performing at a 5.66% CAP Rate.
  • - 9 of 10 units remain to be upgraded and rents increased to market.
  • - Additional value add by creating onsite laundry facility.
Documents

Location