Avesta Heritage Cove Apartments – Closed on October 24, 2018

Avesta Heritage Cove Apartments – Closed on October 24, 2018

Price: $ 8,450,000

Total Number of Units: 90

Address: 7402 Heritage Hills Drive, Temple Terrace, FL 33637, USA

  • Rare opportunity to own 90 units of 1980s concrete block construction in Tampa, FL
  • 96% average current occupancy level of all comparable properties
  • Opportunity to supply washer/dryer appliances and receive $40 monthly rental premium
  • Opportunity to increase NOI by $105,169 through strategic management adjustments and by moving rents up to meet the market
  • Clean asset with recent capital improvements including the addition of a front entrance gate, revitalized exterior paint, expansion of pool deck, two new roofs, and reinforced staircases
  • Minimal repair and maintenance outlook for next 5 years with recent exterior updates and unit finishes
  • $109,551 increase in effective gross income by end of year 1 operations
  • Significant rental spread between Avesta Heritage Cove and competing properties

Lead Agent(s): Joshua D. Teplitzky

View Documents

Location Highlights

  • Conveniently situated near Interstate-75 and Interstate-4
  • Less than 10 minutes to Busch Gardens (3,000 employees)
  • 10 minutes to Seminole Hard Rock Hotel & Casino ($700 million expansion which will add 1,000 new jobs)
  • Three miles south of Tampa Innovation Alliance’s $1.5 billion expansion development zone
  • 15 minutes to Downtown Tampa ($3 billion expansion project and potential future site of the Tampa Bay Rays)
  • 15 minutes to Tampa’s fastest growing and most popular dining and nightlife destinations, Ybor City, and Seminole Heights

Additional Photos