5711 Troy Court
Tampa, FL 33610 ·
200 Units · Multifamily For Sale
Johnson and Kenneth Court Apartments
|No. Units||200||Property Use Type||Investment|
|Building Size||160,350 SF||Cap Rate||7.52%|
|Listing ID: 15319574||Date Created: 09/04/2007||Last Updated: 07/06/2010|
Johnson and Kenneth Court Apartments is a 200 unit garden-style community located in northeast Tampa, Florida. The property consists of two phases connected by a parking lot. Constructed between 1971 and 1973, the community consists of (8) three-story concrete block buildings on 6.7 acres of land. The unit mix consists of 32 one bedroom/one bathroom units, 128 two bedroom/one bathroom units, and 40 three bedroom/one bathroom units.
The properties currently have two in-place Housing Assistance Payments (HAP), one for each property, that subsidizes 100% of the units. The contract can be renewed on an annual basis. Per the anniversary of a renewal, the rents will be increased based on the Operating Cost Adjustment Factor (OCAF). The additional income generated from the rental increases will be realized day one of the effective date of the new rent schedule, allowing for no loss-to-lease to be created upon a rent increase.
Johnson and Kenneth Court Apartments have a centralized location, allowing for residents to have easy access to I-4, I-75 and I-275, making all major employment centers easily accessible. The property is located just a half block north of the Hillsborough Avenue, a major east/west thoroughfare enjoying high traffic counts, and an abundance of large retail and single tenant venues.
11312 N 15th St
Tampa, FL 33612
For Sale · $5,600,000
114,310 SF Building
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