Historical Multifamily Sale Listing - Johnson and Kenneth Court Apartments

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Johnson and Kenneth Court Apartments

5711 Troy Court, Tampa, FL 33610

N/A

200 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
200
Building Size:
160,350 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Cap Rate:
7.52%
Listing ID
15319574
Last Updated
over 1 year ago

Description

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.

Map of 5711 Troy Court, Tampa, FL 33610 (Hillsborough County)

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