Highlights

• Centrally Located in Tampa's Most Desirable Area to Live
• Lender Owned With Attractive Financing Available
• Close Proximity to All Major Tampa Employment Centers

• Walking Distance to The SoHo District
• Three Blocks from Memorial Hospital of Tampa
• Spacious One and Two Bedroom Units

Description

Oakmont Apartments is a 30 unit courtyard style apartment complex located in the city of Tampa, Florida. More specifically, the property is located in Hyde Park, one of the most desirable places to live, play and work. The property has one two-story, U-shaped, building constructed of concrete block and a pitched roof. The building consists of (7) one-bedroom & one-bathroom units ranging in size from 591 to 621 RSF and (23) two-bedroom & one-bathroom units ranging in size from 734 to 815 RSF. Built in 1974, the building sits on a .92 acre lot and offers residents a quaint and quiet courtyard. The property' s amenities include on-site parking, a laundry facility including three washer and dryers and central air-conditioning. The residents pay for electricity, cable and telephone. The landlord pays for water, sewer and garbage removal.

Oakmont is an excellent opportunity to acquire a bank owned asset in one of the best submarkets in the Tampa Bay Area as well as 80% leverage from the current lender. The property was purchased in 2005 for $3.3 million with the intention to convert the units to condominiums. The property is in excellent condition with 93% of the units completely renovated. This property will offer an investor strong upside in occupancy as the property's current occupancy is 45% and the market occupancy is 92%. Once the property is leased up and market conditions return to normal the investor will realize strong double digit cash flows and significant capital appreciation. ]