1720 W Hills Ave
Tampa, FL 33606
Multifamily Property For Sale · 4 Units

1720 West Hills is a historic 1900’s, apartment community in the Hyde Park submarket of Tampa, Florida. Located minutes away from major demand drivers and points of interest. 1720 West Hills consists of one building, totaling four units. This offering presents investors the opportunity to own a recently renovated property located in a class A, strong rental demand submarket with upside. The property is constructed of wood frame with a pitched shingle roof. Units consist of two-bedroom/one-bathroom units averaging 793 square feet. Tenants are afforded some of the best amenities for like-kind rentals as the property includes freshly renovated interiors, washer/dryer and dishwasher in-unit, and eight off-street parking spaces. Recent capital improvements totaling over $200,000 include new appliances, cabinetry, framing, electrical, flooring, paint and plumbing. 1720 West Hills allows an investor to purchase a tremendously located property with an in-place 5.97 percent cap rate and upside potential in lease rates. Assuming the purchase is financed with current available rates and terms, an investor will have the ability to increase the cash-on-cash return to over 7.14 percent and increase it each year thereafter as markets continue to move up. This return is achieved by increasing rental rates through improved landscaping and implementation of outdoor amenities. On a ten-year hold, an investor can expect an average annual return (IRR) of over 13.40 percent. 1720 West Hills is conveniently located steps from Bayshore Boulevard, a scenic north-south thoroughfare providing access to all of the main attractions Tampa has to offer. Situated in the heart of Hyde Park and just minutes from major attractions, the property offers tenants a central location with convenient access to many activities. Major points of interest in close proximity to 1720 Hills include Hyde Park Village (0.4 miles), Tampa’s SoHo District (0.4 Miles), University of Tampa (1.7 Miles), Downtown Tampa (2 Miles) and Tampa General Hospital (2 Miles). Located 1.69 miles from 1720 Hills, is Interstate 275, giving access to Saint Petersburg to the West, as well as Brandon, Plant City, Lakeland and Orlando to the East.