3730 W Bay Ave
Tampa, FL 33611
Sun Bay Apartments - South Tampa Portfolio · Multifamily Property For Sale · 88 Units

MUST BE PURCHASED WITH THE PALMS AT BALLAST POINT POTENTIAL There are currently 88 units (100% of property) positioned for a full in-unit renovation plan. Proposed updates to these units would include: • Vinyl-plank flooring • Resurfaced countertops • New kitchen cabinet faces with matching bathroom vanities • New cabinet hardware • New electrical & plumbing fixtures • Glass kitchen backsplash • Stainless steel appliances • Adding washer/dryer appliances to the two-bedroom units that already have connections The cost of the updates are estimated to be $5,000 for one-bedroom floor plans and $6,000 for two-bedroom floor plans, resulting in a market rent premium of $241 per unit and a $293 premium over effective rents. Cushman & Wakefield has also budgeted an additional $1,000 per unit for common area capital investment. Proposed uses of this capital include resurfacing of parking lot, repainting the exterior of the buildings and adding privacy fences between ground floor units. The property also has the ability to increase revenue by recapturing water, sewer and trash expenses as found in the competitive set. It is also proposed to allow tenants of Sun Bay the ability to use the common area amenities at Palms at Ballast Point. Overall, completion of the proposed value-add program is projected to be a blended cost of approximately $6,600 per unit ($584,000 total). The construction time is expected to be spread out over the first Two Years of ownership, resulting in an increase of $398,590 in Gross Revenue and will generate a 24% Return on Investment of capital expenditures.