Marcus & Millichap is pleased to introduce the opportunity to acquire The Place on Davis Islands; a newly repositioned, 40-unit, garden apartment community located adjacent to downtown Tampa in the prestigious Davis Islands community which is one of the most sought after residential enclaves in the entire region. This turn-key asset features two, two-story buildings which were originally built in the 1970’s of concrete-block construction with pitched shingle roofs (replaced in 2001) but were recently rehabbed with a $300,000 CapEx program to improve the exteriors, common areas and unit amenities. The community is set on a quiet, 1.26-acre site with mature trees and lush Florida landscaping throughout. Residents enjoy a central outdoor amenity area which features BBQ grills, a sparkling swimming pool, covered poolside cabanas and a common area laundry center. Units are 100 percent one-bedroom / one-bath flats which feature semi-private entries, private patios on the first floor, vaulted ceilings on the second floor and central HVAC. Under the past two owners, units have been upgraded with either new flooring (vinyl wood planks / carpet / porcelain tile), new kitchens and baths with custom cabinetry and granite countertops, interior doors, light, fan, blind fixture packages, new appliances, new stackable washer/dryers or a combination of all the above. Top tier units with the most upgrades command $1,350 per-month or $1.93 per-square-foot versus the in-place average of $1,290 per-month or $1.84 per-square-foot. In addition to the base rent, residents pay a flat $35 water fee and a flat $19 fee for waste removal.
