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Cigar City Flats 911 E 23rd Ave 9 Unit Apartment Building $1,050,000 ($116,667/Unit) Tampa, FL 33605
Investment Highlights
- 9-Unit Renovated Apartment Community Located in the Highly Desirable Tampa Heights Neighborhood in Tampa, FL
- Value-Add Opportunity to Improve the Exterior of the Property to Increase Curb Appeal (ex: Roof, Building Siding, Paint, Landscaping)
- Neighborhood Amenities Include Cuscaden Park and Robles Park Which Provide Pickleball Courts, Basketball Courts, Water Views, and Walking Trails
- Average Monthly Rental Upside of $119 Per Unit Based on Comparable Properties in the Market
- Nearby Attractions Include Armature Works, Tampa Riverwalk, the Straz Center, Benchmark International Arena, and Much More
- Immediate Proximity to I-275 Provides Ease of Transportation Around Tampa and the Surrounding Region
Executive Summary
Cigar City Flats is a 9 unit renovated apartment community located in the highly desirable Tampa Heights neighborhood of Tampa, FL. The property has seen extensive recent upgrades at both the community and unit level, including major system improvements and modern interior renovations with updated cabinetry, flooring, appliances, and HVAC systems.
The asset offers clear rental upside based on comparable properties in the area, along with additional income opportunities through laundry, utility bill backs, and parking. There is also potential to further enhance curb appeal with exterior improvements. Cigar City Flats is surrounded by some of Tampa’s top destinations including Armature Works, the Tampa Riverwalk, the Straz Center, and Benchmark International Arena, and is just a short drive to Water Street and Gasworx in Ybor City. With nearby parks and immediate access to I 275, the property is well positioned for continued demand and long-term growth.
The asset offers clear rental upside based on comparable properties in the area, along with additional income opportunities through laundry, utility bill backs, and parking. There is also potential to further enhance curb appeal with exterior improvements. Cigar City Flats is surrounded by some of Tampa’s top destinations including Armature Works, the Tampa Riverwalk, the Straz Center, and Benchmark International Arena, and is just a short drive to Water Street and Gasworx in Ybor City. With nearby parks and immediate access to I 275, the property is well positioned for continued demand and long-term growth.
Property Facts
| Price | $1,050,000 | Lot Size | 0.20 AC |
| Price Per Unit | $116,667 | Building Size | 4,350 SF |
| Sale Type | Investment | No. Stories | 2 |
| No. Units | 9 | Year Built | 1969 |
| Property Type | Multifamily | Parking Ratio | 2.07/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RS-50 - Residential Single Family | ||
| Price | $1,050,000 |
| Price Per Unit | $116,667 |
| Sale Type | Investment |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Lot Size | 0.20 AC |
| Building Size | 4,350 SF |
| No. Stories | 2 |
| Year Built | 1969 |
| Parking Ratio | 2.07/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RS-50 - Residential Single Family |
Amenities
Unit Amenities
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | 450 |
| 1+1 | 3 | - | 550 |
1 1
Walk Score®
Very Walkable (71)
Bike Score®
Very Bikeable (73)
Property Taxes
| Parcel Number | A-07-29-19-4UQ-000001-00003.0 | Improvements Assessment | $405,509 |
| Land Assessment | $94,762 | Total Assessment | $500,271 |
Property Taxes
Parcel Number
A-07-29-19-4UQ-000001-00003.0
Land Assessment
$94,762
Improvements Assessment
$405,509
Total Assessment
$500,271
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Cigar City Flats | 911 E 23rd Ave
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