Cigar City Flats
Cigar City Flats | 9 Units | Tampa, FL
Marketing description
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.
Investment highlights
- 9-Unit Renovated Apartment Community Located in the Highly Desirable Tampa Heights Neighborhood in Tampa, FL
- Average Monthly Rental Upside of $119 Per Unit Based on Comparable Properties in the Market
- Additional Income Streams Can Be Introduced by Charging for the Existing Community Laundry, Boosting the Utility Bill Back System for Water/Sewer, and Charging for Parking
- Value-Add Opportunity to Improve the Exterior of the Property to Increase Curb Appeal (ex: Roof, Building Siding, Paint, Landscaping)
- Recent Capex of $92k to Community Upgrades Include Replumbing and Rewiring the Building, a New Concrete Parking Lot, Community Washing Machines, Tankless Water Heaters, and More
- Additional Capex of $122k to Individual Apartment Upgrades Include New Framing/Drywall/Paint, Minisplit HVAC Units, New Appliances, White Shaker Cabinetry, Vinyl Flooring, Keypad Unit Entry, and More
- Nearby Attractions Include Armature Works, Tampa Riverwalk, the Straz Center, Benchmark International Arena, and Much More
- Located Within a Short Drive to Water Street in Downtown Tampa and Gasworx in Ybor City, Two of the Region’s Leading Transformational Development Projects
- Neighborhood Amenities Include Cuscaden Park and Robles Park Which Provide Pickleball Courts, Basketball Courts, Water Views, and Walking Trails
- Immediate Proximity to I-275 Provides Ease of Transportation Around Tampa and the Surrounding Region
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