Riverside Marina Villas

Address: 8008 Emi Ann Ln, Riverview, FL 33578, USA

Florida & Gulf Coast + Apartments

Created date: November 9, 2023

Date last updated: November 9, 2023

Investment Highlights
• Fully stabilized
• All two-bedroom units
• Concrete block
• Located in a high growth submarket in proximity to major demand drivers

Location Highlights
• Forbes ranked Riverview the 12th fastest growing city in America from 2016-2021 with 16.94% population growth
• Riverview has an average household income of $110,796
• Steps away from US-301 and 1.18-miles from I-75 provides residents easy access to all of Tampa Bay
• Located less than 9-miles from downtown Tampa

Recommended Business Plan
• Complete installation of the utility reimbursement plan
• Update kitchens and bathrooms as needed upon unit turns
• Increase rents $125/unit/month
• Capitalize on a 7%+ cap rate within 24-months of ownership

Property Description

Riverside Marina Villas is a 1980’s vintage, garden apartment community. Located in fast-growing Riverview and minutes from major demand drivers, points of interest and major transportation corridors. This 12-unit community is well-positioned for future growth thanks to its secluded, neighborhood feel, but central location in the region providing residents easy access to all that Riverview and greater Tampa Bay has to offer. The asset presents investors the opportunity to invest into a stabilized asset with upward growth achievable by strategically improving the exterior amenities package to increase rents $125/month+ and by continuing to get all of the current residents onto the utility recapture program currently being implemented. Recent capital improvements include interior remodels, landscaping and moving the property off of well/septic and onto city water/sewer. Assuming the purchase is financed with agency debt or a local bank product at current rates, an investor can expect to realize an above average cash-on-cash return during the hold period. Riverside Marina Villas consists of 12-units situated on 0.92-acres. Built in 1981 of concrete block construction, the community consists of six, single-story buildings with pitched, shingle roofs. All 12-units are twobedroom/one-bathroom averaging 662 square feet. Conveniently located in the Tampa Bay MSA, tenants are afforded the luxury of peaceful living with renovated interiors consisting of vinyl flooring, stainless steel appliances, and fresh light fixtures. Residents are afforded easy access to all of Tampa Bay being steps away from US-301, a major north south thoroughfare and 1.18-miles east of I-75, a crucial artery connecting all of Florida. Located on the Alafia River shoreline, Riverview offers access to some of Florida’s best outdoor amenities and recreation opportunities in addition to its proximity to big-city amenities in nearby Tampa.

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Key Property Information

Listing Status:	Available
Multifamily type:	Apartments
Price:	$1,825,000
No. of Units:	12
Average Occupancy:	95
Year Built:	1981
Year Renovated:	2023
Building Size:	7,938 Sq ft
Lot Size:	91.00 Sq ft
Opportunity Zone:	No
Price per unit:	$152,083
Property Website	Click Here