MIAMI—Cayman Islander, a multifamily community in Tampa, FL, has traded for a mere $375,000. The sale price equals $15,625 per unit and $25 per square foot.
Kevin Kelleher, Darron Kattan, Robert Goldfinger, and Zach Ames, all of Franklin Street, represented both parties in the transaction. Both the seller and buyer are private local investors.
“The prime location in South Tampa was enough to overcome significant physical challenges at the property,” says Kelleher. “It sat vacant for more than three years and will require hundreds of thousands of dollars to make the units rentable. Despite those significant renovation dollars, to actually replace 24 units in South Tampa would be much costlier—which ultimately drove buyer demand.”
Built in 1960, Cayman Islander is located at 4205 S. Manhattan Ave. in Tampa. The multifamily property is a 24-unit garden style apartment complex with a unit mix of all one-bedroom and one-bathroom floor plans.
The new investor plans to rehab Cayman Islander and offer a “like-new” product, according to Kelleher. He says, “Once renovations are complete, the property will be well-positioned for rapid lease-up and due to its geographical advantages the property should retain a stable occupancy, strong rental rates, and capital appreciation; especially as the overall market and economy continues to improve.”
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