Multifamily
Carlton Lawrence Apartments
1218 E 138th Ave, Tampa, FL 33613
Listing Price: $2,325,000
Cap Rate
6.55%
GRM
9.47
Investment Overview
A 16-unit apartment community in Tampa, FL. Offered at a 6.55% cap rate and a 7.23% Year-One cash-on-cash return
Carlton Lawrence Apartments
Investment Highlights
- 16-unit apartment community offered at a 6.55% cap rate and a 7.23% Year-One cash-on-cash return
- Renovated Units: 10 of 16 units (63%) have been fully renovated, including new flooring, bathrooms, kitchens, and stainless-steel appliances
- Property Improvements: Recent upgrades include interior improvements, roof replacements completed between 2024 and 2026, a new parking surface and curbs, an upgraded drainage system, and new landscapi
- The property features two new HVAC units, eight window units, and six mini-split systems
- Attractive Basis: Pricing is approximately 10% below the sales comparable average of $160,893 per unit
- Unit Mix: The property consists of twelve one-bedroom/one-bathroom units and four two-bedroom/one-bathroom units
- Future NOI growth is supported by continued unit renovations, achieving pro forma rents, ancillary income streams, and phased utility reimbursements
- Proximity to Major Demand Drivers: The property is located approximately 17 miles from the University of South Florida, with convenient access to surrounding healthcare systems, research facilities, and major employment corridors
Exclusively Listed By
Financing By
Investment Highlights
- 16-unit apartment community offered at a 6.55% cap rate and a 7.23% Year-One cash-on-cash return
- Renovated Units: 10 of 16 units (63%) have been fully renovated, including new flooring, bathrooms, kitchens, and stainless-steel appliances
- Property Improvements: Recent upgrades include interior improvements, roof replacements completed between 2024 and 2026, a new parking surface and curbs, an upgraded drainage system, and new landscapi
- The property features two new HVAC units, eight window units, and six mini-split systems
- Attractive Basis: Pricing is approximately 10% below the sales comparable average of $160,893 per unit
- Unit Mix: The property consists of twelve one-bedroom/one-bathroom units and four two-bedroom/one-bathroom units
- Future NOI growth is supported by continued unit renovations, achieving pro forma rents, ancillary income streams, and phased utility reimbursements
- Proximity to Major Demand Drivers: The property is located approximately 17 miles from the University of South Florida, with convenient access to surrounding healthcare systems, research facilities, and major employment corridors
Investment Overview
A 16-unit apartment community in Tampa, FL. Offered at a 6.55% cap rate and a 7.23% Year-One cash-on-cash return
Exclusively Listed By
Financing By
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