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Multifamily

Summit At Campus Edge

630 W Virginia St, Tallahassee, FL 32304

Listing Price: Request For Offer

Number of Units
95
Gross SF
53,760

Investment Overview

SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire Summit at Campus Edge. This student housing property, built of concrete block in 1972, consists of all 1x1’s with 560 rentable Sq. Ft. each and have washer/dryer appliances within all units. Summit at Campus Edge also boasts a swimming pool along with premier walkability to Florida State University and the bars and restaurants located at The Strip and Tennessee Street. The buyer’s new business plan should consist of renovating the remaining 82 units that have not been renovated at an estimated $8,500/unit to unlock a 39% rental increase based on market comparables along with furnishing 75% of the unit interiors at $2,300/unit to achieve a $100/unit/month furniture fee. Summit at Campus Edge is extremely well located within 1-minute of the Tallahassee Strip, Florida State University, and more.

Investment Highlights

  • Highly desirable and rare student housing unit mix consisting of 100% one-bedroom floorplans, positioned to further benefit from social distancing
  • Ability to increase rents by 39% by renovating the remaining 82 unrenovated units, and still maintain a 25% spread below the rent comps
  • Amenity package includes washer/dryer appliances in all units, high speed internet, swimming pool with lounge area

Exclusively Listed By

Multifamily

Summit At Campus Edge

Listing Price: Request For Offer

Number of Units
95
Gross SF
53,760

Investment Highlights

  • Highly desirable and rare student housing unit mix consisting of 100% one-bedroom floorplans, positioned to further benefit from social distancing
  • Ability to increase rents by 39% by renovating the remaining 82 unrenovated units, and still maintain a 25% spread below the rent comps
  • Amenity package includes washer/dryer appliances in all units, high speed internet, swimming pool with lounge area

Investment Overview

SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire Summit at Campus Edge. This student housing property, built of concrete block in 1972, consists of all 1x1’s with 560 rentable Sq. Ft. each and have washer/dryer appliances within all units. Summit at Campus Edge also boasts a swimming pool along with premier walkability to Florida State University and the bars and restaurants located at The Strip and Tennessee Street. The buyer’s new business plan should consist of renovating the remaining 82 units that have not been renovated at an estimated $8,500/unit to unlock a 39% rental increase based on market comparables along with furnishing 75% of the unit interiors at $2,300/unit to achieve a $100/unit/month furniture fee. Summit at Campus Edge is extremely well located within 1-minute of the Tallahassee Strip, Florida State University, and more.

Exclusively Listed By

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