Listing Summary
Located less than one mile from the University of South Florida (USF), this 72-unit multifamily complex is perfectly positioned for a high-yield conversion into dedicated student or university staff housing.
Full Description
Uptown Palms: Premium Value-Add Multifamily Investment in Tampa’s Innovation District
Strategically situated in the heart of the Uptown Tampa Innovation District, Uptown Palms presents a rare institutional-quality investment opportunity. Located less than one mile from the University of South Florida (USF), this 72-unit multifamily complex is perfectly positioned for a high-yield conversion into dedicated student or university staff housing.
With a robust current occupancy of 96% and a recent 2024 renovation, this asset balances immediate stability with significant "rent-by-the-bedroom" upside potential.
Investment Summary & Core Financials
Uptown Palms is a stabilized Class B asset offering steady in-place cash flow with a clear path to aggressive revenue growth.
| Metric |
Current Value |
| List Price |
Market Value ($236,111 / unit) |
| Current NOI |
$1,318,000 |
| Current Cap Rate |
7.75% |
| Occupancy |
96% |
| Year Built / Renovated |
1974 / 2024 |
| Building Size |
80,400 SqFt |
| Total Units |
72 Units (180 Beds Potential) |
The Strategic "Student Housing" Play: Maximizing NOI
The true value of Uptown Palms lies in its adaptability. While currently operating as a traditional multifamily asset, the unit mix is tailor-made for a student housing "Rent-by-the-Bed" model.
By transitioning the existing 48 three-bedroom units and 12 two-bedroom units into individual room rentals, an investor can effectively scale the property from 72 traditional units to 180 individual student beds.
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Current Revenue Model: Units currently average approximately $1,800/month.
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The Room-by-Room Strategy: Renting individual rooms at a conservative $800 per bed increases the gross income for a three-bedroom unit to $2,400.
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Projected Growth: Implementing this program yields a projected gross income of $1,728,000, representing a 34% increase in rental income without additional structural expansion.
Recent Capital Expenditures & Renovations
In 2024, the property underwent significant upgrades to ensure long-term durability and modern appeal. With an average of $10,000 invested per unit, improvements include:
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Interior Upgrades: Modernization of "classic" units to meet contemporary market standards.
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Exterior Enhancements: Comprehensive repainting and landscaping to increase curb appeal.
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Infrastructure: General property-wide maintenance to support a Class B+ living experience.
Location & Economic Drivers
Uptown Palms is anchored by some of Tampa’s largest employment and education hubs. Its proximity to the University of South Florida ensures a perpetual pipeline of student and faculty demand.
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Academic Hubs: Less than 1 mile to USF Tampa Campus and close proximity to Florida State University facilities.
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Medical Employment: Adjacent to Advent Health Tampa and the James A. Haley VA Hospital, making it an ideal candidate for medical professional and residency housing.
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Market Conditions: The North Tampa market is currently experiencing above-average positive absorption with virtually no new deliveries in recent quarters, creating a high-demand, low-supply environment for renovated units.
Unit Mix & Property Specifications
The property consists of six three-story buildings set on 3.58 acres of prime North Tampa real estate.
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12 One-Bedroom / One-Bath Units
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12 Two-Bedroom / 1.5-Bath Units
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48 Three-Bedroom / 2-Bath Units (Large Floorplans)
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Parking: 110 dedicated spaces (1.37 per unit)
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Zoning: 3801 Multi-Family Medium Density
Value-Add Potential
Beyond the student housing conversion, investors can achieve further upside by completing renovations on the remaining classical units. Uptown Palms represents a Fee Simple investment opportunity in a high-growth corridor where "math is math"—the numbers support a significant increase in yield for the savvy value-add investor.
Broker Note: ONE Sotheby’s is pleased to offer this institutional-quality asset to the market. Given the lack of new supply in the immediate submarket, Uptown Palms is the premier choice for investors looking for proximity to the USF ecosystem.
Quick Glance
- Listing ID:
CL-Florida-27706
- Status:
Active
- Year Build:
1974
- Building Size:
80,400 SqFt
- Lot Size:
3.58 Acre