Land Available For Lease @ 8711 N 50th St

MULTIFAMILY-ZONED RESIDENTIAL 1.12 AC LOT FOR 39 MULTIFAMILY UNITS PRICED TO SELL!
It is truly rare to find multi family-zoned land in such a prime location in Tampa. Directly in the path of growth! Many parcels need extensive rezoning but this 1.12 AC property is zoned Residential-Multifamily-24 (RM-24) with a FLU designation of RM-35 zoning to achieve 39 units with a height of 120ft! Being in a purely residential area, this parcel is backing up to and directly adjacent large residential complexes that are fully leased out with growing waitlists. This brings down the land acquisition cost to $15,256 a door with average comps at over $20,000 a door!

This property is close to the University of South Florida and Tampa central. . The site consists of 1.12 acres of residential land that backs up to the Allister Place Apartments, Meridian apartments, Garden Terrace Apartments, The Rivera of 8412 Apartments (146 Units). This piece would be the perfect add on for apartment expansion of competition.
Average rents in the area are:
$1050-1150 for 1 Bedrooms.
$1150-1250 for 2 Bedrooms.
$1250-1400 for 3 Bedrooms.
This area has been seeing rents increase of up to 14% annually! With the expanding University and nearby Hospitals minutes away, demand is increasing incredibly rapidly driving up property values and prices! This area has seen a 17% population growth with a large tenant pool of young professionals and hospital workers looking for rental space.

-In the midst of new commercial and residential development
Close to University Of South Florida.
Easy access to highways
This an incredible opportunity to generate significant profit.
Experience a trendy, cosmopolitan oasis in the heart of Greater Tampa. Located in Temple Terrace, northeast of Tampa, it is close to everything you desire. With easy access to I-275, I-4, and I-75, the site is just minutes from The University of South Florida, Busch Gardens, Raymond James Stadium and Florida Hospitals as well as the Hard Rock Hotel & Casino. Additionally, it is minutes to downtown Tampa’s famous shopping and dining districts. Shop, dine, play and work!
There is a tremendous lack of supply for quality updated new construction rentals in this area. With University of South Florida, The Hospital and the Moffit Cancer center all expanding at tremendous pace, the demand for quality housing in this area will only continue to rise. This space offers accomodations for: multifamily.