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.”
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