ISL AND 12 UNITS | TAMPA, FL - HISTORIC BOUTIQUE APARTMENT COMMUNITY LOCATED ON DAVIS ISLANDS, TAMPA'S MOST EXCLUSIVE NEIGHBORHOOD - LoopNet.com
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ISLAND 12 UNITS | TAMPA, FL
SUITES
HISTORIC BOUTIQUE APARTMENT COMMUNITY LOCATED ON
DAVIS ISLANDS, TAMPA’S MOST EXCLUSIVE NEIGHBORHOOD
EXECUTIVE
SUMMARY
OFFERING SUMMARY
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to
present the opportunity to acquire Island Suites (the
“Property”), an historic Mediterranean-style 12-unit
apartment community ideally located just one block
away from the Seddon Channel within the affluent Davis
Islands neighborhood of Tampa, Florida. Currently
operated as fully-furnished short-term rental units,
the Property has undergone a major transformation
with new plumbing, windows, electrical, roof, AC’s, and
interiors, making it a turn-key investment that offers
significant cash flow from current operations.
Situated in Hillsborough Bay directly south of
Downtown Tampa, Davis Islands is a highly walkable,
in-fill neighborhood boasting an average household
income of $160,019. Davis Islands serves as home to
many of Tampa’s most prominent businesspeople
and professional athletes, as well as Tampa General
Hospital, which employs 8,000 employees and is often
recognized as the best hospital in Tampa Bay
4 | ISLAND SUITES
OFFERING OVERVIEW
ADDRESS
515 Columbia Dr, Tampa, FL 33606
UNITS
12
YEAR BUILT
1925
RENTAL TYPE
Fully-Furnished Short-Term Rentals
AVERAGE UNIT SIZE
+/- 500 SF
AVERAGE MONTHLY RATE
$2,650
OCCUPANCY
94% (2021)
CONSTRUCTION TYPE
3-Story Walk-Up; Masonry with Stucco
Exterior
5 | JLL
HISTORIC CHARM WITH
MODERN LUXURY
Current ownership spent significant capital to upgrade the building’s mechanical and structural
systems and unit interiors to leave it like-new condition, while preserving its unique 1920’s
Mediterranean revival architectural style. Recent capital improvements include roof replacement,
new windows, new wiring and electrical panels, new plumbing, and installation of in-unit washer/
dryers, leaving the property in turn-key condition for a new owner.
6 | ISLAND SUITES
HIGHLY ACCRETIVE OPERATIONS
The Property is currently operated as fully-furnished short-term rentals, catering to corporate travelers in need
of a stay of several months, as well as tourists in town for a few nights to enjoy the numerous attractions the
Tampa Bay has to offer. In 2021, the Property’s average monthly revenue per unit was just north of $2,200
with an occupancy of 94% and an average length of stay of 21 days. Given the extremely high level of demand
for the units, the current charge for a monthly rental has recently been increased to $2,650 with additional
premiums for weekly and nightly rentals. With Tampa Bay’s hotel market ranking #1 in occupancy and #3 in
RevPAR in the entire country, the current short-term operation at the Property is capitalizing on the outsized
demand while driving significant revenue to the bottom line.
7 | JLL
TAMPA’S MOST EXCLUSIVE
NEIGHBORHOOD
This upscale enclave is home to high-profile residents that have included Derek
Jeter, Tom Brady and numerous Tampa Bay Lightning players, with numerous
recent home sales north of $10,000,000, including the highest-priced sale ever in
Hillsborough County - Derek Jeter’s mega mansion, which sold for $22,500,000.
Derek Jeter’s Tampa mansion, rented
by Tom Brady, sells for $22.5 million
Tampa Bay Times, 2021
8 | ISLAND SUITES
Downtown Tampa
77,000 Employees 8,000 Employees
Undergoing $500MM
Expansion Harbour Island Biggest Port in Florida
$675,000 Median 85,000 Direct & Indirect Jobs
Home Sale Price
Bayshore Blvd.
Jogging, Biking,
and Walking Trail
Hillsborough Bay
Davis Island Village
Neighborhood Restaurants & Retail
ISLAND
SUITES
Davis Islands
$1.4M Median Home Sale Price Peter O. Knight Airport
BEST-OF-THE-BEST
LOCATION
Davis Islands features A+ schools, an average household income nearly two
times the county average and is within a ten-minute drive from the major
job markets of Downtown Tampa (77,000 employees) and the Westshore
Business District (102,000 employees).
9 | JLL
IMPOSSIBLE BARRIERS
TO ENTRY
Development sites on Davis Islands are scarce with no new multi-family
supply added in three decades. This lack of competitive supply has given
landlords extreme pricing power, particularly for buildings that have been
updated to meet today’s standards.
10 | ISLAND SUITES
THE HOTTEST HOUSING MARKET
IN THE COUNTRY IN 2022
Ranked as Zillow’s hottest housing market for 2022, blistering demand
from in-migration and job growth to the Tampa Bay region continues
to push market vacancies below 5% and has driven year-over-year rent
growth over 25%.
11 | JLL
JLL Capital Markets INVESTMENT ADVISORS DEBT ADVISORS Zach Nolan Drew Jennewein Lee Weaver Melissa Quinn Managing Director Director Senior Managing Director Senior Managing Director JLL Capital Markets JLL Capital Markets JLL Capital Markets JLL Capital Markets +1 813 387 9906 +1 813 387 9907 +1 813 261 6713 +1 407 982 8741 zach.nolan@am.jll.com drew.jennewein@am.jll.com Lee.weaver@am.jll.com melissa.quinn@am.jll.com Jay Ballard Ken DelVillar Devyn Freeland Managing Director Managing Director Analyst JLL Capital Markets JLL Capital Markets JLL Capital Markets +1 407 745 3901 +1 407 745 3921 +1 813 387 9911 jay.ballard@am.jll.com ken.delvillar@am.jll.com devyn.freeland@am.jll.com 401 E. Jackson St., Suite 1100 | Tampa, FL 33602 www.us.jll.com/capitalmarkets Jones Lang LaSalle Americas, Inc. (“JLL”), a licensed real estate broker Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than JLL, and neither Owner nor JLL, nor their respective equity holders, officers, directors, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser. JLL and owner disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. The Property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2020. Jones Lang LaSalle IP, Inc. All rights reserved.
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