Drexel Court Apartments

09-14-2021
09-14-2021

4142 My Lady Ln, Land O Lakes, FL 34638

  • Late 1980's Vintage, Concrete Block Construction and Consistently Full with a Waiting List
  • Huge Value-Add Opportunity as only 7 of 47 Units have been Rehabbed
  • Most Recent 3 Leases Signed at 15.7% Increases
  • Highly Desirable Unit Mix of Nearly 80% Two-Bedroom One-Bath Units
  • Current Average Rents are 25% Below Market
  • Centrally Located in a Rapidly Growing Area of Pasco County and Equidistant Between the Veterans Expressway to the West and I-75 to the East

Property Description

Colliers Florida Multifamily Team is pleased to present, as exclusive advisor, the Drexel Court Apartments located in fast-growing Land O'Lakes, FL just north of Tampa. Built in 1988 on a quaint 3.03 acre site, this well-kept, 47-unit, garden-style community consists of six, two-story apartment buildings which house 46 units and a single-story office building which includes the leasing center, a clubhouse, common laundry facility and a two-bedroom, one-bath manager suite. Off of the leasing office residents enjoy also enjoy a covered BBQ area with picnic tables and grilling stations. Buildings are built on concrete slabs at grade level with masonry block exterior walls on the first level and conventionally framed wood walls on the second level. The exteriors are painted stucco at the first floor and vinyl siding at the second floor with pitched, three tab asphalt shingle roofs. Units feature large floor plans which average 832 square feet with nearly 80% of the units being 2 bedroom / 1 bath with private patios and fenced yards on the first floor and private outdoor balconies on the second floor. Residents access the units via semi-private entries and enjoy fully-equipped electric kitchens and baths with a combination of vinyl and carpet floor coverings, oversized closets and outside storage spaces. Under the current ownership 7 of the 47 units have received full rehabs which include rebuilt kitchens complete with new espresso or white, shaker-style cabinetry with brushed nickel hardware, black on black electric appliances including dishwashers, faux granite Formica countertops, built-in microwaves, tiled backsplash and upgraded sink, plumbing and light fixtures. The living areas received a combination new vinyl plank wood and plush carpet floor coverings with 5.25" base boards as well as modern light, fan packages, 2" faux wood blinds, new electrical plates, raised panel hollow core doors, resurfaced tubs with new tub surrounds, toilets, and modern vanities in the bathrooms.  Drexel Court is located in rapidly growing Southern Pasco County just north of Tampa which has experienced population growth of 33% over the past 10 years. The Land O'Lakes area, as the name suggests, is dotted with hundreds of lakes and ponds and there are many master-planned single family communities and high end homes and resorts on ski lakes. The area also boasts high ratings within the local schools and below average crime rates and along the 54 corridor there are numerous Publix anchored shopping centers as well as 2.3 million square feet of regional malls just 5 miles away in Wesley Chapel including the Premium Outlet Center, The Grove and the Shops at Wiregrass Ranch. The property itself is tucked away and residents enjoy a quiet, park-like setting and a 'country living' feel which has contributed to consistently high occupancies and a large waiting list. In fact, many residents will pay a premium for a western-facing unit overlooking the Gilman Stables Equestrian Training Center directly across the street. Within minutes of the site residents can access US 41 which is a major north/south artery connecting to the North Tampa suburbs and SR 54 which is a major east/west artery providing access to Wesley Chapel to the east and Trinity to the west. Tampa International Airport, the Westshore Business District and downtown Tampa are all roughly 30 minutes away and closer to home residents commute to colleges such as USF, Saint Leo University and Pasco-Hernando Community College.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multi-family type
Garden Style
Price
$ 5,800,000
No. of Units
47
Cap Rate
5.1%
Year Built
1988
Building Size
39,125 Sq ft
No. of Stories
2
Opportunity Zone
Off
Price per unit
$ 123,404
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