Uptown Palms - Student Housing Candidate -Next to USF

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.

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.

• Current Revenue Model: Units currently average approximately $1,800/month.

• 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.

• 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:

• Interior Upgrades: Modernization of "classic" units to meet contemporary market standards.

• Exterior Enhancements: Comprehensive repainting and landscaping to increase curb appeal.

• 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.

• Academic Hubs: Less than 1 mile to USF Tampa Campus and close proximity to Florida State University facilities.

• 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.

• 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.

• 12 One-Bedroom / One-Bath Units

• 12 Two-Bedroom / 1.5-Bath Units

• 48 Three-Bedroom / 2-Bath Units (Large Floorplans)

• Parking: 110 dedicated spaces (1.37 per unit)

• 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.