'Trophy' Hyde Park rental sets per-unit sales record

BUYER: RedBridge Realty LLC (principal: Elizabeth Shimberg), Seffner
SELLER: Intown Housing BV LLC
PROPERTY: 1402 S. Bay Villa Place, Tampa
PRICE: $2.9 million
PREVIOUS PRICE: $1.45 million, June 2011
LAW FIRM ON DEED: Gardner Brewer Matinez-Monfort PA, Tampa

PLANS, DESCRIPTION: A high net-worth group led by Elizabeth Shimberg purchased the 24-unit Bay Villa SoHo Apartments for $2.9 million.

The price equated to $120,833 per unit or $212 per square foot.

Built in 1924 and renovated last year, the 13,680-square-foot historic apartment complex features three two-story apartment buildings. Units average 550 square feet, but because of its location — in one of Tampa's top rental submarkets, and the quality of the property — they rent for $1,150 a month. It was 100% occupied at the time of the sale. The property also includes barbecue grill stations, fire pits and gated picnic areas.

Casey Babb and Luis Baez of Marcus & Millichap's Tampa office, represented the seller, InTown Housing Group.

“This is the highest per-unit or per-square-foot sale price on record for a small apartment building [in the 10- to 50-unit apartment segment],” Babb says. “This is a trophy property with more than $1 million invested in the units over the past five years. It rents at the top of the market, which is a hard thing to do in Hyde Park, but this property is really best in class.”

The purchase price equated to an annual payoff ratio based on income (capitalization rate) of 7.81%.