Overview
Cottage Court Apartments is a 92-unit villa-style community built in 1986 and located in a high-growth suburban submarket of the Tampa MSA. Positioned in the heart of Port Richey with convenient access to US-19, the property offers strong regional connectivity and proximity to retail, dining, and everyday conveniences within a stable residential neighborhood supporting long-term rental demand. The single-story brick residences provide a desirable low-density feel with functional floor plans designed for everyday living. The asset offers a compelling going-in return profile with meaningful upside through a luxury-grade value-add program, including quartz countertops, LVP flooring, stainless steel appliances, shaker cabinetry, and upgraded fixtures. Additional revenue growth is supported through continued penetration of the washer/dryer rental program, with all units featuring connections and 23 units currently paying a monthly rental fee.
Investment Highlights
- High-Growth Tampa MSA Location: Situated within a rapidly expanding suburban submarket of the Tampa MSA, supported by strong population growth and continued residential development along West Pasco County’s SR-52 corridor
- Compelling Going-In Return Profile: Strong going in positive leverage with significant upside potential through operational and interior enhancements
- Well Positioned for Value-Add Program: Opportunity to implement a luxury-grade interior upgrade program, including quartz countertops, LVP flooring, stainless steel appliances, shaker cabinetry, upgraded lighting and plumbing fixtures, and modern hardware packages
- Continued Penetration of Washer/Dryer Rental Program: Presents meaningful additional income upside, with 23 units currently paying a monthly rental fee
- Desirable Villa-Style Construction: 1986-built single-story villa-style residences with brick façade, offering privacy, curb appeal, and a low-density community feel
- Functional & Spacious Floor Plans: Almost 80% Two-Bedroom Layouts at 936 SF with split-bedroom floor plan. All units feature partial enclosed front patios with outdoor storage closets
- Strong Amenity Offering: Community amenities include a clubhouse/leasing office and swimming pool, supporting resident retention and leasing velocity
- Existing In-Unit Laundry Capability: All units include washer/dryer connections, with appliances currently available for rent at $50/month
- Convenient Suburban Tampa MSA Location: Situated in the heart of Port Richey within the Tampa MSA, providing access to regional employment hubs, civic amenities, and suburban lifestyle offerings
- Easy Access to Major Thoroughfares: Close proximity to US-19, offering seamless connectivity for commuters, regional trafÏc flow, and access throughout Pasco and Pinellas Counties
- Near Retail, Services & Daily Conveniences: Minutes from grocery stores, retail plazas, dining, and essential services along Ridge Road and nearby commercial corridors, supporting resident convenience and lifestyle needs
- Well-Regarded Residential Neighborhood: Positioned in a stable suburban community with a mix of single-family and multifamily housing, enhancing long-term neighborhood demand
Photo Gallery
Sales Team
