5870 56th Avenue North, Kenneth City, FL, 33709, US

Ashford Bayside

Asset Description

Jones Lang LaSalle, Inc. (“JLL”) is pleased to present Ashford Bayside, a 189-unit garden community in Kenneth City, FL. The Property offers a mix of studio, one, and two-bedroom units spread across five residential buildings with one leasing center. The Property is perfectly positioned for an interior value-add with sizable potential premiums, with 93 classic units. Situated just five miles from Downtown St. Petersburg, Ashford Bayside enjoys a premier location close to I-275, a major thoroughfare connecting Tampa Bay. The proximity to numerous shopping centers, HCA hospitals, employment hubs, and favorable community amenities make Ashford Bayside a remarkable place to live within one of the strongest fundamental multifamily markets in the state.

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Attributes

Number of units

189

Occupancy

92%

Year built

1972

Building area net

14,251 m²

Land area gross

1.13 ha

Media

Investment Highlights

83% two-bedroom floor plans (156 total units)
15% of units (all of Building E) are effectively brand-new product - which were completely rebuilt in 2023
High-quality concrete block construction
Strategic value-add opportunity as 28 fully renovated units achieving $300+ premium over 93 classic units (49%)
Nearby property achieving $300+ premium over Property average rents
Elevator access for all second & third-floor units
Well-amenitized property that features a swimming pool, playground, leasing center, dog park, Amazon package lockers, on-site laundry facility, and much more
58% of units below market rent - resulting in immediate loss-to-lease recovery ($75K+)
Recently implemented RUBS system on sewer reimbursements has resulted in higher recovery & additional income on new leases