Niche (Tampa, FL)

1116 W Carmen St, Tampa, FL, 33606-1302, US

Description

UBER-INNOVATIVE AND DIFFERENTIATED PRODUCT:

ROBOTIC ORI FURNITURE

Select units feature Ori Living furniture, seamlessly transforming studio living rooms into bedrooms featuring a bed, couch, entertainment center, storage, and a

50-inch TV nook. All units feature eclectic transformative spaces and built-in wine racks.

RARE SUSTAINABLE VALUE PROPOSITION:

MOST AFFORDABLE UNITS IN SUBMARKET

In a market where housing costs increasingly challenge residents, Níche stands out as a beacon of attainability. In-place rents account for just 14% of Household Income, signaling potential for sustainable rent growth - well below traditional affordability metrics.

SUBSTANTIAL MARK-TO-MARKET OPPORTUNITY:

28% DISCOUNT TO LEASES

On second-generation leases, in-place rents represent a 28% discount to the comparables, and the property leased up in 6 months. The property’s lease tradeout history proves out this tremendous opportunity, boasting a 5.87% increase on new

leases and a 4.18% increase on renewals, while net effective rent growth on tradeouts stands at 7.12% (excluding tradeouts on short term leases).

SOPHISTICATED AMENITY SET:

ROOFTOP POOL AND CLUBHOUSE

Amenities include a rooftop pool featuring skyline and bay views, rooftop fitness center, golf simulator, courtyard putting greens, and outdoor Yoga Terrace with city views.

...

Attributes

Units

251

Occupancy

95%

Year built

2024

Building area gross

150,443 sf

Media

Investment highlights

STRENGTHENING SUBMARKET FUNDAMENTALS:

3.3% RENT GROWTH IN YEAR 1

Favorable rent growth of 3.3% is projected in Year 1 (Costar), which is supported by in-place income at the property.

DIMINISHING SUPPLY PIPELINE:

NO IMMEDIATE DEVELOPMENTS IN HYDE PARK

Given the absence of rezoning applications in North Hyde Park for 2025 and 2026, Níche faces no immediate competition from upcoming developments. This lack of new supply, combined with the area's current undersupply, puts Níche in a favorable market position.

REAL ADVICE'S TAX REDUCTION PROGRAM:

NOI INCREASE OF $300,000

This program shows promising potential for Níche. The initiative has consistently achieved a 100% success rate, resulting in a 65% average reassessment value

for properties sold. Furthermore, agencies have recently expressed willingness to underwrite the tax savings, adding an extra layer of assurance to the program.

CONNECTIVITY ATTRACTING ELITE DEMOGRAPHICS:

$181,662 AVG. HHI

The property boasts an average household income of $181,662, desirable A-rated schools, and the convenience of being less than a 10-minute drive from Tampa’s major job markets of Downtown Tampa (71,000 employees) and Westshore Business District

(104,000 employees).

* Includes Guarantor Income

HIGHLY AMENITIZED NEIGHBORHOOD:

78 WALK SCORE

North Hyde Park offers exceptional amenities with 46 walkable retail options (27 restaurants, 10 bars, 9 coffee shops), plus additional retailers and recreational amenities, creating a highly desirable live-work-play environment that drives strong tenant demand and rental premiums.