$13,900,000

701 E Fletcher Avenue

TAMPA FL, 33612

Description

A rare investment back on the market! This unique building offers a cap rate unseen in todays market. Located immediately off of I-275, this prime location puts one right in the middle of everything! Less than two miles away from the University of South Florida, Moffitt Cancer Institute and the VA, The Palms Inn is comprised of a diverse population. Guests can also enjoy a short 30 minute drive to the beautiful area beaches and an hour drive to the newest happenings of Orlando. The Palms Inn, once under renovation, is now complete. New roof and re done rooms offer clean comfort to all guests. Purchase The Palms with cash and enjoy 15.6% cap rate, or purchase with a $5M down payment and use a bridge loan (9% interest; $9M finance; 3 year balloon) and yield a cash to cash investment cap rate of 27.3%!!! This gem of an investment, now with documented and verifiable income which will be released with an accepted contract wont last long! Contact us today!

Details

MLS#U8039742
StyleIndustrial
Sub-TypeResale
StatusPending
Year1974
Days On Site179

Features

SQ Feet104,583
Story(s)1
ZoningCN

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Area Information

StateFL
CountyHillsborough
CityTAMPA
Zip Code33612
Area33612 - Tampa / Forest Hills
Listing VS Median (in 33612)
Price:
$13,900,000
low | high
Med:
$383,950
100% of Average
SqFt:
104,583
low | high
Med:
3,779
100% of Average
$ / SqFt:
$133
low | high
Med:
$102
73.547201428735% of Average
On Site:
179
low | high
Med:
174.500000
100% of Average
Listing Updated: 09/21/2019
MLS Number: U8039742
Listing Provided By:
Ahmad Maki Kubba  of  BUXTON PROPERTIES INC

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