Neighborhood: 33619 - Tampa / Palm River / Progress Village, Tampa Tourist Club
Property Taxes: $2,220
BOM. The capitalization rate on the duplex speaks volumes. Excellent cash flowing property with long term tenants in place. There are 2 separate buildings providing a 4BR/2BA, a 2BR/1.5BA duplex and a partially finished 2BR/1BA conversion. Seller is offering property at 9.3% Cap Rate based on list price with conversion the rate of return can be above 12%. There is plenty of room to maximize your margins. Investors take note as Seller says make it a Win-Win by offering below current market value based on GRM Analysis (attached). Best of all, the Seller did not just purchase and let the tenants pay rent. The Capital Improvements are endless meaning your needed contributions are minimal and cosmetic. Improvements include a New Roof (2018, 2021), New Cabinetry (2018), New Electrical Panel (2018, New A/C Unit (2018), New Flooring (2020), New Bathroom Vanities (2018, 2020)as well as New(2021) Windows, Doors, Siding and Roof on conversion. Everything on the exterior of conversion has been done. This property just makes sense as it is zoned RDC-12 meaning up to 12 units per acre. Better still, the property is surrounded by single family homes which shows in the upkeep of the neighborhood and is within five to fifteen minutes of varying area attractions such as downtown Ybor, TIA or MacDill AFB. Please do not disturb tenants. Leases are available upon request. Property is being sold As-Is.
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