701 E Fletcher Avenue, Tampa, FL 33612

$15,250,000
83,465
SqFt
List Price
$15,250,000
Status
Active
Days on Market
232
Price Change
▼ $15,000 1570072317
MLS#
U8039742
Property Style
Hotel/Motel
Year Built
1974
Living Area
83,465
Lot Size
149,685
Acres
3.44
Total Acreage
Two + to Five Acres
Legal Subdivision Name
North Tampa Heights
MLS Area Major
Tampa / Forest Hills

Property Description

A rare investment back on the market! This unique building offers a cap rate unseen in today’s 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 12% 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 18%!!! This gem of an investment, now with documented and verifiable income which will be released with an accepted contract won’t last long! Contact us today!

Additional Information

Taxes Annual
$85979
Community Features
No Deed Restriction
Zoning
CN
Air Conditioning
Wall/Window Unit(s)
Exterior Construction
Concrete
Pool
No Pool
Flood Zone Code
X
Parcel ID
U-12-28-18-0TD-000001-00002.0
Legal Description
NORTH TAMPA HEIGHTS LOT 2 LESS R/W FOR SR 93 & LOT 3 LESS S 30 FT & LESS R/W FOR SR 93 BLOCK 1

Mortgage Calculator

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Term of Loan
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Calculator source: Real Geeks

Listing courtesy of BUXTON PROPERTIES INC.

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