701 E FLETCHER AVENUE $13,900,000

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    701 E FLETCHER AVENUE TAMPA, FL 33612

    • 83,465 sq.ft.
    • 3.44 Acres
    • Commercial
    MLS# U8039742 | Active

    $13,900,000

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    Days On Market: 143 3 Views
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    Property Details

    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 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 won't last long! Contact us today!

    • General Features
      • Special Listing Conditions None
      • Subdivision Name NORTH TAMPA HEIGHTS
      • Year Built 1974
      • Zoning CN
      • New Construction Yn 0
      • Business Type Hotel/Motel
      • Tax Annual Amount $85,979
      • Additional Parcels YN 0
      • County Or Parish Hillsborough
    • Building Features
      • Building Area Source Public Records
      • Building Area Total 104,583
      • Construction Materials Concrete
      • Cooling Wall/Window Unit(s)
      • Living Area 83465.00
    • Property Features
      • Lot Size Acres 3.44
      • Lot Size Square Feet 149685
      • Road Frontage Type Interstate
      • Total Acreage Two + to Five Acres
      • Waterfront Yn 0
      • Waterfront Feet Total 0
      • Water View Yn 0
      • Water Access Yn 0
      • Water Extras Yn 0
      • Total Num Buildings 2

    Contact

    Sheetal 'Shelly' Sidhu

    THE SIDHU TEAM

    RE/MAX PREMIER GROUP

    Direct: 813-995-1599

    Neighborhood

    33612 (TAMPA) Demographics

    34Median Age
    4,499Population Density (per sq. mile)
    23%College Educated
    $30,063 Estimated Median Income
    6,408Estimated Total Home Owners
    11,560Estimated Total Renters
    36% / 64%Estimated Owner / Renter Divide
    3Estimated Average Household Size
    45,980Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days

    $0 Median Sales Price
    0 Homes Sold
    48 New On Market

    Average Days on Market

      Properties for Sale

        Property History

        Date Event Price Percent Change
        -- Current Price Source New Value: $13,900,000
        3/27/2019 1:45:00 PM New in Database Source

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        Listing information provided in part by the IDX Program of My Florida Regional MLS DBA Stellar MLS. All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. Data last updated on 8/17/2019 8:55:00 PM.

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