321-662-8014

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Property Details

701 E FLETCHER AVENUE
TAMPA, Florida FL 33612-2611
$13,900,000 Price
83,465 SqFt
3.440 Acres
U8039742 Listing ID
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!
Schedule Showing Virtual Tour
Status Active
County Hillsborough
Year Built 1974
Property Type Commercial
Commercial
Property Sub Type Hotel/Motel

Primary Features

Area Major: 33612 - Tampa / Forest Hills
Subdivision: NORTH TAMPA HEIGHTS
Business Type: Hotel/Motel
Total Number of Buildings: 2
Construction Materials: Concrete
Cooling: Wall/Window Unit(s)

Interior Features

Building Area Total: 104583

External Features

Lot Size Square Feet: 149685
Public Survey Range: 18
Public Survey Section: 12
Road Frontage Type: Interstate
Total Acreage: Two + to Five Acres
Water Access: no
Water Extras: no
Water View: no
Waterfront: no

Green Features

Location Information

Country: US
Parcel Number: U-12-28-18-0TD-000001-00002.0
Township: 28
Zoning: CN

Financial Details

Commercial Transaction Type: Commercial Sale
Current Price: 13900000
Special Listing Conditions: None
Tax Annual Amount: 85979
Tax Block: 1
Tax Book Number: 3-73
Tax 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
Tax Lot: 2
Tax Year: 2018

Additional

Additional Parcels: no
Building Area Source: Public Records
Flood Zone Code: X
Flood Zone Panel: 12057C0204H
Leasable Area: 83465
New Construction: no

Zoning Info


Listing information courtesy of BUXTON PROPERTIES INC.

Listing information ©My Florida Regional MLS 2019. 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. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase. All other use is strictly prohibited and may violate relevant federal and state law. Data last updated on Monday, May 27th, 2019 at 01:30:23 AM.

Contact - Listing ID U8039742

Michael Derenthal

1223 Edgewater Drive
Orlando, FL 32804
Phone: 407-965-1919
Phone Alt: 321-662-8014

Data services provided by IDX Broker

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