< Back to SearchPrinter Friendly
     For additional information, contact Randy Heffernan Phone: (813) 857-8592
Have a Question?Request a Showing

 
 
 
 
701 E Fletcher Avenue, Tampa, FL 33612
Listing# U8039742
 
 
 
 
Price: $13,900,000
Sq. Feet: 83465
Type: Commercial
County: Hillsborough
 
 
 
 
    Photo of home for sale at 701 FLETCHER AVENUE E, Tampa FL
House image thumbnailHouse image thumbnailHouse image thumbnailHouse image thumbnailHouse image thumbnailHouse image thumbnailHouse image thumbnailHouse image thumbnailHouse image thumbnailHouse image thumbnailHouse image thumbnail
 
 
 
 
MAPS:
 
 
 
 
Remarks
 
 
 
 
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!

 
 
 
 
OVERVIEW:
 
 
 
 
Property Type:Commercial
Property Subtype:Hotel/Motel
Listing Status:Active
Subdivision:North Tampa Heights
Year Built:1974
Construction Materials:Concrete
Square Feet:83465
Lot Square Feet:149685
Acres:3.44
Total Acreage:Two + to Five Acres
Cooling:Wall/Window Unit(s)
 
 
 
 
FINANCIAL:
 
 
 
 
Listing Price:$13,900,000
Annual Taxes:$85,979
Tax Year:2018
Mortgage Calculator

Mortgage Calculator

$
0% 3% 5% 10% 20% 30%
years
%
$
$
$
$
$
$
$
$

Neighborhood Information

School Information

 

 

Copyright © 2019 Mid Florida MLS. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of Mid Florida MLS. Information provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Keller Williams Realty Tampa Central participates in the MFRMLS Internet Data Exchange (IDX) program, allowing display of other MFRMLS broker's listings on this site. However, may not include all listings currently available. Information is deemed reliable but not guaranteed.

 

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.  Property locations as displayed on any map are best approximations only and exact locations should be independently verified.

 

Lifestyle, neighborhood, and school data ("Supplemental Data") is provided by the operator of this website as a convenience to users. This Supplemental Data is not provided or reviewed by Mid Florida Regional MLS. The operator of this website updates the Supplemental Data from time to time, but it does not represent, warrant or otherwise promise that the Supplemental Data is current, free from defects, or error-free. All Supplemental Data is provided AS IS with all faults. Users are encouraged to consult their own data sources to confirm the accuracy of all Supplemental Data before using the Supplemental Data as a basis for any decision. Complete list of data sources.

 

Data Last Updated: 04/18/2019, 7:10:17 PM

 

Listing information courtesy of BUXTON PROPERTIES INC


Call For an Appointment: 813-857-8592

MFRMLS - Orlando, FL IDX service by WolfNet Technologies, LLC© 2019 Terms of Use