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701 E Fletcher Ave, Tampa, FL

$13,900,000 - $13.9M Price - 83,465 Sqft - 3.44 Acres - 89 DOM

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!

Essential Information

For 701 E Fletcher Ave, Tampa, FL
  • MLS® # U8039742
  • Price $13,900,000
  • Bathrooms 0.00
  • Square Footage 83,465
  • Acres 3.44
  • Year Built 1974
  • Type Commercial
  • Sub-Type Hotel/Motel
  • Status Active

Community Information

For 701 E Fletcher Ave, Tampa, FL
  • Address 701 E Fletcher Ave
  • Area Tampa / Forest Hills
  • Subdivision North Tampa Heights
  • City Tampa
  • County Hillsborough County
  • State FL
  • Zip Code 33612

Interior

For 701 E Fletcher Ave, Tampa, FL
  • Cooling Wall/Window Unit(s)

Exterior

For 701 E Fletcher Ave, Tampa, FL
  • Exterior Concrete
  • Lot Description Two + to Five Acres

Additional Information

For 701 E Fletcher Ave, Tampa, FL
  • Days on Market 89
  • Zoning CN

Listing Details

For 701 E Fletcher Ave, Tampa, FL
  • Office Buxton Properties Inc

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Listing data comes from My Florida Regional MLS DBA Stellar MLS.

Listing information last updated on June 24th, 2019 at 5:45am CDT.