Listing photo for 701 E Fletcher Ave, Tampa, FL
Listing photo for 701 E Fletcher Ave, Tampa, FL
Listing photo for 701 E Fletcher Ave, Tampa, FL
Listing photo for 701 E Fletcher Ave, Tampa, FL
Listing photo for 701 E Fletcher Ave, Tampa, FL
Listing photo for 701 E Fletcher Ave, Tampa, FL
Listing photo for 701 E Fletcher Ave, Tampa, FL
Listing photo for 701 E Fletcher Ave, Tampa, FL
Listing photo for 701 E Fletcher Ave, Tampa, FL
Listing photo for 701 E Fletcher Ave, Tampa, FL
Listing photo for 701 E Fletcher Ave, Tampa, FL
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701 E Fletcher Ave,

Tampa, FL

$15,250,000

83,465 Sqft
3.44 Acres

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!

Facts & Features
MLS® # U8039742
Price $15,250,000
Bathrooms 0.00
Square Footage 83,465
Acres 3.44
Year Built 1974
Type Commercial
Sub-Type Hotel/Motel
Status Active
Community Information
Address 701 E Fletcher Ave
Area Tampa / Forest Hills
Subdivision North Tampa Heights
City Tampa
County Hillsborough County
State FL
Zip Code 33612
Amenities
Is Waterfront No
Has Pool No
Interior
Cooling Wall/Window Unit(s)
Fireplace No
Exterior
Exterior Concrete
Lot Description Two + to Five Acres
Additional Information
Days on Market 219
Zoning CN
Foreclosure No
Short Sale No
RE / Bank Owned No
Listing Details
Office Buxton Properties Inc
Photo of Tim Lester

Tim Lester

Office: 941-524-8465 ext. 5

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

Listing information last updated on December 12th, 2019 at 11:46pm EST.