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701 E Fletcher Avenue Tampa, FL 33612
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!
|18 hours ago||Listing updated with changes from the MLS|
|5 months ago||Price changed to $15,250,000|
|5 months ago||Status changed to Active|
|5 months ago||Price changed to $15,265,000|
|6 months ago||Status changed to Pending|
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Listing data comes from My Florida Regional MLS DBA Stellar MLS.