701 E Fletcher Ave, Tampa

$13,900,000

Pending
0 Beds
0 Baths
83,465 Sqft
3.44 Acres
0 Garages

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
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 Pending
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Neighborhood Information for 701 E Fletcher Ave

Moderate Residential Turnover

Weather

  • Highs

    • January 70.10℉
    • July 89.70℉
  • Lows

    • January 52.40℉
    • July 75.30℉
  • rain icon

    Precipitation

    • 44.77"
   
Great Schools School Name Distance  

Miles Elementary School

Public - Preschool to 5th Grade - Closest Elementry School
0.6 Miles

Gateway Christian Academy

Private - Preschool to 8th Grade - Closest Middle School
0.7 Miles

Montessori Academy Of Carrollwood

Private - to
1 Miles

Prince Private Academy

Private - Kindergarten to 12th Grade
1.1 Miles

Mort Elementary School

Public - Preschool to 5th Grade
1.2 Miles

Bowers-whitley Career Center

Public - 11th Grade to 12th Grade
1.2 Miles

Bowers/whitley Adult & Community Center

Public - 9th Grade to 12th Grade - Closest High School
1.2 Miles

School data provided by GreatSchools

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

Listing information last updated on September 21st, 2019 at 2:15am EDT.