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Tom Parris

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  • Office 813 344 3499
  • Cell 813 388 1647
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701 E Fletcher Ave, Tampa, FL – $13,900,000

  • $13.9M Price
  • 83,465 Sqft
  • 3.44 Acres
  • 112 DOM
  • $13.9M Price
  • 83,465 Sqft
  • 3.44 Acres
  • 112 DOM

701 E Fletcher Ave

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
  • Bathrooms0.00
  • Square Footage83,465
  • Acres3.44
  • Year Built1974
  • TypeCommercial
  • Sub-TypeHotel/Motel
  • StatusActive

Community Information

  • Address701 E Fletcher Ave
  • AreaTampa / Forest Hills
  • SubdivisionNorth Tampa Heights
  • CityTampa
  • CountyHillsborough County
  • StateFL
  • Zip Code33612

Interior

  • CoolingWall/Window Unit(s)

Exterior

  • ExteriorConcrete
  • Lot DescriptionTwo + to Five Acres

Additional Information

  • Days on Market112
  • ZoningCN

Listing Details

  • OfficeBuxton Properties Inc
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Listing data comes from My Florida Regional MLS DBA Stellar MLS.

Listing information last updated on July 17th, 2019 at 1:00pm EDT.