409 E Floribraska Avenue

Description

Price Reduced on recently renovated quad close to downtown Tampa in the highly coveted Tampa Heights. The property consists of 2 duplexes on the same parcel for a total of 4 units, (3) 1 bedroom/1 bath units & (1) 2 bedroom/1 bath unit. The 2-story duplex in the back was built in 1946 and is concrete block with a 2-bedroom unit, 1-bedroom unit and 459 SF storage room that could be converted to rentable space. The 2-bedroom unit is 918 SF and is currently rented below market at $1400/mo with lease expiry 2/23 and opportunity to increase rent to market rent of $1,800/mo. The bungalow duplex in the front houses 2 1-bedroom units with a large front porch and lots of curb appeal which currently is leased for $1500 and $1400/mo. The total monthly rent is $5,300 with total annual income of $63,600. Owner expenses are low as the property has been fully remodeled resulting in little to no maintenance, property taxes of $4,622 this year, low insurance around $2k/annual, and tenants pay electric while owner pays water of around $200/mo. Increasing rent to market results in a pro forma cap rate of 8.5% with opportunity to add more value with storage space conversion to rentable space. These units feature stainless steel appliances, including in unit laundry, waterproof LVP flooring, a metal roof on the bungalow, central air in 2 units, upgraded cabinets, & granite counter tops