Income Producing 5 Unit South Seminole Heights Bungalow Apartment featuring (4) 1bedroom 1 bath units and (1) 2 bedroom 2 bathroom unit. Located in the heart of South Seminole Heights and just minutes to Downtown Tampa. The building sits on a beautiful .47 Acre site, a rarity in the middle of the city. The property is 100% rented with and never with a vacancy!! Currently the property brings in $40,920 annually in rent with a net income of $32,354 after 2016 expenses which are stabilized. CAP rate being offered is 9% for a turn key investment. Below is the break down, I will furnish rent roll and expenses upon request: Apt 1…..new lease 11/1/16 Apt 2…..new lease 10/1/16 Apt 3…..new lease 10/1/16 Apt 4…..renewed on 10/1/16 (she has been there about 6 years….loves it there) Apt 5…..renewed 10/1/16 (2nd year tenant) I have spent over $15,000 in improvements since I purchased it (9/15), Apts 1,2, and 3 were updated with new flooring (Vinyl Planking which looks awesome and very durable) and paint,new HVAC unit in Apt 3 (2016). I updated all the electrical outlets and switches as well as new appliances in Apt 1 (10/16). Previous tenant was there 10 yrs. All new sewer (2016); we removed the old clay piping and replace w/ PVC. New water filtration system (10/15) and bladder system (11/16). Property is on a well with city sewer, so no water bills for the owner!! Finally, with regard to future tenants and marketing the units…..they rent fast!!! I mean literally in hours, it takes me more time just to go through all the applications….its crazy!!
This property is not currently displayed as for sale or rent on Zillow. This may be different from what's on other websites or public sources.
