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!
- Special Listing Conditions None
- Subdivision Name NORTH TAMPA HEIGHTS
- Year Built 1974
- Zoning CN
- New Construction Yn 0
- Business Type Hotel/Motel
- Tax Annual Amount $85,979
- Additional Parcels YN 0
- County Or Parish Hillsborough
- Building Area Source Public Records
- Building Area Total 104,583
- Construction Materials Concrete
- Cooling Wall/Window Unit(s)
- Living Area 83465.00
- Lot Size Acres 3.44
- Lot Size Square Feet 149685
- Road Frontage Type Interstate
- Total Acreage Two + to Five Acres
- Waterfront Yn 0
- Waterfront Feet Total 0
- Water View Yn 0
- Water Access Yn 0
- Water Extras Yn 0
- Total Num Buildings 2
33612 (TAMPA) Demographics
Market Last 30 Days In This Postal Code
Average Days on Market
Properties for Sale
|--||New Value: $15,250,000|
|3/27/2019 1:45:00 PM|
**Assumes 3.5% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information.
Listing information provided in part by the IDX Program of My Florida Regional MLS DBA Stellar MLS. All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. Data last updated on 4/8/2020 7:58:14 AM.
Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law.
Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.