Tampa Luxurious 4Plex generates $2,100 per unit Asking $825k

[Devon Garbus]

This 4 plex was ripped to the studs and all but rebuilt. When work is finished next month 4 tenants are all ready lined up at $2,100 per month.
Each unit is a 2/2 with laundry hook ups. Beautiful wood flooring and high end finishes are being installed as you are reading this.

This is (arguably) the most desirable neighborhood of the booming South Tampa market. It is walking distance to nightlife and restaurants and a quick hop in the car to major employment centers, 2 of the largest malls in the bay area, Tampa General Hospital, and Tampa international airport. This is not an area that will be hard to keep occupied.

Owner wants to keep this off market and low key for now. I expect a slight price increase when this hits MLS on project completion/tenants moving in.

To be blunt if I had it my way I'd just list this at $925. An investor familiar with the local market would probably grab it close to that price for appreciation (of both rents and property)/ prestige of owning a property in the area.

If you have serious interest I will obviously provide you with the property address and show you the property.

I love everything about this deal, from the quality of the property to the cap rate we are selling it at. Owner is obviously willing to sell after tenants have moved in/project is 100% completed. Currently less than 30 days out.

Cap rate break down:

Purchase price $825,000

8400/month %12.2 gross cap

Assuming 30% as costs  8.5% cap

With $200k down and 4,000/month in payments:

1880/month profit-> 11% return on cash

(Please feel free to correct my math!)