116-Unit Hotel/Apartment Complex For
For Sale
$9,000,000
4011 E COLUMBUS Dr, Tampa, FL 33605
116-unit hotel/apartment complex with remodeling and expansion potential.
Property Size45,100 SF
Lot Size2.50 Acres
Price / SF$258.62
Days on Market161
Property Features for 4011 E COLUMBUS Dr
General Information
Standard status
Active
Size
45,100 SF
Lot size
2.50 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$29,183
Building Details
Building Size
45,100 SF
Year Built
1974
Units
116
Listing Agency:
GREAT AMERICAN REALTY
(813) 961-9661
Listed By:
Frank Leto · License #272816
(813) 961-9661
Source:
Elliman
Added: Mar 12
Changed: Aug 15
Last Checked: Aug 18 at 7:28AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of GREAT AMERICAN REALTY
Investment Insights
Based on property information with market context.
This property features a 116-unit hotel/apartment complex. The two-story building is constructed with concrete block and brick, with a concrete second floor. Each unit offers approximately 300 square feet of efficiency apartment space. A new roof was installed in 2024. The building is currently undergoing a complete remodel and includes land suitable for constructing an additional 100 units. The units can be rented on a daily, weekly, monthly, or annual basis. Proforma income, based on weekly rentals of $350 per unit, is $2,111,200, with expenses of $844,480, resulting in a net income of $1,266,720. The total acreage of the property is over 5 acres, offering significant development potential.
Key Highlights
- High potential income: Proforma shows $1,266,720 net income renting units weekly.
- Expansion possibilities: Land available to build approximately 100 additional units.
- Recently Renovated:** Building is being totally remodeled.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$377,670
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.20%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,553,400
$7.6M
Cap Rate 7%
$5,395,286
$5.4M
Cap Rate 9%
$4,196,333
$4.2M
Market Conditions
NOI Build-Up for 34,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$739.2K $21.24/SF
− Vacancy
−$52.5K −$1.51/SF
EGI
$686.7K $19.73/SF
− OpEx
−$309.0K −$8.88/SF
NOI
$377.7K $10.85/SF
Area
Tampa, FL
Vacancy
7.10%
Lease Rate
$21.24 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,553,400
Cap Rate 7%
$5,395,286
Cap Rate 9%
$4,196,333
Alternative Uses
Best Use
Apartment 5plus
$5.40M
$4.72M – $6.29M
NOI $377,670 @ 7.0% cap · market cap 4.20%
Second Best
Hotel Hospitality
$2.55M
$2.23M – $2.98M
NOI $178,524 @ 7.0% cap · market cap 1.98%
Theoretical Best
Office A
$8.11M
$7.09M – $9.46M
NOI $567,518 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,021
Businesses Nearby
Explore this area
Business Placement
Demographics for 33605, FL
18,243
Population
8,994
Households
2
Avg Household Size
36
Median Age
21%
College-Educated
79%
High-School Grad
7.8 sq mi
ZIP Area
2,339
Density / Sq Mi
$36,790
Median Household Income
$35,889
Median Earnings
$1,122
Median Rent
$235,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - 116-unit hotel/apartment complex with remodeling and expansion potential.
Where is this hotel located?
The property is located at 4011 E COLUMBUS Dr Tampa, FL.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: High potential income: Proforma shows $1,266,720 net income renting units weekly.; Expansion possibilities: Land available to build approximately 100 additional units.; Recently Renovated:** Building is being totally remodeled.
