116-Unit Hotel/Apartment Complex For
For Sale
$9,000,000
4011 E COLUMBUS DRIVE, Tampa, FL 33605
116-unit hotel/apartment complex with remodeling and expansion potential.
Property Size45,100 SF
Lot Size5.00 Acres
Price / SF$199.56
Days on Market738
Property Features for 4011 E COLUMBUS DRIVE
General Information
Standard status
Active
Size
45,100 SF
Lot size
5.00 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$29,183
Building Details
Year Built
1974
Listing Agency:
GREAT AMERICAN REALTY
Listed By:
Frank Leto · License #272816
(813) 961-9661
Source:
Exitrealty
Added: Oct 1, 2024
Changed: Sep 1
Last Checked: Sep 15 at 4:43AM
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 / Yr
$489,451
Cap Rate
5.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,789,020
$9.8M
Cap Rate 7%
$6,992,157
$7.0M
Cap Rate 9%
$5,438,344
$5.4M
Market Conditions
NOI Build-Up for 45,100 SF
Gross rent
$957.9K $21.24/SF
− Vacancy
−$68.0K −$1.51/SF
EGI
$889.9K $19.73/SF
− OpEx
−$400.5K −$8.88/SF
NOI
$489.5K $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 Rate 5%
$9,789,020
Cap Rate 7%
$6,992,157
Cap Rate 9%
$5,438,344
Alternative Uses
Best Use
Apartment 5plus
$6.99M
$6.12M – $8.16M
NOI $489,451 @ 7.0% cap · market cap 5.44%
Second Best
Hotel Hospitality
$3.31M
$2.89M – $3.86M
NOI $231,363 @ 7.0% cap · market cap 2.57%
Theoretical Best
Office A
$10.51M
$9.19M – $12.26M
NOI $735,491 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
847
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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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 DRIVE 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.
