414 Emily St, Tampa, FL 33603

This exceptional redevelopment opportunity encompasses two parcels at 414 and 418 E Emily St in Tampa, Florida, totaling 19,436 square feet. Currently vacant, the property is zoned Commercial Health, permitting an 87-bed assisted living facility (ALF), as per approved plans. Alternatively, the zoning can be reverted to allow for multifamily or mixed-use development, potentially accommodating up to 30 residential units or a combination of commercial and residential spaces. Further development options include townhomes (18+ units) or a shopping plaza/storage units. The land offers significant value, with a price per square foot of $70.70. The asking price for both parcels is $2,200,000, representing a pro-forma cap rate of 7.50%. The property boasts stunning views of Robles Park and Lake, situated within an Opportunity Zone, presenting investors with substantial tax advantages. While the existing structures could be repurposed, this is a prime opportunity for new construction tailored to the chosen development path. The flexibility in zoning and the property's prime location make this a truly unique investment prospect with considerable upside potential. Detailed plans and further information are available upon request.