602 Falkenburg Rd Tampa, FL 33619-8045

This exceptional 101-key La Quinta Inn & Suites, located at 602 S Falkenburg Rd, Tampa, FL 33619, presents a compelling value-add investment opportunity. Built in 1985 and extensively renovated in 2023, this three-story hotel boasts a strong 10.16% cap rate and a substantial NOI of $888,563. The property sits on a 2.18-acre lot and offers convenient access to I-75, placing it within minutes of central Tampa and major attractions such as Busch Gardens Tampa Bay, The Florida Aquarium, and Zoo Tampa at Lowry Park. Its proximity to significant employers like Coca-Cola and Citicorp also makes it attractive to business travelers. The recent renovations included parking lot rehabilitation, swimming pool resurfacing, hallway retexturing and painting, new hallway flooring, elevator modernization, and the installation of new dryers. Guests enjoy amenities such as complimentary daily breakfast, high-speed WiFi, and an outdoor pool. The hotel's strong financial performance, reflected in a 2023 gross revenue of $2,470,383.25 and a 3.54x RRM multiplier, further underscores its investment potential. The asking price is $8,750,000. Its strategic location also benefits from proximity to the Ice Sports Forum, Florida State Fairgrounds, Mid-Florida Credit Union Amphitheatre, Port of Tampa, Tampa Convention Center, and Tampa International Airport. This property offers a rare blend of established performance and significant upside potential. The University of South Florida is also nearby.