(10% CASH-ON-CASH RETURN!) THE RENELLIE BUILDING FOR SALE IN SOUTH TAMPA!
4919 S Renellie Drive
Tampa, FL 33611
Highlights
- AMAZING INCOME-PRODUCING ASSET IN SOUTH TAMPA!
- THIS IS THE ONLY ASSET AVAILABLE IN ALL OF SOUTH TAMPA WITH A CASH-ON-CASH RETURN OF OVER 10%!
- THE ENTIRE PROPERTY WAS FULLY REMODELED IN EARLY 2023 AND IS IN FANTASTIC CONDITION!
- 10% CASH-ON-CASH RETURN IN PLACE!
- 15% CASH-ON-CASH RETURN IN 2026!
- 2,000 S/F OFFICE BUILDING, WITH 2 ADDITIONAL APARTMENTS LOCATED DIRECTLY NEXT DOOR.
- AMAZING SELLER FINANCING IS AVAILABLE! APPROX SELLER FINANCING TERMS:
- DOWN PAYMENT: $250,000.
- INTEREST RATE: (YEARS 1-2)- 4%, (Years 3-4)- 5%, (Year 5)- 6%.
- INTEREST-ONLY PAYMENTS, 5-YEAR BALLOON!
Description
THE RENELLIE BUILDING IS A ONE-OF-A-KIND MIXED-USE PROPERTY LOCATED IN BEAUTIFUL SOUTH TAMPA. THE PROPERTY IS LOCATED AT THE HEAVILY TRAFFICKED INTERSECTION OF GANDY BLVD. AND WESTSHORE BLVD! THE RENELLIE CONSISTS OF A 2,000 SF (M.O.L) NEWLY RENNOVATED OFFICE, AND TWO (1-BEDROOM/1-BATHROOM APARTMENTS)! THE BUILDING IS IN ONE OF THE HOTTEST AREAS IN ALL OF TAMPA, AND THE PERFECT VALUE-ADD INVESTMENT AS THE CURRENT RENTAL RATES ARE SEVERELY BELOW THE MARKET AVERAGE IN SOUTH TAMPA!
THIS IS THE ONLY ASSET AVAILABLE IN ALL OF SOUTH TAMPA WITH A CASH-ON-CASH RETURN OF OVER 10%! SINCE EACH UNIT HAS BEEN REMODELED AND IS TURNKEY, A BUYER CAN OBTAIN THE RENTAL INCREASES INSTANTLY!
THE PROPERTY CURRENTLY BOASTS A CASH-ON-CASH RETURN OF OVER 10%! WITH THE AMAZING SELLER FINANCING TERMS AVAILABLE (SEE P. 5 FOR FULL DETAIL), THE RETURNS WILL ONLY GET BETTER! THE PROPERTY HAS EXTREMELY LOW RENTAL RATES, MAKING THIS AN IDEAL VALUE-ADD OPPORTUNITY FOR AN INVESTOR LOOKING FOR THE PERFECT CASH-FLOWING ASSET IN THE SOUTH TAMPA MARKET.
CURRENTLY, THE TENANTS ARE PAYING APPROXIMATELY $300 PER MONTH BELOW THE AVERAGE MARKET RATE FOR THE APARTMENTS AND $400-$500 A MONTH BELOW THE AVERAGE FOR THE OFFICE BUILDING! THIS WILL ALLOW FOR AN IMMENSE JUMP IN THE POTENTIAL NOI THAT IS EASILY OBTAINABLE WITH THE CURRENT RENTS BEING SO UNDERVALUED DUE TO THE PROPERTY’S FANTASTIC NEW CONDITION, LOCATION, AND DEMAND!
A BUYER CAN EASILY OBTAIN A CASH-ON-CASH RETURN OF OVER 11% BY 2025, SIMPLY BY RAISING THE RENTAL RATES TO JUST THE MARKET AVERAGE. DUE TO THE MASSIVE DEMAND IN THE AREA AND THE LIMITED NUMBER OF UNITS AVAILABLE FOR RENT, THIS WILL ONLY CONTINUE TO RISE! PROPERTY IN THIS CONDITION JUST DOES NOT COME AVAILABLE VERY OFTEN IN SOUTH TAMPA!
SELLER FINANCING APPROXIMATE TERMS:
DOWN PAYMENT: $250,000
FIXED INTEREST RATE: YEAR 1: 4.0% YEAR 2: 4.0% YEAR 3: 5.0% YEAR 4: 5.0% YEAR 5: 6.0%
INTEREST-ONLY PAYMENTS OR
AN AMORTIZATION OF 30-YEARS
BALLOON LENGTH: 5- YEARS
MONTHLY DEBT SERVICE AS LOW AS $2,500 PER MONTH!
PROPERTY RENOVATIONS
THE OWNER OF THE PROPERTY FULLY RENOVATED EACH UNIT IN 2023 AND HAS TREMENDOUSLY IMPROVED THE PROPERTY. FROM NEW ROOFS TO ELECTRICAL WORK, THE UNITS ARE IN PRISTINE CONDITION, CREATING HUGE RENTAL DEMAND. THERE ARE VERY FEW PROPERTIES AVAILABLE FOR RENT IN SOUTH TAMPA, ESPECIALLY NEWLY REMODELED UNITS! THIS WILL ALSO ALLOW THE NEW OWNER TO PURCHASE THE PROPERTY WITHOUT HAVING TO SPEND MUCH IF ANYTHING ON IMPROVEMENTS AND MAINTENANCE! THE FUTURE CAPEX WILL BE MINIMAL AND HELP PRODUCE A HIGHER NOI YEAR OVER YEAR!
OFFICE BUILDING UPDATES IN 2023:
NEW ROOF WITH WARRANTY, NEW INTERIOR & EXTERIOR PAINT, ALL NEW ELECTRICAL WORK, UPDATED PLUMBING, NEW HOT WATER HEATER, ALL NEW LANDSCAPING, NEW TRIM AND FLOORING THROUGHOUT THE OFFICE, UPDATED KITCHEN WITH REFRIGERATOR, AND OTHER APPLIANCES, NEW MULTI CAMERA SECURITY SYSTEM, HVAC UPGRADED AND REPLACED, FRONT & SIDE DRIVEWAY RESEALED.
APARTMENT UPGRADES IN 2023:
THE ROOF WAS REPLACED IN 2018, AND NEW INTERIOR & EXTERIOR PAINT, NEW ELECTRICAL & PLUMBING, NEW FLOORING, CABINETS, GARBAGE DISPOSALS, A NEW HVAC SYSTEM, ALL NEW BLINDS, NEW MOTION DETECTION SECURITY LIGHTING, NEW MULTI-CAMERA SECURITY SYSTEM, AND IMPROVED LANDSCAPING AND ADDITIONAL PARKING SPACES ADDED TO THE FRONT ENTERNACE OF APARTMENTS!
LOCATED IN THE WESTSHORE AREA OF SOUTH TAMPA!
