5609 N Nebraska Avenue

Tampa, FL 33604

Under contract-accepting backup offers. Many 2023 Landlord-Friendly upgrades! RED HOT EAST SEMINOLE HEIGHTS! Property consists of a QUAD-PLEX APARTMENT BUILDING / A RESTAURANT / A LARGE BILLBOARD ON A LAND LEASE / & A STORAGE BUILDING. Brand NEW WATER LINE AND METER separating the apartments from the restaurant installed in 2023. Brand NEW ROOF for the apartment building also installed 2023 (pictures do not depict the new roof). New perimeter FENCING installed 2023. To top it off, even a CLEAN PHASE 1 ENVIRONMENTAL REPORT was completed in 2023 as well for peace of mind. This perfectly situated multi-use property is right in the thick of all of the revitalization of homes, new construction, and new restaurant concepts. The property breakdown is: #1 A 4 Unit quadplex (fully rented) Unit A 2/1 (740 sf.), Unit B 1/1 (400 sf.), Unit C 1/1 (560 sf.), and Unit D 1/1 (560 sf.). #2 A separate garage / workshop adjacent to apartments that is currently a part of restaurant's lease. #3 A free-standing restaurant property (currently rented to a wildly popular Mexican Restaurant) with a 2COP liquor license that transfers with the property to the new owner/landlord. #4 A large mono-pole billboard owned by the billboard tenant and currently on a land lease. The land lease is recently off a long & outdated 20 year lease in 2022. It is now on annualized renewals allowing new owner to negotiate an increase in that rent. The entire property is CI zoned so many intensive uses are welcome on the property. Gross annual income is $93, 300 with Net Operating Income at $78, 949 creating a CAP RATE of 8.3. Billboard upside should bump that up for new owner after re-negotiating a new lease.

Listing courtesy of FUTURE HOME REALTY INC 813-855-4982



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Data last updated at: 2023-11-30 04:30 PM EST