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The McElroy Garden Flats 4513 W McElroy Ave 8 Unit Apartment Building $1,850,000 ($231,250/Unit) 11.74% Cap Rate Tampa, FL 33611
INVESTMENT HIGHLIGHTS
- Amazing Shared Amenities Include: Private Dog Park, Basketball Court & 3 Hole Mini Golf
- ALL Units Completely Updated, Plus A New Roof & New Mini Split Units Installed
- Prime South Tampa Location, Minutes From The Westshore Marina District
EXECUTIVE SUMMARY
Welcome to this one of a kind opportunity in this highly sought-after South Tampa neighborhood & just down the street from the all new Westshore Marina District! This property presents a great venture for investors with all eight units meticulously designed and currently operating as short-term rentals. Offering a blend of modern comfort and convenience in a desirable setting, with amazing shared amenities make it a true gem. Nothing was overlooked in any unit with all eight units being completely renovated to meet modern standards with custom touches and luxurious amenities. Everything from the custom accent walls, LED bathroom mirrors to additional exterior upgrades to now even include the private dog park, basketball court, fire pit & 3 hole mini golf set up! Nestled in such a great area, this property enjoys high demand from travelers, tourists, and business professionals alike, ensuring consistent occupancy rates and impressive rental income potential. The close proximity to key attractions, entertainment venues, dining establishments, and major transportation hubs, guests are afforded easy access to everything in Tampa Bay. Each unit boasts contemporary finishes, stylish furnishings, and an array of amenities designed to provide guests with an unparalleled stay experience. From fully-equipped kitchens and spacious living areas to cozy bedrooms and sleek bathrooms, every detail has been thoughtfully curated to exceed expectations. Make sure to take a look at this prime real estate in a thriving market & unlock the potential of this great property!
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$251,200
|
$55.48
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$251,200
|
$55.48
|
| Net Operating Income |
-
|
-
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $251,200 |
| Annual Per SF | $55.48 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $251,200 |
| Annual Per SF | $55.48 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
PROPERTY FACTS
| Price | $1,850,000 | Building Class | C |
| Price Per Unit | $231,250 | Lot Size | 0.22 AC |
| Sale Type | Investment | Building Size | 4,528 SF |
| Cap Rate | 11.74% | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1966 |
| Property Subtype | Apartment | Parking Ratio | 2.65/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RM-16 - Residential Multifamily | ||
| Price | $1,850,000 |
| Price Per Unit | $231,250 |
| Sale Type | Investment |
| Cap Rate | 11.74% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.22 AC |
| Building Size | 4,528 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1966 |
| Parking Ratio | 2.65/1,000 SF |
| Zoning | RM-16 - Residential Multifamily |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Microwave
- Ceiling Fans
- Kitchen
- Granite Countertops
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Wi-Fi
- Grill
- Lawn
- Vinyl Flooring
- Large Bedrooms
SITE AMENITIES
- Basketball Court
- Furnished Units Available
- Grill
- Pet Play Area
- Private Bathroom
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | $2,400 | 530 - 535 |
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PROPERTY TAXES
| Parcel Number | A-08-30-18-3XJ-000020-00009.3 | Improvements Assessment | $226,144 (2024) |
| Land Assessment | $141,120 (2024) | Total Assessment | $367,264 (2024) |
PROPERTY TAXES
Parcel Number
A-08-30-18-3XJ-000020-00009.3
Land Assessment
$141,120 (2024)
Improvements Assessment
$226,144 (2024)
Total Assessment
$367,264 (2024)
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The McElroy Garden Flats | 4513 W McElroy Ave
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