515 Columbia Dr 12 Unit Apartment Building $3,500,000 ($291,667/Unit) 5.44% Cap Rate Tampa, FL 33606

PRICE DROP BY 10%
This offering presents an outstanding opportunity to acquire a fully renovated 12-unit multifamily property in the highly coveted Davis Islands neighborhood of Tampa. Situated at 515 Columbia Drive, the asset combines exceptional location advantages with immediate revenue potential, making it an attractive play for both traditional leasing operators and value-add investors.
Each unit has been modernized and includes in-unit washer and dryer, microwave, dishwasher, and Wi-Fi. All HVAC systems are less than three years old, and the building has been completely remodeled, minimizing near-term capital needs. The property is currently configured as one-bedroom apartments and is fully occupied under conventional residential leases, with strong historic income performance.
Positioned just minutes from Downtown Tampa, Tampa Riverwalk, and major business districts, the location appeals to high-demand renters, medical professionals, and corporate clientele. Proximity to Tampa General Hospital and Peter O. Knight Airport reinforces the property’s suitability for either extended-stay furnished rentals or short-term leasing, offering significant upside with NOI potential over $200,000 annually under an STR strategy.
This is a rare chance to own a stable, income-producing asset in one of Tampa’s most prestigious, walkable, and waterfront communities.