Grovewood Ave., Thonotosassa, FL 33592

RENEGOTIATED!

Price WAS: $399,000

Now: $360,000!

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Here is the ultimate value add situation!  Property currently has 10 units that sit on 2 acres of land just minutes from Tampa, I-4, Lake Thonotasassa, and Hillsborough Wilderness Preserve.  Their is no sugar-coating it, these properties need work, but the upside could be huge.

One of the buildings, consisting of 4 units had a fire and needs everything.  The good news is that the building is block, so the bones are in tact.  The other 3 units need a make-over as well.  We received a quote for $15,000/unit for the non-fire damaged units.  I spoke to the city and they said it is possible to build 2 to 3 more units on the property due to the size of the lot.  You would just need to go through the proper channels to confirm.

All units are 2 beds and 1 bath, giving you 20 beds and 10 baths total.  Based on rental comps, each unit should rent for between $750 and $850 per month.  You have 2 very interesting sales comps as well.  Because it is such a rural-type area, you do have to go a little further out to find similar property.  The 2 comps are in an area that looks a bit more rough than the subject property.  You have a 16 unit complex pending for $1.4M and a 24 Unit (16 of the units are 1/1’s), that sold for $810k.

It’s a pretty wide varying spectrum for value, but the opportunity is definitely there.  Please call to set up a showing!

Thonotosassa, No HOA

Assignable

Est. Rehab: $210,000

Est. Monthly Rent: $8,000