Palm Court Apartments
1500 E Joann Court, Tampa, FL
13.71% return
SP:
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Property Description

INSANE OPPORTUNITY IN THIS MARKET!!!

20 duplexes, 40 units in Tampa, FL!! Only $87.5k per duplex!!! Will generate a 13%+ net return on investment. Property has an office and a swimming pool. Needs cosmetic rehab, all structures are solid. Sold AS IS. Looking for a quick close. Put your offer in TODAY as price will go up when improvements are made.

Do not go the property, drive by only. Violators will be forbidden from purchasing the property.

Property Information

  • Listing statusSold
  • Property typeMulti Family
  • Total units40
  • Total bedrooms40
  • Total bathrooms40
  • Building size21700 sq. ft.
  • Lot size1.4 acres
  • Year built1970
  • CountyHillsborough County
  • Subdivision1GH
  • ConstructionCBS
  • RoofShingle
  • Water sourceCity water
  • Water disposalSewer
  • HeatingWall unit
  • CoolingWall A/C

Property Financial Summary

  • Sale price $1,750,000
  • Estimated rehab 1 $400,000
  • Total investment $2,150,000
  • Type Proforma
  • After repair value $2,600,000
  • Potential profit $450,000
  • Gross income (annually) $384,000
  • Operating expenses (annually) $89,296
  • Net income (annually) $294,704
  • Gross return 17.86%
  • Gross income (monthly) $32,000
  • Operating expenses (monthly) $7,441
  • Net income (monthly) $24,559
  • Net return 13.71%

Property Income & Expenses

  • Income
  • 14201-14203 Capri
  • Unit 14201: 1 bed / 1 bath $800/month $9,600/year
  • Unit 14203: 1 bed / 1 bath $800/month $9,600/year
  • 14201-14203 Hazel
  • Unit 14201: 1 bed / 1 bath $800/month $9,600/year
  • Unit 14203: 1 bed / 1 bath $800/month $9,600/year
  • 14201-14203 Joann
  • Unit 14201: 1 bed / 1 bath $800/month $9,600/year
  • Unit 14203: 1 bed / 1 bath $800/month $9,600/year
  • 14201-14203 Palm
  • Unit 14201: 1 bed / 1 bath $800/month $9,600/year
  • Unit 14203: 1 bed / 1 bath $800/month $9,600/year
  • 14202-14204 Capri
  • Unit 14202: 1 bed / 1 bath $800/month $9,600/year
  • Unit 14204: 1 bed / 1 bath $800/month $9,600/year
  • 14202-14204 Hazel
  • Unit 14202: 1 bed / 1 bath $800/month $9,600/year
  • Unit 14204: 1 bed / 1 bath $800/month $9,600/year
  • 14202-14204 Joann
  • Unit 14202: 1 bed / 1 bath $800/month $9,600/year
  • Unit 14204: 1 bed / 1 bath $800/month $9,600/year
  • 14202-14204 Palm
  • Unit 14202: 1 bed / 1 bath $800/month $9,600/year
  • Unit 14204: 1 bed / 1 bath $800/month $9,600/year
  • 14205-14207 Capri
  • Unit 14205: 1 bed / 1 bath $800/month $9,600/year
  • Unit 14207: 1 bed / 1 bath $800/month $9,600/year
  • 14205-14207 Hazel
  • Unit 14205: 1 bed / 1 bath $800/month $9,600/year
  • Unit 14207: 1 bed / 1 bath $800/month $9,600/year
  • 14205-14207 Joann
  • Unit 14205: 1 bed / 1 bath $800/month $9,600/year
  • Unit 14207: 1 bed / 1 bath $800/month $9,600/year
  • 14205-14207 Palm
  • Unit 14205: 1 bed / 1 bath $800/month $9,600/year
  • Unit 14207: 1 bed / 1 bath $800/month $9,600/year
  • 14206-14208 Capri
  • Unit 14206: 1 bed / 1 bath $800/month $9,600/year
  • Unit 14208: 1 bed / 1 bath $800/month $9,600/year
  • 14206-14208 Hazel
  • Unit 14206: 1 bed / 1 bath $800/month $9,600/year
  • Unit 14208: 1 bed / 1 bath $800/month $9,600/year
  • 14206-14208 Joann
  • Unit 14206: 1 bed / 1 bath $800/month $9,600/year
  • Unit 14208: 1 bed / 1 bath $800/month $9,600/year
  • 14206-14208 Palm
  • Unit 14206: 1 bed / 1 bath $800/month $9,600/year
  • Unit 14208: 1 bed / 1 bath $800/month $9,600/year
  • 1501-1503 College
  • Unit 1501: 1 bed / 1 bath $800/month $9,600/year
  • Unit 1503: 1 bed / 1 bath $800/month $9,600/year
  • 1502-1504 College
  • Unit 1502: 1 bed / 1 bath $800/month $9,600/year
  • Unit 1504: 1 bed / 1 bath $800/month $9,600/year
  • 1505-1507 College
  • Unit 1505: 1 bed / 1 bath $800/month $9,600/year
  • Unit 1507: 1 bed / 1 bath $800/month $9,600/year
  • 1506-1508 College
  • Unit 1506: 1 bed / 1 bath $800/month $9,600/year
  • Unit 1508: 1 bed / 1 bath $800/month $9,600/year
  • Total $32,000/month $384,000/year
  • Expenses
  • Property Management $2,000/month $24,000/year
  • Property Taxes $1,341/month $16,096/year
  • Maintenance reserve $2,500/month $30,000/year
  • Water and Sewer $1,200/month $14,400/year
  • Waste Collection $400/month $4,800/year
  • Total $7,441/month $89,296/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.

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