This is a heavily discounted condo deal in Tampa Florida that we have negotiated direct from the sellers. In Dec ´09, this property was completely sold to a bulk buyer purchasing the remaining 125 units.
Due to the buyers inability to arrange financing, the deal fell through and has been offered to us based upon minimum 20 unit purchase. You are able purchase one unit or all twenty units. There are a mixture of 1, 2 and 3 bedroom units available. This deal is available to cash purchasers only.
The property was built in 1996 of concrete block construction and is a Class A condo development located in the rapidly growing New Tampa area. This is an opportunity to enter into the distressed Florida Property Market at bulk pricing along with up to a 10% net return on capital.
The majority of units are tenanted until the end of 2010, and are currently being offered at around 70% discount from peak prices.
Condominium residences include one, two and three bedrooms and are generously sized from 887 to 1,340 square feet. Garages with remote access controls are available.
Residents enjoy common area amenities including remote control security entrance gates, a fully equipped and luxurious club house with a gourmet kitchen, media centre, indoor air conditioned racquet ball court and state of the art fitness centre.
Development also benefits from a resort style swimming pool with lounge area and separate spa, concierge service, lit tennis courts, car care centre and valet disposal service.
Individual condominiums have 20 x 20 porcelain floor tiles, 9 to 10 foot ceilings, intrusion alarms, screened lanais, fire protection systems, gourmet kitchens with double kitchen sinks, breakfast bars and full size washers and dryers and walk-in closets.
The City of Tampa is the largest city in Hillsborough County. It is located on the west coast of Florida, approximately 200 miles northwest of Miami, 180 southwest of Jacksonville, and 20 miles northeast of St. Petersburg.
The population of the city represents approximately one-third of the total population of Hillsborough County. Tampa´s economy is founded on a diverse base that includes tourism, agriculture, construction, finance, health care, government, technology, and the port of Tampa.
Example Packages
Typical 2 bed, 2 bath unit - asking price = $72,900
Monthly Rental - $1000Monthly HOA - $220Property Taxes - $100Rent management - $80Monthly Net Income - $600 or $7200 per annum (10% net return)
Typical 1 bed, 1 bath unit - asking price = $59,900)
Monthly Rental - $800Monthly HOA - $164Monthly Taxes - $100Rental Management - $65Monthly Net Income - $471 or $5652 per annum (9.5% net return)
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