3807 W Elmwood Ter, Tampa, FL 33616
PRICE IS ONLY $273,990 NET OBO
Here’s a CONCRETE BLOCK HOUSE on a DOUBLE LOT in SOUTH TAMPA near MACDILL AIR FORCE BASE. This 4bedrm/3bathrm HOUSE IS CURRENTLY 2233sqft & in ULTRA DESIRABLE SOUTH TAMPA right off DALE MABRY; a money spot. In a highly coveted GREAT ROBINSON HIGH SCHOOL DISTRICT. This property is currently a LARGE DOUBLE LOT of (2) lots 60X130; i think. The house will need a modest rehab of $60-$80K; even though property has great bones and several exit stratgies. Everything selling at over $205/sqft at retail with new inventory as high as $230sqft..
The combined after repair value for this project could be anywhere between $450K or as high as $900K depending on how you want to capitalize on this opportunity.
Great Investment Opportunity on a Double Lot! Rehab the 4 bedroom house and carve off the extra lot and sell or develop. Great location near MacDill Air Force Base, shopping and Ballast Point Pier and Park.
3 WAYS TO CAPITALIZE ON THIS DEAL!!
# 1. Rehab the whole current structure (2233sqft) and sell for $425-450K at to RETAIL BUYER. This would be a VERY plausible option; $205/sqft for rehabbed properties that have bn brought to RETAIL WITHOUT the double lot sell for around this price. Comps below. – not double lot comps; so add ur lot value
3310 W PRICE AVE, TAMPA, FL 33611..SOLD $520K 6/4/20 IN 4DYS
4508 W PAXTON AVE, TAMPA, FL 33611..SOLD $424K 4/8/20 IN 4 DYS
2907 W TRILBY AVE, TAMPA, FL 33611..SOLD $425K 5/8/20 IN 41DYS
6118 S ELKINS AVE, TAMPA, FL 33611…SOLD $445K 6/23/20 IN 4 DYS
6013 S SWITZER AVE, TAMPA, FL 33611..SOLD $430K 2/27/20 IN 2 DYS
# 2. Per the City of Tampa, the new owner would have to make some changes. By doing this you would lose some sqftage of the main house (western part of the home) thus now giving you a 1700sqft house instead. ARV on that would be around $300K. NOW you would have a buildable lot with a value of anywhere between $125-$199k, per Comps below.
Here are some vacant land comps as well as homes around the 1500 -1700sqft range.
4013 OHIO AVE, TAMPA, FL 33616..SOLD $410K 6/5/20 IN 4DYS
SAME SUBD. 4016 TREASURE CIR, TAMPA, FL 33616..SOLD $350K 6/25/20 IN 19 DYS
SAME SUBD. 6202 S RICHARD AVE, TAMPA, FL 33616..SOLD $291K 2/11/20 IN 7DYS
3908 W IOWA AVE, TAMPA, FL 33616…SOLD $295K 4/17/20 IN 1 DYS
VACANT LOT COMPS
3310 W CHEROKEE AVE, TAMPA, FL 33611..PENDING $220K IN 2 DYS
5816 S 3RD ST, TAMPA, FL 33611…SOLD $200K 6/5/20 IN 29 DYS
6014 INTERBAY BLVD, TAMPA, FL 33611…SOLD $143K 2/23/20 IN 533 DYS
#3. This would be the MOST PROFITABLE OPPORTUNITY. Rehab the main house and build a brand new 2000 to 3000sqft house on the other lot and sell both! I’ve already given the comparables for 1700 sqft houses as well as 2200sqft houses. ARV would be $500-$625K! New construction COMPS BELOW.
6219 INTERBAY AVE, TAMPA, FL 33611..SOLD $625K 5/6/20 IN 66 DYS
6216 S MAIN AVE, TAMPA, FL 33611…SOLD $620K 6/5/20 IN 6 DYS
3106 W WYOMING AVE, TAMPA, FL 33611…SOLD $619K 1/14/20 IN 18 DYS
3709 W BAY AVE, TAMPA, FL 33611..SOLD $600K 1/3/20 IN 154 DYS
Great REHAB & FLIP to RETAIL….
REHAB: Needs complete rehab, etc
Available on 07.03.2020
Don’t let this excellent opportunity pass you by! Get it yours now!