Description

Value-add duplex investment opportunity in Tampa with immediate in-place income and substantial upside potential. 1210 E 140th Ave features a tenant-occupied duplex consisting of a 2-bedroom, 1-bath Unit A currently rented at $1,300/month and a 1-bedroom, 1-bath Unit B currently rented at $1,000/month, both on month-to-month leases with tenants intending to stay. The property currently operates at an approximate 6% cap rate based on current in-place income and estimated operating expenses, with clear upside through repositioning. This is a true investor value-add opportunity, with both units offering renovation upside and the potential for increased rental income through improvements to kitchens, bathrooms, drywall, and overall interior upgrades. Unit A features newer cabinetry, stainless steel appliances, and range, while Unit B has had some bathroom improvements completed. Estimated post-renovation market rents are approximately $1,600/month for the 2/1 and $1,300-$1,400/month for the 1/1. Major updates include roof replaced in 2016 and central AC in Unit A replaced in 2016, while Unit B currently utilizes window units. Property includes two separate electric meters with tenant-paid electric, one shared water meter with owner-paid water averaging approximately $100/month, helping maintain relatively low operating expenses. Property will not be delivered vacant and is being sold strictly AS-IS, with seller making no repairs. Excellent opportunity for investors seeking stable current cash flow with strong repositioning and rental upside in a growing Tampa market.