419 E Tarpon Avenue, Tarpon Springs, FL 34689

Description

This property is downtown living at its finest. Located on Tarpon Ave it is a 5-minute walk to local restaurants, a wine bar, antique shops and more! Every first Friday of the month, Tarpon Ave. is filled with live music, vendors and more, bringing the community together for a fun event. If you want to spend the day at the beach, Fred Howard Park is only a 15-minute bike ride and one can get to the Pinellas bike trail within minutes. This neighborhood is safe, and jam packed with things to do from the Aquarium to spending the day at the historic Sponge docks. The property consists of 2 separate buildings. One is a single-family residence and the other structure on the property is a 4-plex building. Recent 4-points done showing all in great condition. Zoned for daily rentals as well so can be used at Air BnB. Not in a flood zone! The single-family residence is a 1080 sq ft one bedroom one bath completely renovated home that is referred to as "The Cottage". No detail was overlooked when this unit was remodeled including a New Roof that was installed June 2022! New flooring, stainless steel appliances, remolded kitchen and the furnishings convey with the sale. On the first story of the single family residence you also have a laundry room and a workshop/storage area. This home has also been recently painted both inside and out! The second building on the property is 3,542 sq ft and consists of 4 units all currently rented. Three units are on annual leases and one that is rented as a vacation unit. The three units on annual leases consists of a 3/2, 2/1 and 1/1. The vacation unit is a 1/1. All units have its own private separate entrance. The landlord has never allowed smoking in any of the units, and all are pristine. The 3/2 bath unit has new stainless-steel appliances, a new shower, new fans and new counter tops. It also has been recently painted. This unit is on a two-year lease that ended 4/2024 and rents for $1900 a month. This unit also has its own porch giving the tenants the ability to sit outside while enjoying the sunset as well as central heat and a/c. The 2/1 bath unit has a long-term tenant that currently pays $1,400 a month. This unit has been completely remodeled and also has its own laundry room as well as central heat and a/c. The 1/1 rents for $1,100 a month and has long term tenants that have been renting the unit for over three years. The final unit in the main building is a fully furnished 1/1 with new flooring and has an 80% occupancy rate. Stainless steel appliances, a dishwasher and recently remodeled this unit must be seen. Average rent for this unit is $110 a night but during peak season it is $120 a night. Cap rate as presented is based on 80% occupancy rate at $110 a night. Plenty of off-street parking, 6 spaces total, as well as plenty of available street parking.