1210 E 140TH AVE APT B TAMPA FL 33613
Value-add duplex | 6% Cap | Stabilized
Marketing 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.
Investment highlights
• Immediate Cash Flow – Tenant-occupied duplex generating $2,300/month in gross rental income with both tenants currently on month-to-month leases and expressing interest in remaining, providing immediate in-place revenue from day one.
• Value-Add Opportunity – Significant upside through interior renovations and repositioning. Estimated post-renovation rents of approximately $1,600/month for the 2BR/1BA unit and $1,300–$1,400/month for the 1BR/1BA unit present a clear path to increasing revenue and overall asset value.
• Attractive Going-In Yield – Currently operating at an approximate 6% cap rate based on in-place income and estimated expenses, offering investors stable cash flow while executing a value-add strategy.
• Flexible Lease Structure – Month-to-month tenancy provides the ability to renovate units strategically as opportunities arise without long-term lease constraints.
• Recent Capital Improvements – Roof replaced in 2016 and central HVAC in Unit A replaced in 2016, reducing near-term capital expenditure requirements.
• Operational Efficiency – Two separate electric meters with tenant-paid electric expenses. Owner-paid water averages approximately $100 per month, helping maintain favorable operating costs.
• Strong Rental Growth Potential – Tampa continues to experience population growth, housing demand, and rental rate appreciation, supporting future rent growth and asset appreciation.
• Multiple Exit Strategies – Ideal opportunity for investors seeking a long-term cash-flow asset, BRRRR strategy, rental repositioning, or future disposition at an improved valuation following stabilization.
• AS-IS Sale – Property is being sold strictly AS-IS and will not be delivered vacant, creating an opportunity for investors comfortable executing a value-add strategy while benefiting from existing occupancy.
Projected Rental Upside
Current Gross Rent: $2,300/month ($27,600 annually)
Projected Gross Rent After Renovations: $2,900–$3,000/month ($34,800–$36,000 annually)
Potential Revenue Increase: $7,200–$8,400+ annually, before consideration of future market rent growth.
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