116-Plex

A- Composite 80.75

Why this score? — see what drove the A- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

Cash flow +30.0/30.0
1% rule +10.0/10.0
DSCR +10.0/10.0
Appreciation +10.0/10.0
ARV discount +7.5/15.0
Schools +4.2/10.0
Livability +4.0/5.0
Rent growth +2.6/5.0
Condition / age +2.5/5.0

$9,000,000

4011 E Columbus Dr · Tampa, FL 33605

None bd · 13456.0 ba · 45,100 sqft · MultiFamily · 628 Days on market

Built 1974 2.50 ac lot

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks MLS

This building is 116 unit hotel/apartment complex: building is two-story concrete block/brick: second floor is concrete: each unit is 300 ft. ² MOL efficiency apartments: new roof in 2024: building is being totally remodeled and has land to build on an additional 100 units MOL: you can rent these units by the day, week, month, or year: if you rent by the week at $350 per unit proforma income is $2,111,200 with the expenses at $844,480 and your net income will be $1,266,720. Total Acreage - 5+ acres

Key facts

2.5 acre lot
Built 1974
Listed 628 days

Neighborhood map

Property Rental comp Retail Transit Schools Stadiums Fortune 500 · Circle radius: 3.0 mi

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What this means for you Summary

Snapshot

This is a 116 × ?-bed/1-bath units multifamily listed at $9.00M.

Deal economics

At list price, monthly cash flow is $49k ($585k/yr) — positive. Per door: $420/mo.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($140k rent vs $9.00M).
Recommended offer: $7.92M (12.0% below list) — sets the bar for market timing.

Location & tenants

Location reads 79/100 on livability (#142 in FL, #2,135 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime D+.
Hillsborough (suburban): math 47% / reading 50% proficiency, ranked #41 of 73 in FL (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
Zoned schools: Oak Park Elementary School (math 42% / reading 25%, grade F, #1,758 of 2,144 statewide, top 83%, 354 students, 90% FRL); Greco Middle Magnet School (math 23% / reading 23%, grade F, #542 of 571 statewide, top 95%, 700 students, 77% FRL); Blake High School (math 24% / reading 45%, grade F, #386 of 667 statewide, top 59%, 1,537 students, 55% FRL) — zoned schools average 74% FRL vs 52% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
Zoned-school proficiency averages 30% at this address vs 48% district-wide (-18 pts) — the specific schools serving this property underperform the Hillsborough average; the district grade overstates school quality for this exact location.
Market conditions: Rents flat; 190 active listings in the ZIP; lower-income renter base — watch delinquency; 9,053 units permitted in Hillsborough County in 2024 (4,555 in 5+ unit buildings).
At $140,434/mo this rent would consume 4558% of the median local household income ($37k/yr) (locally 1374% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

In year one you build about $962k of equity ($62k loan paydown + $900k appreciation (10.0% local appreciation)).
Hillsborough County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
At projected returns (10.0% appreciation + 0.6% rent growth), your $2.52M cash investment doubles in ~2 years — after that, you're playing with house money.
By year 2, paydown + projected appreciation supports a ~$1.55M cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

It's been on market 628 days — a 12% lower offer ($7.92M) is reasonable based on typical stale-listing flexibility.
Current owner paid $1k; list at $9.00M implies a 749900% gain — meaningful room to come down on a strong offer.

Recommended offer $7,920,000 (12.0% below list)

Questions for the listing agent

It's been on market 628 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

1% rule: 1.56% ✓
Cap rate: 12.79%
Cash-on-cash: 23.21%
DSCR: 2.03
GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 0.58% rent growth · sell at horizon

5-year hold

IRR: 40.4%
Equity multiple: 4.05×
Total profit: $7,674,517
Equity at exit: $8,107,913

10-year hold

IRR: 33.9%
Equity multiple: 8.76×
Total profit: $19,550,199
Equity at exit: $17,485,021

Cash invested: $2,520,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

Overall (STATE): 87 Strongly Landlord-Friendly
State Florida: 87 Strongly Landlord-Friendly · R+3
County: — inherits STATE
City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 33605

Home prices YoY: 3.7%
Rents YoY: 0.6%
Active inventory: 190
Price-to-rent: 619.5×

Monthly cashflow live

Estimated rent: $140,434 medium interval (Pro) →
Mortgage (P&I): −$47,197
Tax est. 1.5%: −$11,250 /mo · $135,000/yr
Insurance: −$3,750
HOA: −$0
Vacancy / Maint / Mgmt: −$29,491
Net cashflow: $48,746

Break-even live

Break-even rent $78,730

Max offer price $9,000,000

Occupancy floor 60%

Sensitivity live

Price	-10% $54,966	-5% $51,856	+0% $48,746	+5% $45,636	+10% $42,526
Rent	-10% $37,652	-5% $43,199	+0% $48,746	+5% $54,293	+10% $59,840
Rate	-1.0pp $53,278	-0.5pp $51,035	base $48,746	+0.5pp $46,414	+1.0pp $44,041

116-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 116× units	0	1	$140,476
#1	0	1	$1,211
#2	0	1	$1,211
#3	0	1	$1,211
#4	0	1	$1,211
#5	0	1	$1,211
#6	0	1	$1,211
#7	0	1	$1,211
#8	0	1	$1,211
#9	0	1	$1,211
#10	0	1	$1,211
#11	0	1	$1,211
#12	0	1	$1,211
#13	0	1	$1,211
#14	0	1	$1,211
#15	0	1	$1,211
#16	0	1	$1,211
#17	0	1	$1,211
#18	0	1	$1,211
#19	0	1	$1,211
#20	0	1	$1,211
#21	0	1	$1,211
#22	0	1	$1,211
#23	0	1	$1,211
#24	0	1	$1,211
#25	0	1	$1,211
#26	0	1	$1,211
#27	0	1	$1,211
#28	0	1	$1,211
#29	0	1	$1,211
#30	0	1	$1,211
#31	0	1	$1,211
#32	0	1	$1,211
#33	0	1	$1,211
#34	0	1	$1,211
#35	0	1	$1,211
#36	0	1	$1,211
#37	0	1	$1,211
#38	0	1	$1,211
#39	0	1	$1,211
#40	0	1	$1,211
#41	0	1	$1,211
#42	0	1	$1,211
#43	0	1	$1,211
#44	0	1	$1,211
#45	0	1	$1,211
#46	0	1	$1,211
#47	0	1	$1,211
#48	0	1	$1,211
#49	0	1	$1,211
#50	0	1	$1,211
#51	0	1	$1,211
#52	0	1	$1,211
#53	0	1	$1,211
#54	0	1	$1,211
#55	0	1	$1,211
#56	0	1	$1,211
#57	0	1	$1,211
#58	0	1	$1,211
#59	0	1	$1,211
#60	0	1	$1,211
#61	0	1	$1,211
#62	0	1	$1,211
#63	0	1	$1,211
#64	0	1	$1,211
#65	0	1	$1,211
#66	0	1	$1,211
#67	0	1	$1,211
#68	0	1	$1,211
#69	0	1	$1,211
#70	0	1	$1,211
#71	0	1	$1,211
#72	0	1	$1,211
#73	0	1	$1,211
#74	0	1	$1,211
#75	0	1	$1,211
#76	0	1	$1,211
#77	0	1	$1,211
#78	0	1	$1,211
#79	0	1	$1,211
#80	0	1	$1,211
#81	0	1	$1,211
#82	0	1	$1,211
#83	0	1	$1,211
#84	0	1	$1,211
#85	0	1	$1,211
#86	0	1	$1,211
#87	0	1	$1,211
#88	0	1	$1,211
#89	0	1	$1,211
#90	0	1	$1,211
#91	0	1	$1,211
#92	0	1	$1,211
#93	0	1	$1,211
#94	0	1	$1,211
#95	0	1	$1,211
#96	0	1	$1,211
#97	0	1	$1,211
#98	0	1	$1,211
#99	0	1	$1,211
#100	0	1	$1,211
#101	0	1	$1,211
#102	0	1	$1,211
#103	0	1	$1,211
#104	0	1	$1,211
#105	0	1	$1,211
#106	0	1	$1,211
#107	0	1	$1,211
#108	0	1	$1,211
#109	0	1	$1,211
#110	0	1	$1,211
#111	0	1	$1,211
#112	0	1	$1,211
#113	0	1	$1,211
#114	0	1	$1,211
#115	0	1	$1,211
#116	0	1	$1,211
Total (116 units)			$140,434

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

Down payment: $2,250,000
Closing costs: $270,000
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Down + closing: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Down + closing: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Down + closing: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Listing history 18 events

2026-06-21

days on market $9,000,000 Active 628 DOM
2026-06-18

days on market $9,000,000 Active 625 DOM
2026-06-17

days on market $9,000,000 Active 624 DOM
2026-06-16

days on market $9,000,000 Active 623 DOM
2026-06-15

days on market $9,000,000 Active 622 DOM
2026-06-13

days on market $9,000,000 Active 620 DOM
2026-06-13

days on market $9,000,000 Active 619 DOM
2026-06-09

days on market $9,000,000 Active 616 DOM
2026-06-08

days on market $9,000,000 Active 615 DOM
2026-06-07

days on market $9,000,000 Active 614 DOM
2026-06-04

days on market $9,000,000 Active 611 DOM
2026-06-03

days on market $9,000,000 Active 610 DOM
2026-06-02

days on market $9,000,000 Active 609 DOM
2026-06-01

days on market $9,000,000 Active 608 DOM
2026-05-31

days on market $9,000,000 Active 607 DOM
2024-10-01

listed $9,000,000 Active 508-char remark

Show marketing remark (508 chars)

This building is 116 unit hotel/apartment complex: building is two-story concrete block/brick: second floor is concrete: each unit is 300 ft. ² MOL efficiency apartments: new roof in 2024: building is being totally remodeled and has land to build on an additional 100 units MOL: you can rent these units by the day, week, month, or year: if you rent by the week at $350 per unit proforma income is $2,111,200 with the expenses at $844,480 and your net income will be $1,266,720. Total Acreage - 5+ acres
2023-10-24

soldstatus $1,200
2010-12-30

soldstatus $500,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $1,685,208
− Mortgage interest: −$504,140
− Property taxes: −$135,000
− Insurance: −$45,000
− Repairs & maintenance: −$134,817
− Management: −$134,817
− Depreciation: −$261,818
Taxable income: $469,617

Your marginal tax rate % combined federal + state — saved on this device

Est. tax owed @ 24.0%: −$112,708
After-tax cash flow: $472,243/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

District: Hillsborough
NCES district ID: 1200870
Math proficiency: 47% ▼ -8.00%
Reading proficiency: 50% ▼ -4.00%
Median HH income: $50,622
Composite: 41.6/100
National rank: #3435
State rank: #41 of 73 in FL

Livability — Tampa

Score: 79/100
State rank: #142
US rank: #2135

Category grades

Amenities B- Commute A+ Cost of living B Crime D+ Employment C Housing A+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

Census place: Tampa, FL
County: Hillsborough County · 1,540,968 people
City population: 523,346
Metro: Tampa-St. Petersburg-Clearwater, FL
Population (ZIP): 16,030
Household income: $36,975
Rent vs Own: 59.8% rent · 40.2% own
Severe rent burden: 1374.0

Population outlook (Hillsborough County) Hauer SSP2

Today (2025): 1,607,022 people
By 2030: 1,733,968 · +7.9%
By 2040: 1,979,565 · +23.2%
By 2050: 2,203,427 · +37.1%
By 2075: 2,667,893 · +66.0%
By 2100: 2,891,558 · +79.9%

Race, ethnicity, and origin ACS 2023

Neighborhood character: Diverse neighborhood (Simpson 0.66)
Race & ethnicity: Black 48% Hispanic / Latino 28% Two or more races 18% White 17% Asian 1%
Hispanic origin (detail): Mexican 6% Puerto Rican 8% Cuban 6% Dominican 1%
Common ancestry: Hispanic 2% Romanian 1% Lithuanian 1%
Foreign-born: 17% · Canada, Vietnam, Jamaica
Languages at home: 72% English-only · Spanish 24% French/Haitian/Cajun 3% Other Asian/Pacific 1%

Political lean MEDSL · Hillsborough

2024 margin: Toss-up / Even · D 47.8% · R 50.9% · Other 1.3%
2008→2024 swing: -10.2pp toward R · 2008: 7.1pp · 2024: -3.1pp
All cycles: 2024: R+3.1 2020: D+6.9 2016: D+6.8 2012: D+6.7 2008: D+7.1

Not yet ingested

Civics: —

Market trends

HPI YoY: ▲ 17.43%
Current HPI: 494.1871
Rent YoY: ▲ 0.58%
Metro: Tampa-St. Petersburg-Clearwater, FL
State GDP YoY: ▲ 3.28%
F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
Industrial Technology	2	$29B
#159 Carrier Global Palm Beach Gardens $22.2B #376 Roper Technologies Sarasota $6.8B
Insurance	2	$17B
#348 Fidelity National Financial Jacksonville $12.1B #494 Brown & Brown Daytona Beach $4.6B
Retail	1	$60B
#71 Publix Super Markets Lakeland $60.2B
Technology Distribution	1	$58B
#73 TD Synnex Clearwater $58.5B
Homebuilding	1	$35B
#185 Lennar Miami $35.4B
Technology Manufacturing	1	$35B
#122 Jabil St. Petersburg $34.7B

Price history

+1700.0% since first listed

3 events — show timeline

2024-10-01 Listed $9,000,000 Stellar MLS as Distributed by MLS Grid
2023-10-24 Sold (Public Records) $1,200 Public Records
2010-12-30 Sold (Public Records) $500,000 Public Records

Property tax history

+6.3%/yr

Latest (2025): $2,954 · +3.4% YoY. Source: county tax records.

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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4011 E Columbus Dr · Tampa, FL

Flood risk No data

Fire risk No data

Heat risk No data

Wind risk No data

Air-quality risk No data