4011 E Columbus Dr

Tampa, FL 33605

$9,000,000A-

None bd · 13456.0 ba · 45,100 sqft · Built 1974 · MultiFamily · Active · 628 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $140,434/mo
• Mortgage (P&I): −$47,197
• Tax + insurance: −$15,000
• HOA: −$0
• Vac / Maint / Mgmt: −$29,491
• Net cashflow: $48,746/mo
• Annual: $584,951/yr
• Cap rate: 12.79%
• Cash-on-cash: 23.21%
• DSCR: 2.03
• 1% rule: 1.56%
• Cash to close: $2,520,000

Investor read

• This is a 116 × ?-bed/1-bath units multifamily listed at $9.00M.
• 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).
• It's been on market 628 days — a 12% lower offer ($7.92M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $7.92M (12.0% below list) — sets the bar for market timing.
• In year one you build about $962k of equity ($62k loan paydown + $900k appreciation (10.0% local appreciation)).
• 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).
• Hillsborough County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $1k; list at $9.00M implies a 749900% gain — meaningful room to come down on a strong offer.
• 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.
• 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.

Questions for 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.