4513 W MCELROY AVENUE TAMPA FL 33611 MLS #TB8493099

Turnkey 4-Unit Investment | STR Approved | Great Opportunity

Exceptional income-producing 4-unit multifamily property located in a highly desirable rental corridor, offering immediate cash flow and strong upside potential. Built in 1966 with solid concrete block construction, this property features 2,124 SF of heated space on a 9,000 SF lot (RM-16 zoning)—ideal for continued short-term rental use or long-term hold strategy.

Each unit is efficiently laid out as 1 bed / 1 bath, making it highly attractive for both short-term rental (Airbnb/VRBO) and traditional tenants. The property is already positioned for STR income generation, making it a true turnkey investment.

?? Investment Highlights:
    •    Asking Price: $850,000
    •    Projected Cap Rate: 8.7
    •    Net Operating Income (NOI): ~$73,950/year
    •    Estimated Gross Income: ~$105,000+/year (STR optimized)
    •    Low-maintenance concrete block construction
    •    Individually rentable units = diversified income stream

?? Property Features:
    •    Concrete block exterior + stucco finish
    •    Gable/hip roof with asphalt shingles
    •    Wood flooring & drywall interiors
    •    4 total units (multifamily layout)
    •    On-site additional storage (shed)
    •    Functional layout ideal for maximizing nightly rates

?? Location & Upside:

Situated in a high-demand rental area with strong tourism and local workforce demand, this property offers:
    •    Immediate STR income potential
    •    Value-add through interior upgrades or branding
    •    Ability to increase ADR and occupancy with professional management
    •    Long-term appreciation in a growing Tampa submarket