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4511 & 4513 W McElroy Ave, Tampa, Florida, 33611
$
2100
Bedrooms
8
Utilities Included
No
Bathrooms
8
Furnished
Yes
Available to Lease on
TBD
Property Type
Apartment
SQFT
4248
Key metrics
Rent
$
2100
Monthly Estimated Profit?
$
16567
Annual Estimated Profit?
$
16567
Acquisition Fee
$
3500
Security Deposit
$
TBD
Average Daily Rate
$
1078
Occupancy
57
Annual Revenue
$
224000
Key Features

This exceptional 8-unit property in South Tampa offers a prime opportunity for corporate housing, with explicit subleasing options and potential for multi-year leases. Located just minutes from downtown Tampa, world-class beaches, Tampa International Airport, MacDill AFB, and major hospitals, it provides unparalleled convenience for professionals, academics, and medical staff. The property's strategic location ensures easy access to shopping, dining, and entertainment, making it an ideal choice for those seeking both comfort and accessibility.

Each of the eight well-maintained 1-bedroom residences is currently furnished, catering to mid-term rentals ranging from 30 to 180 days. This setup has proven successful in attracting professionals, relocating residents, and seasonal guests, ensuring strong occupancy and consistent revenue. The property consists of two separate buildings, each with four units, and offers a stable investment opportunity in one of Florida’s most resilient rental markets. With separate electric meters for each unit and a shared internet service, the property is designed for efficiency and ease of management.

Important Notes

The property owner is open to corporate leases but prefers not to manage the property personally. Utilities are the responsibility of the tenant, with separate electric meters for each unit and two water meters for the buildings.

Property Features

• 8 Bedrooms / 8 Bathrooms: Eight well-maintained 1-bedroom residences.
• Furnished Units: Currently furnished, catering to mid-term rentals.
• Prime Location: Minutes from downtown Tampa, beaches, and major hospitals.
• Separate Meters: Each unit has its own electric meter; two water meters for the buildings.
• Internet Service: One account with WiFi extenders for both buildings.

STR Regulations Summary:  

Status:
Mixed

View Regulations Here

Tampa does not have a single "permit" that makes a property legal. Instead, it relies entirely on Zoning Districts.

The critical rule to know is the "7-Day Minimum."

  • Residential Zones: In most standard residential zones (RS, RM), rentals for less than 7 nights are generally prohibited unless the property is in a specific "Overlay District" or you obtain a difficult "Special Use" permit.
  • Commercial Zones: If the property is in a Commercial zone (e.g., Ybor City, Channelside, Kennedy Blvd corridor), nightly rentals are allowed by right.
  • Arbitrage Strategy: You must focus on properties in Commercial Zones or accept that you can only do 7+ night bookings in residential areas.

Key Requirements

  • State License: You must obtain a Vacation Rental License from the Florida DBPR.
  • Business Tax Receipt (BTR): You must register for a City of Tampa and Hillsborough County Business Tax Receipt.
  • 7-Day Rule Compliance: You must verify the zoning. If you list a residential home for 2-night weekends, Code Enforcement can shut you down for illegal "transient use".

Operational and Safety Standards

  • Occupancy Limits: Maximum of 2 persons per bedroom + 2 additional persons (City Code).
  • Noise: Tampa has strict noise ordinances, particularly in Ybor City and South Tampa. Citations go to the "Responsible Party".

Tax Obligations (The Good News)

  • Total Tax Rate: ~14.5% Total (7.5% State Sales/Surtax + 6% Tourist Development Tax).
  • Collection: Airbnb and Vrbo COLLECT the 6% Hillsborough County Tourist Development Tax (TDT) for you.
  • Note: Even though they collect it, you are technically still supposed to create a "Tourist Tax Account" with the Tax Collector for reporting purposes, though the payment is automated.

Enforcement

  • Code Enforcement: Enforcement is complaint-driven but active. If neighbors report "party houses" in 7-day restricted zones, the city investigates the listing calendar to prove the violation.

Summary for Arbitrage

  • Commercial Zones (Green Light): Ybor, Channelside, Downtown.
  • Residential Zones (Yellow Light): Only viable if you set a 7-night minimum stay

Property Location