4513 W MCELROY AVENUE

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