Residential Property - Single Family Residence in Tampa
Listing Price: $565,000 (Mortgage Calculator →)
Description of Property
A rare opportunity to acquire a turnkey cash-flowing 6 Room Padsplit in one of Tampa’s most in-demand West Tampa rental corridors- walk to Raymond James Stadium. 3311 W Douglas St is fully leased, stabilized, and operated by PadSplit, a nationally recognized co-living platform focused on affordable housing. PadSplit handles all resident screening, compliance, and day-to-day management, delivering a single monthly rent deposit directly to the owner’s account monthly. The property is currently leased exclusively to PadSplit, who subleases individual rooms to professionally vetted members. This fully occupied asset includes (6) 1-bedroom units, two of which feature upgrades (one with a private entrance and one with a private bath), with a blended average of $885/month in rent (after vacancy and booking fees). That translates to $5,310/month in gross rent or $56,875/year under pro forma conditions. T-12 performance shows $53,279 in gross income with $16,772 in operating expenses, yielding an NOI of $36,507 and a 6.35 cap rate. The pro forma assumes improved net returns due to a decrease in new management booking costs and platform fees, resulting in an NOI of $40,103 and a 6.97 cap rate, all with expenses held constant. It’s a lean, predictable operation ideal for passive investors seeking immediate returns & tax benefits with minimal overhead. Management is already in place and can remain for a seamless transition, making this a true turnkey asset. With PadSplit acting as your master tenant and manager, you benefit from operational simplicity, low vacancy, and passive income flow from day one. Please conduct all due diligence prior to submitting an contract. $10,000 Earnest Money Deposit (EMD) required with accepted contract. Contact us for preferred lender referrals. Reach out now for the full financial package or to schedule a private showing. This offering combines stable return with long-term upside and it's priced to move.
Bedrooms: 6
Bathrooms: 2
Sq. Ft. Gross: 1,386
Garage: No
Carport: No
Parking Features:
Spa Features:
Water Frontage:
Water Features:
Water Access:
Property Details At A Glance
Property Type: Residential
Property Use or Sub Type: Single Family Residence
City: Tampa
County: Hillsborough
Subdivision: John H Drews First Ext
Bedrooms: 6
Bathrooms: 2
Sq. Ft. Gross: 1,386
Sq. Ft. Living Area: 1,616
Cost per (heated) sqare foot: $350
Year built: 1964
Annual Tax: $4,596
Taxes and fees can change periodically, and other fees may apply. Please check with your Suncoasteam agent for more details.
Appliances: Refrigerator
Flooring: Other
Pool & Waterfront Info
Private Pool: Not specified
Exterior & Construction
Construction: Block
Foundation: Slab
Roof: Shingle
Exterior Features: Other
Floors Total: 1
Floors in Unit: One
Cooling: Central Air
Heating & Fuel: Electric
Electric:
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Other Structures:
View:
Fencing:
Sewer: Public Sewer
Water Source: Public
Lot Information
Lot Size (acres): 0.1
Lot Size (sq. ft.): 4,450 square feet
Lot Dimensions: 50 x 89
Front Exposure: West
Legal Description & Other Information
Financing Available: Conventional
Parcel Number: A1029183J500005600019.0
Zoning: RS-50
Tax Legal Desc.: JOHN H DREW'S FIRST EXTENSION LOT 19 BLOCK 56
Section: 10
Range: 18
Listing courtesy of DOWNING FRYE REALTY, INC.. The information relating to real estate for sale on this website comes in part from the My Florida Regional MLS DBA Stellar MLS. This information is provided exclusively for consumers' personal, non-commercial use. It may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed accurate by the MLS.