602 Falkenburg RdTampa, FL 33619

Property Details for 602 Falkenburg Rd

Year built

1986

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

2.18 AC

Property size (Sq ft)

43,240 SF

Zone code

PD

Property type

Hotels

APN

U202920663000002526900

APU

U202920663000002526900

Description

This exceptional 101-key La Quinta Inn & Suites, located at 602 S Falkenburg Rd, Tampa, FL 33619, presents a compelling value-add investment opportunity. Built in 1985 and extensively renovated in 2023, this three-story hotel boasts a strong 10.16% cap rate and a substantial NOI of $888,563. The property sits on a 2.18-acre lot and offers convenient access to I-75, placing it within minutes of central Tampa and major attractions such as Busch Gardens Tampa Bay, The Florida Aquarium, and Zoo Tampa at Lowry Park. Its proximity to significant employers like Coca-Cola and Citicorp also makes it attractive to business travelers. The recent renovations included parking lot rehabilitation, swimming pool resurfacing, hallway retexturing and painting, new hallway flooring, elevator modernization, and the installation of new dryers. Guests enjoy amenities such as complimentary daily breakfast, high-speed WiFi, and an outdoor pool. The hotel's strong financial performance, reflected in a 2023 gross revenue of $2,470,383.25 and a 3.54x RRM multiplier, further underscores its investment potential. The asking price is $8,750,000. Its strategic location also benefits from proximity to the Ice Sports Forum, Florida State Fairgrounds, Mid-Florida Credit Union Amphitheatre, Port of Tampa, Tampa Convention Center, and Tampa International Airport. This property offers a rare blend of established performance and significant upside potential. The University of South Florida is also nearby.

• CAP approach

  CAP return

  Valuation

  6%

  $10,139,641

  6.5%

  $9,359,669

  7%

  $8,691,121

• Comparable approach

  Method

  Valuation

  Relative Method

  $18,557,764

  Geo Method

  $18,557,764

• Alternative Use

  Use

  Valuation

  Residential

  $10,218,039

  Hospitality

  $9,359,669

  Educational

  $7,787,134

  Medical

  $8,054,946

  Retail

  $12,113,320

Location Insight

City

Tampa

County

Hillsborough

State

Florida

Latitude

27.9444

Longitude

-82.3341

CBSA code

45300

CBSA name

TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].