$4,200,000
Investment Summary
- Monthly Cash Flow
- -$19,871
- Cap Rate
- 0.5%
- Cash-on-Cash Return
- -24.7%
- Debt Coverage Ratio
- 0.08
- Internal Rate of Return (5 years)
- -19.8%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Property Description
Welcome home to the pinnacle of casual sophistication on Harbour Island, where a completely redesigned three-level waterfront residence redefines luxury living in Tampa Bay. Framed by the artistry of SOL Design Architecture, this home greets you with a front entry hallway that effortlessly unfolds into a luminous great room. Towering windows capture daily sunsets over the water, while seamless sightlines invite the outdoors in, setting the stage for both intimate evenings and grand gatherings. Step into the chef’s kitchen, where Wolf and Sub-Zero appliances stand ready beneath custom millwork and expansive storage. The great room flows to a cantilevered deck suspended above the water and adds an additional nearly 600 sf of outdoor living, complete with a private pool, spa, covered lanai, and built-in Wolfe outdoor kitchen. Whether you’re hosting sunset cocktails or slipping into your boat for a day on the water, every moment here feels both private and jubilant. On the first floor, discover a versatile bedroom suite—ideal as a guest retreat, home office, or private workout studio—with its own ensuite bath. A solid steel and wood floating staircase sweeps you upward to a dedicated media and game room, where a wet bar and second-floor balcony offer panoramic water vistas. Two additional bedrooms share a nicely appointed full bath with double vanities and oversized tub and shower with chic finishes and beautiful pendant lights. Ascend to the third floor and enter an entire wing devoted to the primary suite, a five-star sanctuary overlooking the glistening waters. The spa-inspired bathroom flows directly into the bedroom, delivering uninterrupted water views from the oversized soaking tub to the glass doors. An adjacent custom closet provides an abundance of storage, ensuring that form and function unite in perfect harmony. The location of this residence is superior to others within the neighborhood providing exceptional privacy and expansive views, unlike others in the neighborhood, as it abuts the prestigious Pointe neighborhood. Harbour Island’s 24-hour guarded gates ensure serenity, yet you’re mere steps from Tampa’s vibrant Riverwalk, Bayshore Boulevard, Water Street, and the city’s premier arts and dining districts. Commuters appreciate quick access to I-275, the Lee Roy Selmon Expressway, and Tampa International Airport, making every aspect of daily life effortless. Move right in and begin living the waterfront dream you’ve always imagined—sunsets, sailing, and sophisticated entertaining await.
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Location
Property Details
Parking
- Description: Garage
- Details: Driveway, Garage Door Opener, Attached
- Garage Spaces: 2
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 4
Bathroom Information
- # of Baths (Full): 4
- # of Baths (Total): 4.0
Interior Features
- # of Rooms: 8
- # of Stories: 3
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Gable or Hip
- Roof Material: Membrane, Other, Tile
- Pool: Yes
HOA
- Has HOA: Yes
- Association: Condominium Associates, Glenn Koury
- HOA Fee: $478/monthly
- Additional Association: Seddon Channel
- Additional HOA Fee: $207/annually
Land Information
- Land Use: Residential
- Land Use Subtype: Townhouse
Lot Information
- Parcel ID: A3029195JS000002000010
- Lot Size: 1 sqft
Property Information
- Property Type: Townhouse
- Style: Mediterranean
- Year Built: 2001
Tax Information
- Annual Tax: $27,339
Utilities
- Water & Sewer: Public
- Heating: Central, Zoned
- Cooling: Central Air, Zoned
Location
- County: Hillsborough
Listing Details
Investment Summary
- Monthly Cash Flow
- -$19,871
- Cap Rate
- 0.5%
- Cash-on-Cash Return
- -24.7%
- Debt Coverage Ratio
- 0.08
- Internal Rate of Return (5 years)
- -19.8%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Purchase Details
Purchase PriceThe price paid for the property. Purchase price:
| $4,200,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$3,360,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $840,000 |
Closing CostsFees and expenses associated with purchasing a property, typically ranging from 2% to 5% of the home’s purchase price, paid at the end of a home purchase to cover services like lending, title transfer, and taxes. Closing costs:
| $126,000 |
Rehab CostsCosts incurred to repair or improve the property, including: roof, flooring, exterior siding, kitchen, exterior paint, bathrooms, etc. Rehab costs:
| $0 |
Initial Cash InvestedThe total initial cash invested in the property. Calculation:Down payment + Buying costs + Rehab costs Initial cash invested:
| $966,000 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 4,208 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $998 |
Monthly Rent Per Square FootMonthly rent divided by the number of square feet. This ratio helps investors compare rental income efficiency across properties, markets, and unit sizes Calculation:Monthly Rent / Square Feet Monthly rent per square foot:
| $1.52 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $3,360,000 |
|---|---|
Loan to Value Ratio (LTV)Loan amount divided by the market value of the property. Calculation:Loan Amount / Market Value
Loan to value ratio:
| 80.0% |
Loan TypeThe type of loan (e.g., fixed, adjustable).
Loan type:
| Amortizing |
TermThe loan repayment period in years.
Term:
| 30 years |
Interest RateThe percentage a lender charges on the borrowed amount of a loan, determining the cost of borrowing money.
Interest rate:
| 6.625% |
Principal & Interest (PI)The principal is the portion of the loan payment that reduces the loan balance. The interest is the lender's charge for borrowing money. Calculation:(P * r * (1 + r) ** n) / ((1 + r) ** n - 1) Where:
P = Loan amount (principal)
Principal & interest:
| $21,514 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $2,278 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified.
Insurance:
| $448 |
Private Mortgage Insurance (PMI)A fee that borrowers pay when they take out a conventional loan with a loan-to-value (LTV) ratio above 80%.
Private mortgage insurance (PMI):
| $0 |
Monthly PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. Monthly payment:
| $24,240 |
Operating Income
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Gross RentThe total rental income received from tenants before deducting any expenses. Includes base rent, late fees, pet fees, parking fees, and other recurring charges.
Gross rent:
| $6,400 | $76,800 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$384 | -$4,608 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $6,016 | $72,192 |
Operating Expenses
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services. | 36% | -$2,278 | -$27,339 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified. | 7% | -$448 | -$5,376 |
Property ManagementThe costs associated with hiring a property manager to handle the day-to-day operations of a rental property. Includes management fees, leasing fes, eviction fees, etc. Calculation:Assumes 8% of gross rental income. | 8% | -$512 | -$6,144 |
Repairs & MaintenanceOngoing costs for routine upkeep and minor fixes needed to keep a property in good working condition. Calculation:Assumes 5% of gross rental income. Varies by property age and condition. | 5% | -$320 | -$3,840 |
Capital ExpensesLarge, infrequent costs for major improvements or replacements, like a new roof, HVAC system, or appliances. Calculation:Assumes 5% of gross rental income. Varies by property age. | 5% | -$320 | -$3,840 |
HOA FeesRegular dues paid to a Homeowners Association for community maintenance, amenities, and management. Similar fees include: Condo Association Fees, Co-op Maintenance Fees, etc. | 8% | -$495 | -$5,940 |
Operating ExpensesRecurring costs required to maintain and manage a rental property, including property taxes, insurance, maintenance, repairs, utilities (if paid by the owner), property management fees, and other day-to-day expenses. Calculation:Insurance + Property Taxes + Property Management + Repairs & Maintenance + Capital Expenditures + HOA Fees | 68% | -$4,373 | -$52,479 |
Cash Flow
| Monthly | Yearly | |
|---|---|---|
Net Operating Income (NOI)The income generated from a property after deducting all operating expenses but before deducting mortgage payments, taxes, and capital expenditures. Calculation:Gross Operating Income - Operating Expenses
Net operating income:
| $1,643 | $19,716 |
Mortgage PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. | -$21,514 | -$258,168 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $19,871 | $238,452 |