2 Beds
2 Baths
1,209 SqFt
2 Beds
2 Baths
1,209 SqFt
Key Details
Property Type Condo
Sub Type Condominium
Listing Status Active
Purchase Type For Sale
Square Footage 1,209 sqft
Price per Sqft $536
Subdivision Adalia Bayfront Condo
MLS Listing ID TB8484507
Bedrooms 2
Full Baths 2
Condo Fees $1,374
HOA Y/N No
Annual Recurring Fee 21324.0
Year Built 1986
Annual Tax Amount $8,615
Property Sub-Type Condominium
Source Stellar MLS
Property Description
On a quiet street at the northern tip of Davis Islands, The Adalia Bayfront rises ten floors above Hillsborough Bay with the kind of unhurried confidence that only waterfront buildings on private island communities tend to carry. Unit 704 is one of the most strategically positioned assets currently available in this market, not because of what it looks like, but because of what it does. It generates income. From the day you close, rent arrives. No renovation sprint, no lease-up anxiety, no first-month vacancy. A qualified tenant is already in residence, with annual rent escalations contractually embedded into the lease. The current lease runs through June 2027.
What makes this unit harder to replace than most people realize: the Adalia Bayfront Association permits only 6 of its 65 units to be leased at any given time. This is one of them. With rental supply capped at the association level, demand stays concentrated, rents stay firm, and the competitive set for your income stream stays deliberately narrow.
The building itself needs little introduction to anyone who knows South Tampa. Gated entry, on-site management, a saltwater pool that faces the bay, and a private marina with boat slips and lifts capable of handling vessels up to 13,000 pounds. This is the only building in the immediate vicinity with that kind of direct water access. Fitness center, sauna, community room, two reserved parking spaces per unit, dedicated storage. Tampa General Hospital is two blocks away. Downtown Tampa and Water Street are five minutes by car. The Davis Islands Yacht Club, the village shops, the dog beach are all within walking distance.
Davis Islands has a way of holding its value that other Tampa neighborhoods aspire to. It is the kind of place where residents put down roots and stay, which, for an investor, is exactly the kind of community loyalty that underpins a long and stable tenancy. Comparable units in the building are actively listing above current contracted rent, which means the gap between what this tenant pays today and what the market will bear in June 2027 is already built into the asset.
At the end of the lease, you hold a premium waterfront asset in one of Tampa Bay's most sought-after zip codes, free to release at current market rates, occupy personally, or sell on your own timeline and entirely your own terms. For a 1031 exchange buyer needing to place capital quickly, this is a turnkey acquisition with an income stream that begins immediately. For an international or out-of-state investor looking for a professionally managed, low touch hold in a market with genuine appreciation history, this is the kind of property that earns its keep.
Location
State FL
County Hillsborough
Community Adalia Bayfront Condo
Area 33606 - Tampa / Davis Island/University Of Tampa
Zoning RM-24
Interior
Interior Features Elevator, Kitchen/Family Room Combo, Solid Surface Counters, Solid Wood Cabinets
Heating Central
Cooling Central Air
Flooring Hardwood
Furnishings Unfurnished
Fireplace false
Appliance Cooktop, Dishwasher
Laundry Inside
Exterior
Exterior Feature Other, Outdoor Grill, Sidewalk
Garage Spaces 2.0
Community Features Clubhouse, Community Mailbox, Fitness Center, Gated Community - No Guard, Golf Carts OK, Pool
Utilities Available Cable Connected, Electricity Connected, Other
Waterfront Description Bay/Harbor
View Y/N Yes
Water Access Yes
Water Access Desc Bay/Harbor,Marina
Roof Type Other
Attached Garage true
Garage true
Private Pool No
Building
Story 10
Entry Level Three Or More
Foundation Slab
Lot Size Range Non-Applicable
Sewer Public Sewer
Water Public
Unit Floor 7
Structure Type Other
New Construction false
Others
Pets Allowed Cats OK, Dogs OK
HOA Fee Include Pool,Electricity,Escrow Reserves Fund,Insurance,Internet,Maintenance Structure,Maintenance Grounds,Maintenance,Management,Other
Senior Community No
Ownership Condominium
Monthly Total Fees $1, 777
Membership Fee Required Required
Special Listing Condition None
Virtual Tour https://www.propertypanorama.com/instaview/stellar/TB8484507
NEARBY SCHOOLS & PROPERTIES
"Molly's job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "