2 Adalia Avenue #704, Tampa, FL 33606
Local realty services provided by:Better Homes and Gardens Real Estate Thomas Group
Listed by: estela ziu
Office: compass florida, llc.
MLS#:TB8484507
Source:MFRMLS
Price summary
- Price:$649,000
- Price per sq. ft.:$536.81
About this home
Some investments ask you to be patient. This one pays you while you wait.
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....
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Home facts
- Year built:1986
- Listing ID #:TB8484507
- Added:46 day(s) ago
- Updated:April 25, 2026 at 02:15 PM
Rooms and interior
- Bedrooms:2
- Total bathrooms:2
- Full bathrooms:2
- Flooring:Hardwood
- Kitchen Description:Cooktop, Dishwasher, Kitchen/Family Room Combo, Solid Surface Counters, Solid Wood Cabinets
- Living area:1,209 sq. ft.
Heating and cooling
- Cooling:Central Air
- Heating:Central
- Central air:Yes
Structure and exterior
- Year built:1986
- Building area:1,209 sq. ft.
- Exterior Features:Outdoor Grill, Sidewalk
- Foundation Description:Slab
- Levels:Three Or More Story
Utilities
- Water:Public
- Sewer:Public Sewer
Finances and disclosures
- Price:$649,000
- Price per sq. ft.:$536.81
- Tax amount:$8,615 (2025)
Features and amenities
- Appliances:Cooktop, Dishwasher
- Laundry features:Inside
- Amenities:Cable Connected, Elevator, Kitchen/Family Room Combo, Solid Surface Counters, Solid Wood Cabinets
- Pool features:Public Pool
Parking
- Parking description:Attached Garage
- Garage:Yes
- Garage spaces:2
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