2 ADALIA AVENUE # 704, TAMPA, FL 33606

Description of 2 ADALIA AVENUE # 704, TAMPA, FL 33606

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.

Property Details for 2 ADALIA AVENUE # 704, TAMPA, FL 33606

Bathrooms Full

2

Bathrooms Half

0

Interior Features

Elevator, Kitchen/Family Room Combo, Solid Surface Counters, Solid Wood Cabinets

Appliances

Cooktop, Dishwasher

Flooring

Engineered Hardwood

Heating

Central

Cooling

Central Air

Furnished

Unfurnished

Garage Spaces

2

Attached Garage

Yes

Pool Private

No

Direction Faces

West

Building Information for 2 ADALIA AVENUE # 704, TAMPA, FL 33606

Building Area Total

1209

Building Area Units

Square Feet

Stories Total

10

Association

Yes

Association Fee Frequency

Monthly

Pets Allowed

Cats OK, Dogs OK

Property Information for 2 ADALIA AVENUE # 704, TAMPA, FL 33606

Lot Size Square Feet

2

Waterfront

Yes

Waterfront Features

Bay/Harbor

View

No

Construction Materials

Other

Roof

Other

Exterior Features

Other, Outdoor Grill, Sidewalk

Sewer

Public Sewer

Water Source

Public

New Construction

No

Public Records for 2 ADALIA AVENUE # 704, TAMPA, FL 33606

Parcel Number

A25291850D00000000704.0

Tax Annual Amount

$8,615

Tax Year

2025

Tax Legal Description

ADALIA BAYFRONT CONDOMINIUM UNIT NO 704

Zoning

RM-24

County Or Parish

Hillsborough

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