RM-16 Multifamily
For Sale
$525,000
114 S BUNGALOW PARK Avenue, Tampa, FL 33609
Residential Income, TAMPA, FL
Property Size2,160 SF
Lot Size0.28 Acres
Price / SF$243.06
Days on Market179
Property Features for 114 S BUNGALOW PARK Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RM-16
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 3
Interior features
Open Floorplan
Fireplace
1
Subdivision
BUNGALOW CITY
Directions
Head south on S Bungalow Park Ave toward W Cleveland St for approximately 0.07 miles. Destination will be on the left.
Standard status
Active
APN
A-22-29-18-3NY-000001-00015.0
Size
2,160 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BUNGALOW CITY LOT 15 BLOCK 1
Tax Annual Amount
15735
Legal Description
BUNGALOW CITY LOT 15 BLOCK 1
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1940
Building materials
Block, Frame
Roof type
Shingle
Listing Agency:
RICHARD PETERS REALTY LLC
(352) 448-9712
Listed By:
Alexander Izikson · License #3590476
(781) 996-9676
Added: Mar 30
Changed: Sep 12
Last Checked: Sep 24 at 3:06PM
MLS# TB8491887
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 114 S Bungalow Park Avenue in Tampa, this RM-16-zoned multifamily property includes two buildings with three total units. The improvements consist of a 2-bedroom, 1-bath single-family home with 1,064 heated square feet and a two-story duplex containing one 1-bedroom, 1-bath unit on each floor, totaling 1,096 heated square feet. The property was built in 1940 and includes block and frame construction, shingle roofing, public water, and public sewer.
All units require renovation. The single-family residence has a 2020 roof, plumbing and electrical updates within the past 2 years, central air, and minor hurricane-related repairs. The duplex has a roof less than 5 years old, electrical work updated 2 years ago, plumbing updated 1.5 years ago, and wall-unit air conditioning. Water is separately metered. The property is near Hyde Park Village, Midtown, Downtown Tampa, Howard Avenue, I-275, Tampa International Airport, and the University of Tampa.
All units require renovation. The single-family residence has a 2020 roof, plumbing and electrical updates within the past 2 years, central air, and minor hurricane-related repairs. The duplex has a roof less than 5 years old, electrical work updated 2 years ago, plumbing updated 1.5 years ago, and wall-unit air conditioning. Water is separately metered. The property is near Hyde Park Village, Midtown, Downtown Tampa, Howard Avenue, I-275, Tampa International Airport, and the University of Tampa.
Key Highlights
- Three total units across two buildings: a 2/1 home and a two‑story duplex with two 1/1 units
- 2,160 square feet of building area on an RM‑16‑zoned multifamily property
- Single‑family home includes a 2020 roof and plumbing and electrical updates within the past 2 years
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,212
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.80%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$504,240
$504.2K
Cap Rate 7%
$360,171
$360.2K
Cap Rate 9%
$280,133
$280.1K
Market Conditions
NOI Build-Up for 2,160 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$38.6K $17.88/SF
− Vacancy
−$2.6K −$1.21/SF
EGI
$36.0K $16.67/SF
− OpEx
−$10.8K −$5.00/SF
NOI
$25.2K $11.67/SF
Area
Tampa, FL
Vacancy
6.74%
Lease Rate
$17.88 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$504,240
Cap Rate 7%
$360,171
Cap Rate 9%
$280,133
Alternative Uses
Best Use
Multifamily LT 5
$360.2K
$315.2K – $420.2K
NOI $25,212 @ 7.0% cap · market cap 4.80%
Second Best
Apartment 5plus
$334.9K
$293.0K – $390.7K
NOI $23,442 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$503.2K
$440.3K – $587.1K
NOI $35,225 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,281
Businesses Nearby
Explore this area
Business Placement
Demographics for 33609, FL
17,902
Population
9,169
Households
2
Avg Household Size
38
Median Age
63%
College-Educated
94%
High-School Grad
4.0 sq mi
ZIP Area
4,476
Density / Sq Mi
$105,083
Median Household Income
$66,567
Median Earnings
$1,818
Median Rent
$526,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Three-unit asset with an existing house and duplex requires renovation and includes separately metered water.
Where is this multifamily property located?
The property is located at 114 S BUNGALOW PARK Avenue Tampa, FL.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Three total units across two buildings: a 2/1 home and a two‑story duplex with two 1/1 units; 2,160 square feet of building area on an RM‑16‑zoned multifamily property; Single‑family home includes a 2020 roof and plumbing and electrical updates within the past 2 years
