Rented Two-Unit
For Sale
$299,000
2532 W WALNUT Street, Tampa, FL 33607
Residential Income, TAMPA, FL
Property Size1,080 SF
Lot Size0.11 Acres
Price / SF$276.85
Days on Market23
Property Features for 2532 W WALNUT Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RM-16
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 3, Bedroom 1
Parking features
Driveway
Interior features
Ceiling Fans(s)
Exterior features
Fence
Fencing
Fenced
Appliances
Electric Water Heater, Range, Refrigerator
Subdivision
MAC FARLANES REV MAP OF ADD
Elementary school
West Tampa-HB
Middle school
Madison-HB
High school
Jefferson
Directions
From W Columbus Dr. and N Armenia ave head south on N Armenia ave about 0.5 mi turn right onto W Walnut st. destination will be on the left.
Standard status
Active
APN
A-15-29-18-4PQ-000040-00009.0
Size
1,080 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
MAC FARLANES REV MAP OF ADDITIONS TO WEST TAMPA LOT 9 BLOCK 40
Tax Annual Amount
4797
Legal Description
MAC FARLANES REV MAP OF ADDITIONS TO WEST TAMPA LOT 9 BLOCK 40
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1963
Floors in Building
1
Number of units
2
Flooring type
Tile - Ceramic
Building materials
Block
Roof type
Shingle
Listing Agency:
BHHS FLORIDA PROPERTIES GROUP · Berkshire Hathaway HomeServices
(727) 461-1700
Listed By:
Maryann Spearman · License #3234385
(727) 709-2374
Added: Aug 18
Changed: Sep 9
Last Checked: Sep 9 at 8:06AM
MLS# TB8540156
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.
This duplex contains two separate residential sides, with each side configured as two bedrooms and one bathroom. Both units are currently rented. The 1,080-square-foot property was built in 1963 with block construction, ceramic tile flooring, central air conditioning, electric heat, ceiling fans, and shingle roofing. Each side includes a range and refrigerator, while the property is served by public water and public sewer.
The 0.11-acre parcel is located on W Walnut Street in West Tampa, within ZIP Code 33607 and Hillsborough County. RM-16 zoning applies. Exterior features include a fenced yard and driveway parking.
The 0.11-acre parcel is located on W Walnut Street in West Tampa, within ZIP Code 33607 and Hillsborough County. RM-16 zoning applies. Exterior features include a fenced yard and driveway parking.
Key Highlights
- Two‑unit duplex with both sides rented
- Each side includes 2 bedrooms and 1 bathroom
- 1,080 square feet on a 0.11‑acre parcel
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
$12,606
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
4.22%
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%
$252,120
$252.1K
Cap Rate 7%
$180,086
$180.1K
Cap Rate 9%
$140,067
$140.1K
Market Conditions
NOI Build-Up for 1,080 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
$19.3K $17.88/SF
− Vacancy
−$1.3K −$1.21/SF
EGI
$18.0K $16.67/SF
− OpEx
−$5.4K −$5.00/SF
NOI
$12.6K $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%
$252,120
Cap Rate 7%
$180,086
Cap Rate 9%
$140,067
Alternative Uses
Best Use
Multifamily LT 5
$180.1K
$157.6K – $210.1K
NOI $12,606 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$167.4K
$146.5K – $195.4K
NOI $11,721 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$251.6K
$220.2K – $293.6K
NOI $17,613 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,259
Businesses Nearby
Explore this area
Business Placement
Demographics for 33607, FL
24,767
Population
13,158
Households
1.9
Avg Household Size
37
Median Age
35%
College-Educated
87%
High-School Grad
9.3 sq mi
ZIP Area
2,663
Density / Sq Mi
$66,404
Median Household Income
$43,404
Median Earnings
$1,771
Median Rent
$316,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Block duplex with two-bedroom units, central air, ceramic tile, fenced grounds, and driveway parking.
Where is this duplex located?
The property is located at 2532 W WALNUT Street Tampa, FL.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two‑unit duplex with both sides rented; Each side includes 2 bedrooms and 1 bathroom; 1,080 square feet on a 0.11‑acre parcel
