Renovated Duplex with Separate
New
For Sale
$590,000
506 N MACDILL Avenue, Tampa, FL 33609
Residential Income, TAMPA, FL
Property Size1,698 SF
Lot Size0.19 Acres
Price / SF$347.47
Days on Market3
Property Features for 506 N MACDILL Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RS-50
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 4, Bedroom 1, Bedroom 2
Window features
Insulated Windows
Interior features
Ceiling Fans(s), Walk-In Closet(s), Window Treatments
Subdivision
OAKFORD
Elementary school
Mitchell-HB
Middle school
Wilson-HB
High school
Plant-HB
Directions
Go East on Kennedy, north to N Macdill ave. House will be on your left.
Standard status
Active
APN
A-22-29-18-3OA-000015-00001.A
Size
1,698 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
OAKFORD N 62 FT OF S 189.5 FT OF E 139.5 FT OF LOT 1 LESS E 4 FT FOR ST BLOCK 15
Tax Annual Amount
6703
Legal Description
OAKFORD N 62 FT OF S 189.5 FT OF E 139.5 FT OF LOT 1 LESS E 4 FT FOR ST BLOCK 15
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
washer/dryer
central AC
split AC
Building Details
Year built
1950
Building materials
Block, Frame
Roof type
Shingle
Listing Agency:
RE/MAX ALLIANCE GROUP · RE/MAX International
(813) 259-0000
Listed By:
Yingyi Xu · License #3218790
(813) 579-7379
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 4 at 8:06AM
MLS# TB8545105
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 residences within a 1,698-square-foot property on 0.19 acres. The front unit provides three bedrooms and two bathrooms, while the rear unit includes one bedroom and one bathroom. Each residence has its own washer and dryer. The front home received renovations in 2025 and uses central air conditioning; the rear home was updated in 2023 and has a new roof and split-system air conditioning.
Both residences share electric and water meters. Public water and sewer serve the property, which also has block and frame construction, a shingle roof, and RS-50 zoning. The front unit is vacant, and the rear unit is rented. Located at 506 N MacDill Avenue in Tampa, the property is within the 33609 postal area and Hillsborough County.
Both residences share electric and water meters. Public water and sewer serve the property, which also has block and frame construction, a shingle roof, and RS-50 zoning. The front unit is vacant, and the rear unit is rented. Located at 506 N MacDill Avenue in Tampa, the property is within the 33609 postal area and Hillsborough County.
Key Highlights
- Two residences totaling 1,698 square feet on 0.19 acres
- Front residence has 3 bedrooms, 2 bathrooms, and central air conditioning
- Rear residence includes 1 bedroom, 1 bathroom, a new roof, and split‑system AC
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
$19,820
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
3.36%
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%
$396,400
$396.4K
Cap Rate 7%
$283,143
$283.1K
Cap Rate 9%
$220,222
$220.2K
Market Conditions
NOI Build-Up for 1,698 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
$30.4K $17.88/SF
− Vacancy
−$2.0K −$1.21/SF
EGI
$28.3K $16.67/SF
− OpEx
−$8.5K −$5.00/SF
NOI
$19.8K $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%
$396,400
Cap Rate 7%
$283,143
Cap Rate 9%
$220,222
Alternative Uses
Best Use
Multifamily LT 5
$283.1K
$247.8K – $330.3K
NOI $19,820 @ 7.0% cap · market cap 3.36%
Second Best
Apartment 5plus
$263.3K
$230.4K – $307.1K
NOI $18,428 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$395.6K
$346.1K – $461.5K
NOI $27,691 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,403
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer flexible occupancy, with private laundry equipment and shared utility meters.
Where is this duplex located?
The property is located at 506 N MACDILL Avenue Tampa, FL.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: Two residences totaling 1,698 square feet on 0.19 acres; Front residence has 3 bedrooms, 2 bathrooms, and central air conditioning; Rear residence includes 1 bedroom, 1 bathroom, a new roof, and split‑system AC
