12-Unit Apartment Building
For Sale
$420,000
906 E 123RD Avenue, Tampa, FL 33612
Residential Income, TAMPA, FL
Property Size2,312 SF
Lot Size0.22 Acres
Price / SF$181.66
Days on Market8
Property Features for 906 E 123RD Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RDC-12
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Family Room, Bathroom 1, Bathroom 2, Bedroom 1
Pets allowed
Dogs OK, Cats OK, Yes
Interior features
Kitchen/Family Room Combo, Open Floorplan, Primary Bedroom Main Floor
Exterior features
Lighting, Private Mailbox
Subdivision
REVISED MAP OF FLOWERS & STU
Directions
Head northeast on Exit 51. Use the 2nd from the left lane to turn slightly right onto the FL-582 E ramp. Use the left lane to turn slightly right onto FL-582 E/E Fowler Ave. Use the 2nd from the left lane to turn left onto N Nebraska Ave. Turn right onto E 122nd Ave
Special listing conditions
Short Sale
Standard status
Active
APN
U-07-28-19-1GS-000000-00011.4
Size
2,312 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
REVISED MAP OF FLOWERS AND STUART OAK GROVE SUB E 50 FT OF W 100 FT OF S 1/2 OF LOT 11
Legal Description
REVISED MAP OF FLOWERS AND STUART OAK GROVE SUB E 50 FT OF W 100 FT OF S 1/2 OF LOT 11
Utilities
Sewer type
Septic Tank
Heating system
Ductless (Heating)
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1965
Number of units
4
Building materials
Block
Listing Agency:
FUTURE HOME REALTY INC
(813) 855-4982
Listed By:
Kristen Mendez · License #3352686
(727) 314-2696
Added: Sep 14
Changed: Sep 21
Last Checked: Sep 21 at 3:06AM
MLS# TB8546600
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 Tampa apartment portfolio comprises six buildings containing 12 units across a 0.22-acre site. The property provides 2,312 square feet of building area, was constructed in 1965, and includes open floorplans, kitchen and family room combinations, and primary bedrooms on the main floor. Block construction, ductless heating, window or wall-unit cooling, public water, and a septic tank serve the improvements.
Located at 906 E 123RD Avenue in Tampa, the property is within ZIP Code 33612 and is zoned RCD-12. The offering includes control of the full block, with no rental restrictions identified in the property information. Exterior features include lighting and private mailboxes, while the six-building configuration provides a multi-unit residential income asset within one Tampa holding.
Located at 906 E 123RD Avenue in Tampa, the property is within ZIP Code 33612 and is zoned RCD-12. The offering includes control of the full block, with no rental restrictions identified in the property information. Exterior features include lighting and private mailboxes, while the six-building configuration provides a multi-unit residential income asset within one Tampa holding.
Key Highlights
- Six buildings containing 12 apartment units
- 2,312 square feet on a 0.22‑acre site
- RCD‑12 zoning in Tampa, FL 33612
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
$25,091
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
5.97%
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%
$501,820
$501.8K
Cap Rate 7%
$358,443
$358.4K
Cap Rate 9%
$278,789
$278.8K
Market Conditions
NOI Build-Up for 2,312 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
$49.1K $21.24/SF
− Vacancy
−$3.5K −$1.51/SF
EGI
$45.6K $19.73/SF
− OpEx
−$20.5K −$8.88/SF
NOI
$25.1K $10.85/SF
Area
ZIP 33612
Vacancy
7.10%
Lease Rate
$21.24 /SF/Yr
Expense Ratio
45.00%
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%
$501,820
Cap Rate 7%
$358,443
Cap Rate 9%
$278,789
Alternative Uses
Best Use
Apartment 5plus
$358.4K
$313.6K – $418.2K
NOI $25,091 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$526.7K
$460.8K – $614.4K
NOI $36,866 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
1,468
Businesses Nearby
Explore this area
Business Placement
Demographics for 33612, FL
49,452
Population
21,228
Households
2.3
Avg Household Size
34
Median Age
18%
College-Educated
78%
High-School Grad
9.9 sq mi
ZIP Area
4,995
Density / Sq Mi
$43,919
Median Household Income
$32,724
Median Earnings
$1,259
Median Rent
$249,600
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six-building Tampa apartment portfolio with flexible rental use and RCD-12 zoning.
Where is this apartment building located?
The property is located at 906 E 123RD Avenue Tampa, FL.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Six buildings containing 12 apartment units; 2,312 square feet on a 0.22‑acre site; RCD‑12 zoning in Tampa, FL 33612
