Building Details

Year Built 1913

Year Renovated 2022

Buildings 1

Listing Agency: Compass RE Texas, LLC - The Heights Show Phone

Listed By: Michael Brown · License #0600099 Show Phone

Source: Exitrealty

Added: Feb 26, 2025 Changed: Oct 4 Last Checked: Oct 4 at 7:11AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Compass RE Texas, LLC - The Heights

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Investment Insights

Based on property information with market context.

This 1,456-square-foot duplex, built in 1913, contains two residences with matching floor plans and similar finishes. Each unit provides a practical living arrangement with a kitchen and living area, while the property is currently 100% occupied. Renovation work was completed with permits and includes air-conditioning systems installed in 2022, a roof replaced in 2022, a water heater installed in 2020, and updated plumbing.

The property is located at 103 S 22ND STREET in Tampa, with proximity to Downtown Tampa, Water Street, the Channelside District, Ybor, Gas Worx, and Armature Works in Tampa Heights. Major highways, the Trolley, and other public transportation provide access to downtown, business districts, and other parts of the city. The property is positioned for either short-term or long-term rental use.

Key Highlights

• 1,456‑square‑foot duplex with two matching unit layouts
• 100% occupied
• Permitted renovation work includes updated plumbing and other improvements

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$16,995

Cap Rate

4.86%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$339,900 $339.9K

Cap Rate 7%

$242,786 $242.8K

Cap Rate 9%

$188,833 $188.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,456 SF

Gross rent

$26.0K $17.88/SF

− Vacancy

−$1.8K −$1.21/SF

EGI

$24.3K $16.67/SF

− OpEx

−$7.3K −$5.00/SF

NOI

$17.0K $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 Rate 5%

$339,900

Cap Rate 7%

$242,786

Cap Rate 9%

$188,833

Alternative Uses

Best Use

Multifamily LT 5

$242.8K

$212.4K – $283.3K (±1% cap)

NOI $16,995 @ 7.0% cap · market cap 4.86%

Second Best

Apartment 5plus

$225.7K

$197.5K – $263.4K (±1% cap)

NOI $15,801 @ 7.0% cap · market cap 4.51%

Theoretical Best

Office A

$339.2K

$296.8K – $395.7K (±1% cap)

NOI $23,744 @ 7.0% cap · market cap 6.78%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Dental Office Florist Daycare Center (Bike/Boat/Book/etc) Store Discount Store Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

100%

Occupancy

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

1,066

Businesses Nearby

Explore this area Business Placement

Demographics for 33605, FL

18,243

Population

8,994

Households

2

Avg Household Size

36

Median Age

21%

College-Educated

79%

High-School Grad

7.8 sq mi

ZIP Area

2,339

Density / Sq Mi

$36,790

Median Household Income

$35,889

Median Earnings

$1,122

Median Rent

$235,100

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two matching residences offer functional layouts and the flexibility to support short- or long-term rental use.

Where is this duplex located?

The property is located at 103 S 22ND STREET Tampa, FL.

What is the asking price?

The asking price for this property is $350,000.

What are key features of this property?

This property features: 1,456‑square‑foot duplex with two matching unit layouts; 100% occupied; Permitted renovation work includes updated plumbing and other improvements