Multifamily Property with Three
For Sale
$575,000
114 S BUNGALOW PARK Avenue, Tampa, FL 33609
MULTI_FAMILY - TAMPA, FL
Property Size2,160 SF
Lot Size0.28 Acres
Price / SF$266.20
Days on Market134
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 3, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 4, Bedroom 1, Bedroom 2
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
Wall/Window Unit(s), 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: Aug 5
Last Checked: Aug 10 at 1:06AM
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.
Multifamily property on an RM-16-zoned, 0.28-acre lot built in 1940. The offering includes two buildings totaling three units: a 2/1 single-family home (1,064 heated SF) and a two-story duplex with one 1/1 unit on each floor (1,096 heated SF total), for 2,160 heated SF combined. The units require renovation. The single-family home has a newer roof (2020), along with plumbing and electrical updates within the past 2 years, minor hurricane-related repairs, and central air. The duplex has a roof less than 5 years old, electrical updated 2 years ago, and plumbing updated 1.5 years ago, with A/C provided via wall units. Water is separately metered between the units.
The property is being sold along with a neighboring corner-lot property, creating an additional redevelopment and scale opportunity. The seller indicates no HOA/CDD. Building materials include block and frame, and the home has an open floorplan with a fireplace.
Construction and configuration here support multifamily redevelopment options under RM-16 zoning.
The property is being sold along with a neighboring corner-lot property, creating an additional redevelopment and scale opportunity. The seller indicates no HOA/CDD. Building materials include block and frame, and the home has an open floorplan with a fireplace.
Construction and configuration here support multifamily redevelopment options under RM-16 zoning.
Key Highlights
- RM‑16 zoning on a 0.28‑acre lot with 2,160 heated SF across two buildings
- Two buildings totaling three units: 2/1 single‑family and two‑story duplex with two 1/1 units
- Single‑family home: newer roof (2020), plus plumbing and electrical updates within 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
4.38%
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 4.38%
Second Best
Apartment 5plus
$334.9K
$293.0K – $390.7K
NOI $23,442 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$503.2K
$440.3K – $587.1K
NOI $35,225 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,277
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - RM-16 multifamily zoning on a 0.28-acre lot with two buildings and three separately metered units needing renovation.
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 $575,000.
What are key features of this property?
This property features: RM‑16 zoning on a 0.28‑acre lot with 2,160 heated SF across two buildings; Two buildings totaling three units: 2/1 single‑family and two‑story duplex with two 1/1 units; Single‑family home: newer roof (2020), plus plumbing and electrical updates within past 2 years
