Tampa Heights Multifamily Investment
2306 N MORGAN St Tampa, FL 33602
2306 N MORGAN St, Tampa, FL, 33602
$1,499,000
For Sale
$1,499,000
7-unit multifamily property in Tampa Heights with value-add potential.
Property Size4,315 SF
Lot Size0.14 Acres
Price / SF$347.39
Days on Market132
Property Features for 2306 N MORGAN St
General Information
- Standard status
- Active
- Size
- 4,315 SF
- Lot size
- 0.14 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1902
Listing Agency
SERRALLES GROUP,INC
(813) 610-1563
Listed by
Eddie Serralles · License #0225254417
(813) 610-1563
Source
Elliman
Added: Mar 11 Updated: Jul 6 at 12:46 pm Checked: Jul 20 at 4:33 am
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 SERRALLES GROUP,INC
Investment Insights
Based on property information with market context.
Located in the Tampa Heights submarket, 2306 Morgan Street features two multifamily buildings totaling 7 units across 4,315 square feet. The property includes a front triplex, built in 1902, and a rear quadplex, built in 1926, creating a diverse unit mix of 2 studios (343 SF each), one 1-bedroom/1-bathroom unit (682 SF), and four 2-bedroom/1-bathroom units (735 SF each). The property has benefited from recent improvements, including a new roof within the past 2-3 years and upgraded capital expenditures. The asset presents a unique opportunity for investors targeting value-add potential. Long-term tenants are paying below-market rents, creating immediate upside. Implementing water bill-back systems provides a way to improve net operating income. The property has been freshly painted inside and out, offering strong curb appeal and a low-maintenance setup for any investor looking for steady cash flow. Positioned minutes from Tampa’s attractions, residents enjoy easy access to Ybor City’s historic nightlife, Downtown Tampa’s Riverwalk, Armature Works, and the Tampa Heights food and entertainment district. With consistent occupancy, recent updates, and a prime location near all the city’s key amenities, 2306 Morgan stands out as an exceptional opportunity to own a turn-key multifamily asset in one of Tampa’s rental corridors.
Key Highlights
- Prime location in Tampa Heights, near Ybor City, Downtown Tampa, Armature Works, and the Tampa Heights food and entertainment district.
- Value‑add opportunity through rent optimization.
- Turn‑key multifamily asset with recent updates, including a new roof within the past 2‑3 years.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $77.2k | $17.88 |
| − Vacancy | −$5.2k | −$1.21 |
| EGI | $72.0k | $16.67 |
| − OpEx | −$21.6k | −$5.00 |
| NOI | $50.4k | $11.67 |
4,315 SF · lease $17.88/SF/yr · vacancy 6.74% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$719.5K
$629.6K – $839.4K
NOI $50,366 @ 7.0% cap · market cap 3.36%
Second Best
Apartment 5plus
$669.0K
$585.4K – $780.5K
NOI $46,829 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$1.01M
$879.6K – $1.17M
NOI $70,369 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Multifamily property - 7-unit multifamily property in Tampa Heights with value-add potential.
Where is this multifamily property located?
The property is located at 2306 N MORGAN St Tampa, FL.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Prime location in Tampa Heights, near Ybor City, Downtown Tampa, Armature Works, and the Tampa Heights food and entertainment district.; Value‑add opportunity through rent optimization.; Turn‑key multifamily asset with recent updates, including a new roof within the past 2‑3 years.
