Under-Construction Build-to-Rent Duplex
For Sale
$5,999,000
6925 E 21st Avenue TAMPA, Tampa, FL 33619
Gated build-to-rent community under construction, featuring duplex homes with three bedrooms and two full baths each.
Property Size22,380 SF
Price / SF$268.05
Days on Market48
Property Features for 6925 E 21st Avenue TAMPA
General Information
Standard status
Active
Size
22,380 SF
Zoning
PD
Additional Details
Multifamily Units
20
Taxes and HOA fees
Annual Taxes
$2,918
Amenities
true
Builder
Public
1.87
2
false
Paved
Slab
City Street
22380
10
Public Maintained Road
Building Details
Building Size
22,380 SF
Year Built
2025
Buildings
10
Listing Agency:
(904) 569-5862
Listed By:
Morgan Friesen
(904) 569-5862
Source:
Movetojacksonville
Added: Jul 7
Changed: Aug 23
Last Checked: Aug 23 at 2:25AM
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 Morgan Friesen
Investment Insights
Based on property information with market context.
This property is a build-to-rent multifamily community currently under construction, with completion targeted by the end of 2025. The first phase includes 20 newly constructed residences, arranged as 10 two-story duplexes. Each duplex unit is planned with 3 bedrooms, 2 full bathrooms, and 1,119 square feet of living space, using modern, durable finishes intended to reduce long-term maintenance. The community is planned as gated housing designed to align with today’s rental market.
The development is located at 6925 E 21st Avenue, Tampa, FL 33619, and the project also references an adjoining lot at 7201 E 21st Ave (TB8429884). In addition to the first phase, 24 more residences are planned for development on the adjoining lot. When both lots are considered together, the full project is planned to total 44 residences.
For investors and developers, the asset is positioned as a purpose-built rental community rather than a conversion, with a tenant-acceptance plan that includes Section 8. The site plan includes on-site features such as a playground, green spaces, and a walking path around a scenic lagoon, supporting a community-oriented resident environment as the development comes online.
The development is located at 6925 E 21st Avenue, Tampa, FL 33619, and the project also references an adjoining lot at 7201 E 21st Ave (TB8429884). In addition to the first phase, 24 more residences are planned for development on the adjoining lot. When both lots are considered together, the full project is planned to total 44 residences.
For investors and developers, the asset is positioned as a purpose-built rental community rather than a conversion, with a tenant-acceptance plan that includes Section 8. The site plan includes on-site features such as a playground, green spaces, and a walking path around a scenic lagoon, supporting a community-oriented resident environment as the development comes online.
Key Highlights
- Under construction build‑to‑rent community with estimated completion by end of 2025
- 10 two‑story duplexes planned for Phase 1; each unit features 3 bedrooms and 2 full bathrooms
- Each duplex unit includes 1,119 sq. ft. of living area; year built listed as 2025
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
$242,881
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
4.05%
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%
$4,857,620
$4.9M
Cap Rate 7%
$3,469,729
$3.5M
Cap Rate 9%
$2,698,678
$2.7M
Market Conditions
NOI Build-Up for 22,380 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
$475.4K $21.24/SF
− Vacancy
−$33.7K −$1.51/SF
EGI
$441.6K $19.73/SF
− OpEx
−$198.7K −$8.88/SF
NOI
$242.9K $10.85/SF
Area
Tampa, FL
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%
$4,857,620
Cap Rate 7%
$3,469,729
Cap Rate 9%
$2,698,678
Alternative Uses
Best Use
Apartment 5plus
$3.47M
$3.04M – $4.05M
NOI $242,881 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.21M
$4.56M – $6.08M
NOI $364,973 @ 7.0% cap · market cap 6.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
391
Businesses Nearby
Explore this area
Business Placement
Demographics for 33619, FL
39,881
Population
15,360
Households
2.6
Avg Household Size
35
Median Age
23%
College-Educated
83%
High-School Grad
27.5 sq mi
ZIP Area
1,450
Density / Sq Mi
$63,193
Median Household Income
$38,448
Median Earnings
$1,618
Median Rent
$220,300
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?
Apartment building - Gated build-to-rent community under construction, featuring duplex homes with three bedrooms and two full baths each.
Where is this apartment building located?
The property is located at 6925 E 21st Avenue TAMPA Tampa, FL.
What is the asking price?
The asking price for this property is $5,999,000.
What are key features of this property?
This property features: Under construction build‑to‑rent community with estimated completion by end of 2025; 10 two‑story duplexes planned for Phase 1; each unit features 3 bedrooms and 2 full bathrooms; Each duplex unit includes 1,119 sq. ft. of living area; year built listed as 2025
