Renovated Triplex with Detached
For Sale
$650,000
1406 E 21ST, Tampa, FL 33605
Three-unit residential income property with a detached accessory dwelling unit and recent renovations.
Property Size2,127 SF
Days on Market11
Property Features for 1406 E 21ST
General Information
Standard status
Active
Size
2,127 SF
Property subtype
Investment
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,530
Building Details
Building Size
2,127 SF
Year Built
1926
Year Renovated
2023
Units
3
Listing Agency:
KELLER WILLIAMS TAMPA CENTRAL
(813) 365-8765
Listed By:
Kamilla Altunyan · License #SL3333610
(813) 365-8765
Source:
Elliman
Added: Aug 20
Changed: Aug 23
Last Checked: Aug 29 at 1:26PM
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 KELLER WILLIAMS TAMPA CENTRAL
Investment Insights
Based on property information with market context.
This triplex was renovated in 2023 and includes three separate residences. The primary structure contains one three-bedroom, one-bath unit and one two-bedroom, one-bath unit. A detached one-bedroom, one-bath accessory dwelling unit provides a separate living arrangement and is currently leased with approximately seven months remaining on the lease. The other two residences are vacant, allowing a new owner to establish occupancy and leasing terms.
Located at 1406 E 21ST in Tampa’s V.M. Ybor neighborhood, the property is less than a 10-minute drive from Downtown Tampa and minutes from Ybor City, Tampa Heights, Armature Works, and the Tampa Riverwalk. The 1926 property combines a three-unit configuration with recent renovation work and access to Tampa’s urban core.
Located at 1406 E 21ST in Tampa’s V.M. Ybor neighborhood, the property is less than a 10-minute drive from Downtown Tampa and minutes from Ybor City, Tampa Heights, Armature Works, and the Tampa Riverwalk. The 1926 property combines a three-unit configuration with recent renovation work and access to Tampa’s urban core.
Key Highlights
- Three‑unit configuration with 3‑bedroom, 1‑bath and 2‑bedroom, 1‑bath residences
- Detached 1‑bedroom, 1‑bath accessory dwelling unit
- Renovated in 2023
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
$24,827
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
3.82%
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%
$496,540
$496.5K
Cap Rate 7%
$354,671
$354.7K
Cap Rate 9%
$275,856
$275.9K
Market Conditions
NOI Build-Up for 2,127 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
$38.0K $17.88/SF
− Vacancy
−$2.6K −$1.21/SF
EGI
$35.5K $16.67/SF
− OpEx
−$10.6K −$5.00/SF
NOI
$24.8K $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%
$496,540
Cap Rate 7%
$354,671
Cap Rate 9%
$275,856
Alternative Uses
Best Use
Multifamily LT 5
$354.7K
$310.3K – $413.8K
NOI $24,827 @ 7.0% cap · market cap 3.82%
Second Best
Apartment 5plus
$329.8K
$288.5K – $384.7K
NOI $23,083 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$495.5K
$433.6K – $578.1K
NOI $34,687 @ 7.0% cap · market cap 5.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,244
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential income property with a detached accessory dwelling unit and recent renovations.
Where is this triplex located?
The property is located at 1406 E 21ST Tampa, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Three‑unit configuration with 3‑bedroom, 1‑bath and 2‑bedroom, 1‑bath residences; Detached 1‑bedroom, 1‑bath accessory dwelling unit; Renovated in 2023
