Updated Four-Unit
For Sale
$510,000
1028 E 17TH AVE, Tampa, FL 33629
Four residential units offer a varied one- and two-bedroom configuration with ongoing professional management.
Property Size2,279 SF
Days on Market9
Property Features for 1028 E 17TH AVE
General Information
Standard status
Active
Size
2,279 SF
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
3 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$52,200
Taxes and HOA fees
Annual Taxes
$4,603
Building Details
Building Size
2,279 SF
Year Built
1915
Units
4
Listing Agency:
CAPITAL CALDWELL LLC
(813) 728-8823
Listed By:
Monique Caldwell · License #3158056
(813) 728-8823
Source:
Elliman
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 29 at 12:34PM
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 CAPITAL CALDWELL LLC
Investment Insights
Based on property information with market context.
Built in 1915, this four-unit multifamily property includes three one-bedroom, one-bath residences and one two-bedroom, one-bath residence. Individual units have been refreshed as vacancies occurred, and a portion of the roof has been replaced. Professional management has been in place since 2022.
The property is identified in Ybor City near downtown Tampa, shopping, restaurants, entertainment, and major roadways. Walk Score is 62, Bike Score is 56, and Transit Score is 39, providing measurable access characteristics for residents. The existing unit mix and documented updates provide a straightforward residential income configuration.
The property is identified in Ybor City near downtown Tampa, shopping, restaurants, entertainment, and major roadways. Walk Score is 62, Bike Score is 56, and Transit Score is 39, providing measurable access characteristics for residents. The existing unit mix and documented updates provide a straightforward residential income configuration.
Key Highlights
- Four total units: three 1‑bedroom/1‑bath units and one 2‑bedroom/1‑bath unit
- Units updated between tenant vacancies
- Professional property management in place since 2022
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
$26,601
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
5.22%
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%
$532,020
$532.0K
Cap Rate 7%
$380,014
$380.0K
Cap Rate 9%
$295,567
$295.6K
Market Conditions
NOI Build-Up for 2,279 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
$40.7K $17.88/SF
− Vacancy
−$2.7K −$1.21/SF
EGI
$38.0K $16.67/SF
− OpEx
−$11.4K −$5.00/SF
NOI
$26.6K $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%
$532,020
Cap Rate 7%
$380,014
Cap Rate 9%
$295,567
Alternative Uses
Best Use
Multifamily LT 5
$380.0K
$332.5K – $443.4K
NOI $26,601 @ 7.0% cap · market cap 5.22%
Second Best
Apartment 5plus
$353.3K
$309.2K – $412.2K
NOI $24,733 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$530.9K
$464.6K – $619.4K
NOI $37,166 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,803
Businesses Nearby
Explore this area
Business Placement
Demographics for 33629, FL
26,394
Population
11,237
Households
2.3
Avg Household Size
41
Median Age
77%
College-Educated
98%
High-School Grad
4.8 sq mi
ZIP Area
5,499
Density / Sq Mi
$158,337
Median Household Income
$88,821
Median Earnings
$1,758
Median Rent
$764,100
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?
Quadplex - Four residential units offer a varied one- and two-bedroom configuration with ongoing professional management.
Where is this quadplex located?
The property is located at 1028 E 17TH AVE Tampa, FL.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: Four total units: three 1‑bedroom/1‑bath units and one 2‑bedroom/1‑bath unit; Units updated between tenant vacancies; Professional property management in place since 2022
