Two-Building Quadplex
For Sale
$1,249,900
Pending
2210 IRENE STREET, Lutz, FL 33549
Furnished extended-stay rentals feature recent renovations and separate electric metering across the portfolio.
Property Size4,940 SF
Days on Market479
Property Features for 2210 IRENE STREET
General Information
Standard status
Pending
Size
4,940 SF
Property subtype
Multi Family
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$3,824
Building Details
Year Built
1971
Buildings
2
Listing Agency:
US REALTY HUB LLC
(813) 501-3005
Listed By:
Jason Lombardi · License #3346344
(813) 501-3005
Source:
Exitrealty
Added: May 10, 2025
Changed: Aug 30
Last Checked: Aug 31 at 1:44PM
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 US REALTY HUB LLC
Investment Insights
Based on property information with market context.
This offering combines two side-by-side quadplexes at 2208 and 2210 Irene Street, totaling 4,940 square feet and eight 1BR/1BA units. Seven apartments have been recently renovated and furnished for extended-stay rentals, while one unit is occupied by a long-term tenant. Each apartment has its own electric meter, and the sale includes furnishings, linens, and additional supplies for seven units.
The properties were built in 1971, with a roof replacement completed in 2018. Site improvements include a recently pumped septic system and a new lift station pump; the washer and dryer are approximately a years old. Current furnished rentals operate with a 30-day minimum stay, and existing bookings must be honored after closing. The properties are offered as-is, with no post-contract repairs or updates planned.
The properties were built in 1971, with a roof replacement completed in 2018. Site improvements include a recently pumped septic system and a new lift station pump; the washer and dryer are approximately a years old. Current furnished rentals operate with a 30-day minimum stay, and existing bookings must be honored after closing. The properties are offered as-is, with no post-contract repairs or updates planned.
Key Highlights
- Two quadplexes on side‑by‑side lots at 2208 and 2210 Irene Street
- Eight 1BR/1BA units totaling 4,940 square feet
- Seven units recently renovated and furnished for extended‑stay rentals
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
$57,662
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
4.61%
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%
$1,153,240
$1.2M
Cap Rate 7%
$823,743
$823.7K
Cap Rate 9%
$640,689
$640.7K
Market Conditions
NOI Build-Up for 4,940 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
$88.3K $17.88/SF
− Vacancy
−$6.0K −$1.21/SF
EGI
$82.4K $16.67/SF
− OpEx
−$24.7K −$5.00/SF
NOI
$57.7K $11.67/SF
Area
Hillsborough County, 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%
$1,153,240
Cap Rate 7%
$823,743
Cap Rate 9%
$640,689
Alternative Uses
Best Use
Multifamily LT 5
$823.7K
$720.8K – $961.0K
NOI $57,662 @ 7.0% cap · market cap 4.61%
Second Best
Apartment 5plus
$649.1K
$567.9K – $757.2K
NOI $45,434 @ 7.0% cap · market cap 3.64%
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,146 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
729
Businesses Nearby
Explore this area
Business Placement
Demographics for 33549, FL
17,816
Population
7,586
Households
2.3
Avg Household Size
44
Median Age
40%
College-Educated
93%
High-School Grad
12.2 sq mi
ZIP Area
1,460
Density / Sq Mi
$85,066
Median Household Income
$53,991
Median Earnings
$1,582
Median Rent
$339,400
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 - Furnished extended-stay rentals feature recent renovations and separate electric metering across the portfolio.
Where is this quadplex located?
The property is located at 2210 IRENE STREET Lutz, FL.
What is the asking price?
The asking price for this property is $1,249,900.
What are key features of this property?
This property features: Two quadplexes on side‑by‑side lots at 2208 and 2210 Irene Street; Eight 1BR/1BA units totaling 4,940 square feet; Seven units recently renovated and furnished for extended‑stay rentals
