Renovated
For Sale
$350,000
Pending
103 S 22ND STREET, Tampa, FL 33605
Two matching residences offer functional layouts and the flexibility to support short- or long-term rental use.
Property Size1,456 SF
Days on Market573
Property Features for 103 S 22ND STREET
General Information
Standard status
Pending
Size
1,456 SF
Property subtype
Multi Family
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,235
Building Details
Year Built
1913
Year Renovated
2022
Buildings
1
Listing Agency:
Compass RE Texas, LLC - The Heights
(832) 899-4788
Listed By:
Michael Brown · License #0600099
(713) 699-9500
Source:
Exitrealty
Added: Feb 6, 2025
Changed: Sep 2
Last Checked: Sep 1 at 6:03PM
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 Compass RE Texas, LLC - The Heights
Investment Insights
Based on property information with market context.
This 1,456-square-foot duplex, built in 1913, contains two residences with matching floor plans and similar finishes. Each unit provides a practical living arrangement with a kitchen and living area, while the property is currently 100% occupied. Renovation work was completed with permits and includes air-conditioning systems installed in 2022, a roof replaced in 2022, a water heater installed in 2020, and updated plumbing.
The property is located at 103 S 22ND STREET in Tampa, with proximity to Downtown Tampa, Water Street, the Channelside District, Ybor, Gas Worx, and Armature Works in Tampa Heights. Major highways, the Trolley, and other public transportation provide access to downtown, business districts, and other parts of the city. The property is positioned for either short-term or long-term rental use.
The property is located at 103 S 22ND STREET in Tampa, with proximity to Downtown Tampa, Water Street, the Channelside District, Ybor, Gas Worx, and Armature Works in Tampa Heights. Major highways, the Trolley, and other public transportation provide access to downtown, business districts, and other parts of the city. The property is positioned for either short-term or long-term rental use.
Key Highlights
- 1,456‑square‑foot duplex with two matching unit layouts
- 100% occupied
- Permitted renovation work includes updated plumbing and other improvements
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
$16,995
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
4.86%
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%
$339,900
$339.9K
Cap Rate 7%
$242,786
$242.8K
Cap Rate 9%
$188,833
$188.8K
Market Conditions
NOI Build-Up for 1,456 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
$26.0K $17.88/SF
− Vacancy
−$1.8K −$1.21/SF
EGI
$24.3K $16.67/SF
− OpEx
−$7.3K −$5.00/SF
NOI
$17.0K $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%
$339,900
Cap Rate 7%
$242,786
Cap Rate 9%
$188,833
Alternative Uses
Best Use
Multifamily LT 5
$242.8K
$212.4K – $283.3K
NOI $16,995 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$225.7K
$197.5K – $263.4K
NOI $15,801 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$339.2K
$296.8K – $395.7K
NOI $23,744 @ 7.0% cap · market cap 6.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,066
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?
Duplex - Two matching residences offer functional layouts and the flexibility to support short- or long-term rental use.
Where is this duplex located?
The property is located at 103 S 22ND STREET Tampa, FL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 1,456‑square‑foot duplex with two matching unit layouts; 100% occupied; Permitted renovation work includes updated plumbing and other improvements
