Multi-Unit Income
For Sale
$414,900
1402 MALUHIA DRIVE, Tampa, FL 33612
For-sale multi-unit property with two buildings served by a private road, minutes from University Uptown District and USF.
Property Size2,555 SF
Price / SF$162.39
Days on Market52
Property Features for 1402 MALUHIA DRIVE
General Information
Standard status
Active
Size
2,555 SF
Property subtype
Quadruplex
Amenities
0.36 acres
Shingle
Public Sewer
Additional parcels description:, Parcel Number: U-07-28-19-1GN-D00000-00013.0, Public Survey Range: 19, Public Survey Section: 07, Annual Amount: $6,811, Tax Block: D, Tax Book Number: 31-70, Legal Description: HAMNER'S W E HOMESTEAD ACRES LOT 13 LESS E 152.5 FT OF LOT 13 BLOCK D AND LESS THE S 20 FT OF LOT 13 LESS E 152.5 FT, Lot: 13, Year: 2025, Zoning: RMC-16
Central Air, Wall/Window Unit(s)
Central, Ductless
Listing ID: MFRTB8531143, Standard Status: Active, MLS Status: Active, Property Subtype: Quadruplex, On market as of 2026-07-21, 7 days on market, Special Conditions: Real Estate Owned
3 total bedrooms
Built in 1956, Living area: 2555, Living area units: Square Feet, Construction Materials: Block
Subdivision: HAMNERS W E HOMESTEAD ACRES, MLS Area (Major): 33612 - Tampa / Forest Hills, County/Parish: Hillsborough
4 total bathrooms
Electricity Connected, Water Source: Public
Slab
Road Surface: Dirt
Ceiling Fans(s)
Other equipment: None
Building Details
Year Built
1956
Listing Agency:
MCPEAK REAL ESTATE FIRM
(813) 495-3875
Listed By:
Jim McPeak · License #472936
(813) 850-7598
Source:
Miharaandassociates
Added: Jul 21
Changed: Sep 9
Last Checked: Sep 10 at 5:46AM
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 MCPEAK REAL ESTATE FIRM
Investment Insights
Based on property information with market context.
This for-sale multi-unit income property includes two buildings and uses a private road for site access. The offering consists of a multi-unit configuration designed for residential rental occupancy.
Located in the heart of North Tampa, the property is described as minutes from the planned redevelopment University Uptown District and the nearby USF campus. The public remarks also note proximity to major roads and an abundance of shopping and restaurants in the surrounding area.
The property is presented as a two-building multi-unit investment opportunity in Tampa, Florida, with site access coordinated via the private road.
Located in the heart of North Tampa, the property is described as minutes from the planned redevelopment University Uptown District and the nearby USF campus. The public remarks also note proximity to major roads and an abundance of shopping and restaurants in the surrounding area.
The property is presented as a two-building multi-unit investment opportunity in Tampa, Florida, with site access coordinated via the private road.
Key Highlights
- Multi‑unit property built in 1956
- Two buildings served by a private road
- Located in N Tampa, minutes from the planned redevelopment University Uptown District and USF
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
$29,823
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
7.19%
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%
$596,460
$596.5K
Cap Rate 7%
$426,043
$426.0K
Cap Rate 9%
$331,367
$331.4K
Market Conditions
NOI Build-Up for 2,555 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
$45.7K $17.88/SF
− Vacancy
−$3.1K −$1.21/SF
EGI
$42.6K $16.67/SF
− OpEx
−$12.8K −$5.00/SF
NOI
$29.8K $11.67/SF
Area
ZIP 33612
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%
$596,460
Cap Rate 7%
$426,043
Cap Rate 9%
$331,367
Alternative Uses
Best Use
Multifamily LT 5
$426.0K
$372.8K – $497.1K
NOI $29,823 @ 7.0% cap · market cap 7.19%
Second Best
Apartment 5plus
$396.1K
$346.6K – $462.1K
NOI $27,728 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$582.0K
$509.3K – $679.0K
NOI $40,741 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,172
Businesses Nearby
Explore this area
Business Placement
Demographics for 33612, FL
49,452
Population
21,228
Households
2.3
Avg Household Size
34
Median Age
18%
College-Educated
78%
High-School Grad
9.9 sq mi
ZIP Area
4,995
Density / Sq Mi
$43,919
Median Household Income
$32,724
Median Earnings
$1,259
Median Rent
$249,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - For-sale multi-unit property with two buildings served by a private road, minutes from University Uptown District and USF.
Where is this quadplex located?
The property is located at 1402 MALUHIA DRIVE Tampa, FL.
What is the asking price?
The asking price for this property is $414,900.
What are key features of this property?
This property features: Multi‑unit property built in 1956; Two buildings served by a private road; Located in N Tampa, minutes from the planned redevelopment University Uptown District and USF
