Renovated Triplex with Detached
For Sale
$650,000
1406 E 21ST AVE, Tampa, FL 33605
Three separate residences include a detached accessory dwelling unit and a combination of vacant and leased spaces.
Property Size2,127 SF
Days on Market12
Property Features for 1406 E 21ST AVE
General Information
Standard status
Active
Size
2,127 SF
Property subtype
Triplex
Units
Unit Mix
1 x 3BR/2BA, 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
Listing Agency:
KELLER WILLIAMS TAMPA CENTRAL
(813) 365-8765
Listed By:
Kamilla Altunyan · License #SL3333610
Source:
Judibeck
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 29 at 3:53PM
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 in V.M. Ybor includes three residences: a 3-bedroom, 2-bath main unit, a 2-bedroom, 1-bath unit, and a detached 1-bedroom, 1-bath accessory dwelling unit. Major renovations were completed in 2023. The two units within the main residence are vacant, while the detached unit is leased with approximately seven months remaining on its term.
The property is at 1406 E 21ST AVE in Tampa, Florida, less than a 10-minute drive from Downtown Tampa and minutes from Ybor City, Tampa Heights, Armature Works, and the Tampa Riverwalk. Its location also places the property near employment, entertainment, development, and redevelopment activity throughout Tampa’s urban core.
The property is at 1406 E 21ST AVE in Tampa, Florida, less than a 10-minute drive from Downtown Tampa and minutes from Ybor City, Tampa Heights, Armature Works, and the Tampa Riverwalk. Its location also places the property near employment, entertainment, development, and redevelopment activity throughout Tampa’s urban core.
Key Highlights
- Three‑unit configuration with a 3‑bedroom, 2‑bath unit, a 2‑bedroom, 1‑bath unit, and a detached 1‑bedroom, 1‑bath ADU
- Major property renovations completed in 2023
- Detached ADU lease has approximately seven months remaining
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
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
777
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 separate residences include a detached accessory dwelling unit and a combination of vacant and leased spaces.
Where is this triplex located?
The property is located at 1406 E 21ST AVE 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 a 3‑bedroom, 2‑bath unit, a 2‑bedroom, 1‑bath unit, and a detached 1‑bedroom, 1‑bath ADU; Major property renovations completed in 2023; Detached ADU lease has approximately seven months remaining
