Renovated Triplex with
For Sale
$650,000
1406 E 21ST Avenue, Tampa, FL 33605
Residential Income, TAMPA, FL
Property Size2,127 SF
Lot Size0.11 Acres
Price / SF$305.59
Days on Market10
Property Features for 1406 E 21ST Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
RS-50
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 5, Bathroom 2, Bedroom 6, Bathroom 4, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 3, Bathroom 3
Patio and Porch features
Porch
Pets allowed
Yes
Interior features
Ceiling Fans(s)
Exterior features
Lighting, Private Entrance, Private Mailbox
Appliances
Built-In Oven, Cooktop, Disposal, Gas Water Heater, Microwave, Refrigerator
Subdivision
PANAMA
Directions
Traveling East on E. Dr. Martin Luther King Jr. Blvd. to N. Nebraska Ave. (Turn Right Heading South) Continue to the Intersection of E. Floribraska Ave., Turn Left on to E. 21st Ave Continuing East to 1406 E 21st Ave, Tampa, FL 33605-1895, On Left Hand Side of Road, across the Street from Cuscaden Pary
Standard status
Active
APN
A-07-29-19-4UM-000009-00010.0
Size
2,127 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PANAMA LOT 10 BLOCK 9
Tax Annual Amount
4530
Legal Description
PANAMA LOT 10 BLOCK 9
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1926
Floors in Building
1
Number of units
3
Flooring type
Vinyl
Building materials
Asbestos
Roof type
Shingle, Metal
Listing Agency:
KELLER WILLIAMS TAMPA CENTRAL · Keller Williams Realty
(813) 865-0700
Listed By:
Kamilla Altunyan · License #SL3333610
(813) 365-8765
Added: Aug 19
Changed: Aug 24
Last Checked: Aug 28 at 4:06PM
MLS# TB8540301
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,127-square-foot triplex includes two units within the main residence and a separate accessory dwelling unit. The layout comprises a three-bedroom, two-bath residence, a two-bedroom, one-bath residence, and a detached one-bedroom, one-bath unit. Major property updates were completed in 2023. Interior features include vinyl flooring, ceiling fans, central heating, and central air, while the property also offers private entrances, a porch, and public water and sewer.
The property occupies 0.11 acres in V.M. Ybor, with Downtown Tampa less than a 10-minute drive away. Ybor City, Tampa Heights, Armature Works, and the Tampa Riverwalk are also within the surrounding urban area. Zoning is RS-50. The detached unit has approximately seven months remaining on its current lease, while the other two units are vacant.
The property occupies 0.11 acres in V.M. Ybor, with Downtown Tampa less than a 10-minute drive away. Ybor City, Tampa Heights, Armature Works, and the Tampa Riverwalk are also within the surrounding urban area. Zoning is RS-50. The detached unit has approximately seven months remaining on its current lease, while the other two units are vacant.
Key Highlights
- Three‑unit configuration with two residences and a detached accessory dwelling unit
- 2,127 square feet on a 0.11‑acre lot
- Extensive property renovations completed in 2023
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with a detached accessory dwelling unit, public water and sewer, and central cooling.
Where is this triplex located?
The property is located at 1406 E 21ST Avenue 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 two residences and a detached accessory dwelling unit; 2,127 square feet on a 0.11‑acre lot; Extensive property renovations completed in 2023
