Updated Two-Unit
For Sale
$399,000
1514 E NORTH BAY ST, Tampa, FL 33610
Two separately metered residences feature renovated interiors and recent air-conditioning replacements.
Property Size1,726 SF
Lot Size0.14 Acres
Price / SF$231.17
Days on Market30
Property Features for 1514 E NORTH BAY ST
General Information
Standard status
Active
Size
1,726 SF
Lot size
0.14 Acres
Property subtype
Duplex
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Gross Income
$52,800
Taxes and HOA fees
Annual Taxes
$4,198
Building Details
Building Size
1,726 SF
Year Built
1934
Buildings
1
Tenancy
Multi
Listing Agency:
PEOPLE'S CHOICE REALTY SVC LLC
(813) 841-9930
Listed By:
Smith Desir · License #3190020
Source:
Judibeck
Added: Jul 18
Changed: Aug 8
Last Checked: Aug 16 at 3:39PM
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 PEOPLE'S CHOICE REALTY SVC LLC
Investment Insights
Based on property information with market context.
This two-unit duplex contains matching three-bedroom, two-bath residences with 1,726 heated square feet combined. The 1934 property sits on a 6,250-square-foot lot and has undergone several notable updates, including a remodeled kitchen and new flooring in 2022. The front air-conditioning system was replaced in 2022, followed by replacement of the rear system in 2024.
Each residence has its own water meter, while electric service is shared. Both units were recently occupied under month-to-month leases, providing an established rental configuration for a new owner. The property is located minutes from Downtown Tampa, Ybor City, Armature Works, Tampa Riverwalk, major hospitals, shopping, dining, entertainment, I-275, and I-4. The duplex is being sold strictly AS-IS.
Each residence has its own water meter, while electric service is shared. Both units were recently occupied under month-to-month leases, providing an established rental configuration for a new owner. The property is located minutes from Downtown Tampa, Ybor City, Armature Works, Tampa Riverwalk, major hospitals, shopping, dining, entertainment, I-275, and I-4. The duplex is being sold strictly AS-IS.
Key Highlights
- Two 3‑bedroom, 2‑bathroom units totaling 1,726 heated square feet
- 6,250‑square‑foot lot with a duplex built in 1934
- Front A/C unit replaced in 2022; back A/C unit replaced in 2024
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
$20,147
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
5.05%
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%
$402,940
$402.9K
Cap Rate 7%
$287,814
$287.8K
Cap Rate 9%
$223,856
$223.9K
Market Conditions
NOI Build-Up for 1,726 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
$30.9K $17.88/SF
− Vacancy
−$2.1K −$1.21/SF
EGI
$28.8K $16.67/SF
− OpEx
−$8.6K −$5.00/SF
NOI
$20.1K $11.67/SF
Area
ZIP 33610
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%
$402,940
Cap Rate 7%
$287,814
Cap Rate 9%
$223,856
Alternative Uses
Best Use
Multifamily LT 5
$287.8K
$251.8K – $335.8K
NOI $20,147 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$251.0K
$219.6K – $292.8K
NOI $17,567 @ 7.0% cap · market cap 4.40%
Theoretical Best
Office A
$398.1K
$348.3K – $464.4K
NOI $27,866 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
646
Businesses Nearby
Explore this area
Business Placement
Demographics for 33610, FL
45,218
Population
17,995
Households
2.5
Avg Household Size
34
Median Age
19%
College-Educated
82%
High-School Grad
18.0 sq mi
ZIP Area
2,512
Density / Sq Mi
$49,765
Median Household Income
$34,773
Median Earnings
$1,307
Median Rent
$210,600
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 separately metered residences feature renovated interiors and recent air-conditioning replacements.
Where is this duplex located?
The property is located at 1514 E NORTH BAY ST Tampa, FL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bathroom units totaling 1,726 heated square feet; 6,250‑square‑foot lot with a duplex built in 1934; Front A/C unit replaced in 2022; back A/C unit replaced in 2024
