Riverfront Duplex with Loft
For Sale
$350,000
Pending
1733 E MULBERRY DRIVE, Tampa, FL 33604
Two mirrored residences offer flexible layouts, private outdoor areas, and shared dock access along the Hillsborough River.
Property Size1,544 SF
Days on Market579
Property Features for 1733 E MULBERRY DRIVE
General Information
Standard status
Pending
Size
1,544 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 1BR loft/1.5BA + den
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,479
Building Details
Year Built
1979
Listing Agency:
KELLER WILLIAMS TAMPA PROP.
(813) 335-5241
Listed By:
Mike Hydorn · License #3305911
(813) 335-5241
Source:
Exitrealty
Added: Jan 31, 2025
Changed: Sep 2
Last Checked: Sep 1 at 5:14PM
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 PROP.
Investment Insights
Based on property information with market context.
This 1,544 SF duplex contains two mirrored residences, each arranged with a first-floor office/den, open living area, galley kitchen, half bath, covered lanai, and utility closet with washer/dryer hookups. Upstairs, each unit includes a 1 bedroom loft, 1.5 baths, a soaking tub, and a walk-in closet. Stone countertops, raised-panel cabinetry, breakfast bars, soaring ceilings, metal spiral staircases, and separate side-gate entrances add functional detail to both layouts.
The property sits along the Hillsborough River in Tampa, with individual backyard areas divided for privacy and shared access to a wooden dock. Exterior paint and French drains were completed in 2024. Built in 1979, the duplex is located at 1733 E Mulberry Drive, Tampa, FL 33604.
The property sits along the Hillsborough River in Tampa, with individual backyard areas divided for privacy and shared access to a wooden dock. Exterior paint and French drains were completed in 2024. Built in 1979, the duplex is located at 1733 E Mulberry Drive, Tampa, FL 33604.
Key Highlights
- Two‑unit duplex totaling 1,544 SF
- Each residence includes a 1 bedroom loft, 1.5 baths, and a first‑floor office/den
- Riverfront setting with shared access to a wooden dock
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
$18,022
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
5.15%
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%
$360,440
$360.4K
Cap Rate 7%
$257,457
$257.5K
Cap Rate 9%
$200,244
$200.2K
Market Conditions
NOI Build-Up for 1,544 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
$27.6K $17.88/SF
− Vacancy
−$1.9K −$1.21/SF
EGI
$25.7K $16.67/SF
− OpEx
−$7.7K −$5.00/SF
NOI
$18.0K $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%
$360,440
Cap Rate 7%
$257,457
Cap Rate 9%
$200,244
Alternative Uses
Best Use
Multifamily LT 5
$257.5K
$225.3K – $300.4K
NOI $18,022 @ 7.0% cap · market cap 5.15%
Second Best
Apartment 5plus
$239.4K
$209.5K – $279.3K
NOI $16,756 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$359.7K
$314.8K – $419.7K
NOI $25,180 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
Explore this area
Business Placement
Demographics for 33604, FL
39,071
Population
17,053
Households
2.3
Avg Household Size
38
Median Age
26%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
5,209
Density / Sq Mi
$55,988
Median Household Income
$39,537
Median Earnings
$1,326
Median Rent
$264,900
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 mirrored residences offer flexible layouts, private outdoor areas, and shared dock access along the Hillsborough River.
Where is this duplex located?
The property is located at 1733 E MULBERRY DRIVE 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: Two‑unit duplex totaling 1,544 SF; Each residence includes a 1 bedroom loft, 1.5 baths, and a first‑floor office/den; Riverfront setting with shared access to a wooden dock
