Uptown Multifamily Investment
For Sale
Contact for pricing
Pending
1921 E 137th Ave, Tampa, FL 33613
12-unit community near USF with significant capital improvements.
Property Size8,400 SF
Days on Market205
Property Features for 1921 E 137th Ave
General Information
Standard status
Pending
Size
8,400 SF
Class
A
Total Parking Spaces
12
Property subtype
Multifamily
Occupancy
95%
Investment Type
Stabilized
Building Details
Year Built
1972
Year Renovated
2020
Buildings
6
Units
12
Listing Agency:
Future Home Realty
Listed By:
Tariq Muhammad · License #FL SL3043445
Source:
Crexi
Added: Jan 27
Changed: Aug 8
Last Checked: Jul 24 at 3:01PM
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 Future Home Realty
Investment Insights
Based on property information with market context.
This 12-unit multifamily community is located in the Uptown District, near over 74,000 jobs and 4,100 companies. Constructed in 1972, the property consists of six duplex buildings with concrete block construction and pitched roofs. The property has received over $460,000 in capital improvements between two owners. All units feature a 2-bedroom floor plan. Interiors are fully renovated and equipped with brand new washers and dryers. Water and sewer are individually metered and paid by the tenant. The property is located 1 mile from the University of South Florida, which has over 50,000 annual students and 16,000 employees. It is also located across the street from the brand-new, 7-acre Harvest Hope Park. The property is conveniently located near the $3B mixed-use redevelopment of University Mall, over $800 million in hospital redevelopments, and the 32-acre redevelopment of Big Top Flea Market. The property size is 8,400 square feet. Rental averages for 2-bedroom units are projected to be $1790 monthly in 2026.
Key Highlights
- Located in the Uptown District with proximity to over 74,000 jobs and 4,100 companies.
- Fully renovated interiors with brand new washers/dryers.
- 100% 2‑bedroom floor plans.
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
$91,162
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
4.56%
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%
$1,823,240
$1.8M
Cap Rate 7%
$1,302,314
$1.3M
Cap Rate 9%
$1,012,911
$1.0M
Market Conditions
NOI Build-Up for 8,400 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
$178.4K $21.24/SF
− Vacancy
−$12.7K −$1.51/SF
EGI
$165.7K $19.73/SF
− OpEx
−$74.6K −$8.88/SF
NOI
$91.2K $10.85/SF
Area
Tampa, FL
Vacancy
7.10%
Lease Rate
$21.24 /SF/Yr
Expense Ratio
45.00%
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%
$1,823,240
Cap Rate 7%
$1,302,314
Cap Rate 9%
$1,012,911
Alternative Uses
Best Use
Apartment 5plus
$1.30M
$1.14M – $1.52M
NOI $91,162 @ 7.0% cap · market cap 4.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.96M
$1.71M – $2.28M
NOI $136,987 @ 7.0% cap · market cap 6.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,215
Businesses Nearby
Explore this area
Business Placement
Demographics for 33613, FL
38,801
Population
17,686
Households
2.2
Avg Household Size
30
Median Age
29%
College-Educated
84%
High-School Grad
7.4 sq mi
ZIP Area
5,243
Density / Sq Mi
$44,642
Median Household Income
$30,911
Median Earnings
$1,178
Median Rent
$219,700
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?
Apartment building - 12-unit community near USF with significant capital improvements.
Where is this apartment building located?
The property is located at 1921 E 137th Ave Tampa, FL.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Located in the Uptown District with proximity to over 74,000 jobs and 4,100 companies.; Fully renovated interiors with brand new washers/dryers.; 100% 2‑bedroom floor plans.
