Leased Four-Unit
For Sale
$1,225,000
2109 W DE LEON Street, Tampa, FL 33606
MULTI_FAMILY - TAMPA, FL
Property Size3,024 SF
Lot Size0.19 Acres
Price / SF$405.09
Days on Market100
Property Features for 2109 W DE LEON Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RM-16
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 7, Bedroom 6, Bedroom 4, Bedroom 8, Bedroom 5, Bedroom 3, Bedroom 1, Bathroom 3, Bathroom 4, Bathroom 2, Bedroom 2
Parking features
Off Street, Open
Interior features
Ceiling Fans(s), Solid Surface Counters, Solid Wood Cabinets
Exterior features
Sidewalk
Subdivision
COURIER CITY
Directions
From Swann, head north on S Howard to De Leon. Turn right on De Leon and continue on through S Westland. Property will be on the left beween S Westland and S Albany St.
Standard status
Active
APN
A-23-29-18-4SB-000012-00007.0
Size
3,024 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
COURIER CITY LOT 7 BLOCK 12
Tax Annual Amount
16053
Legal Description
COURIER CITY LOT 7 BLOCK 12
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
in-unit laundry
Building Details
Year built
1980
Building materials
Frame
Roof type
Shingle
Listing Agency:
KELLER WILLIAMS TAMPA PROP. · Keller Williams Realty
(813) 264-7754
Listed By:
Mike Hydorn · License #3305911
(813) 335-5241
Added: May 8
Changed: Aug 13
Last Checked: Aug 15 at 9:06AM
MLS# TB8507243
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 1980-built quadplex contains four residential units totaling 3,024 square feet. Each unit is approximately 740 square feet with two bedrooms, one full bathroom, an interior laundry room, and closet storage. Units 1 and 3 have been reconfigured with more open floor plans, while the property includes central heating and central air throughout. A recently resurfaced parking area provides space for up to 10 vehicles, and a manager’s closet is positioned beneath the stairs. Each unit has a separate electric meter; the building shares one water meter.
The 8,190-square-foot lot measures 65 feet by 126 feet and carries RM-16 zoning. The property is two blocks from Tampa’s SoHo entertainment district and less than half a mile from Hyde Park Village. All units are leased into 2027 and beyond, with professional management in place. Public water and sewer serve the property, which also includes an asphalt shingle roof, frame construction, sidewalk access, and open off-street parking.
The 8,190-square-foot lot measures 65 feet by 126 feet and carries RM-16 zoning. The property is two blocks from Tampa’s SoHo entertainment district and less than half a mile from Hyde Park Village. All units are leased into 2027 and beyond, with professional management in place. Public water and sewer serve the property, which also includes an asphalt shingle roof, frame construction, sidewalk access, and open off-street parking.
Key Highlights
- Four‑unit quadplex totaling 3,024 square feet
- Each unit is approximately 740 square feet with 2 bedrooms and 1 full bathroom
- All units leased into 2027 and beyond
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
$35,297
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
2.88%
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%
$705,940
$705.9K
Cap Rate 7%
$504,243
$504.2K
Cap Rate 9%
$392,189
$392.2K
Market Conditions
NOI Build-Up for 3,024 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
$54.1K $17.88/SF
− Vacancy
−$3.6K −$1.21/SF
EGI
$50.4K $16.67/SF
− OpEx
−$15.1K −$5.00/SF
NOI
$35.3K $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%
$705,940
Cap Rate 7%
$504,243
Cap Rate 9%
$392,189
Alternative Uses
Best Use
Multifamily LT 5
$504.2K
$441.2K – $588.3K
NOI $35,297 @ 7.0% cap · market cap 2.88%
Second Best
Apartment 5plus
$468.8K
$410.2K – $547.0K
NOI $32,818 @ 7.0% cap · market cap 2.68%
Theoretical Best
Office A
$704.5K
$616.4K – $821.9K
NOI $49,315 @ 7.0% cap · market cap 4.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5,926
Businesses Nearby
Explore this area
Business Placement
Demographics for 33606, FL
22,271
Population
10,918
Households
2
Avg Household Size
30
Median Age
77%
College-Educated
98%
High-School Grad
3.3 sq mi
ZIP Area
6,749
Density / Sq Mi
$113,634
Median Household Income
$46,311
Median Earnings
$1,931
Median Rent
$796,000
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?
Quadplex - Four residential units offer two bedrooms, private laundry, central systems, and off-street parking in Tampa’s 33606 area.
Where is this quadplex located?
The property is located at 2109 W DE LEON Street Tampa, FL.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: Four‑unit quadplex totaling 3,024 square feet; Each unit is approximately 740 square feet with 2 bedrooms and 1 full bathroom; All units leased into 2027 and beyond
