Turn-Key Four-Unit Apartment
For Sale
Under Contract
$1,225,000
2109 W DE LEON Street, Tampa, FL 33606
Residential Income, TAMPA, FL
Property Size3,024 SF
Lot Size0.19 Acres
Price / SF$405.09
Days on Market122
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
Bedroom 7, Bedroom 6, Bedroom 8, Bedroom 3, Bedroom 5, Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 4, Bedroom 4, Bedroom 1, 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 Under Contract
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
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: Sep 3
Last Checked: Sep 6 at 2:06AM
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 3,024-square-foot quadplex contains four apartments, each with two bedrooms, one full bathroom, an interior laundry room, and dedicated closet storage. Units 1 and 3 feature updated, more open layouts. The building was constructed in 1980 and includes central heating and cooling, solid wood cabinets, solid surface counters, ceiling fans, a shingle roof, and frame construction. A manager’s storage closet is positioned beneath the stairs.
The 0.19-acre parcel measures 65 feet by 126 feet and provides a recently resurfaced parking area with room for up to 10 vehicles. Each apartment has a separate electric meter, while the building shares one water meter. Public water and public sewer serve the property, which also includes sidewalk frontage. The RM-16-zoned property is located at 2109 W DE LEON Street in Tampa’s 33606 ZIP code, two blocks from the SoHo entertainment district and less than half a mile from Hyde Park Village. All four units are leased into 2027 and beyond.
The 0.19-acre parcel measures 65 feet by 126 feet and provides a recently resurfaced parking area with room for up to 10 vehicles. Each apartment has a separate electric meter, while the building shares one water meter. Public water and public sewer serve the property, which also includes sidewalk frontage. The RM-16-zoned property is located at 2109 W DE LEON Street in Tampa’s 33606 ZIP code, two blocks from the SoHo entertainment district and less than half a mile from Hyde Park Village. All four units are leased into 2027 and beyond.
Key Highlights
- Four‑unit quadplex with 3,024 square feet of building area
- Each apartment includes 2 bedrooms, 1 full bathroom, interior laundry, and closet storage
- Units 1 and 3 have updated open‑plan interiors
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
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,271
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 leased apartments offer private laundry, individual electric meters, 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 with 3,024 square feet of building area; Each apartment includes 2 bedrooms, 1 full bathroom, interior laundry, and closet storage; Units 1 and 3 have updated open‑plan interiors
