Building Details

Building Size 6,916 SF

Year Built 1990

Buildings 2

Listing Agency: DENNIS REALTY & INV. CORP.

Listed By: Scott Robinson · License #3232044 Show Phone

Source: Kingofrealestate

Added: Sep 17 Changed: Oct 15 Last Checked: Oct 14 at 8:59PM

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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 DENNIS REALTY & INV. CORP.

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Investment Insights

Based on property information with market context.

This Tampa apartment property comprises 8 units across two four-unit buildings on separate parcels. Built in 1990, each apartment has 3 bedrooms, 1 bathroom, 871 square feet, an open floor plan, and washer and dryer hookups in a laundry closet. The buildings received new roofs in 2021, and the property is fully occupied. Tenants pay their own electric service.

The property is in Tampa’s University area at 2204 E 132ND. Its walk score is 52, bike score is 64, and transit score is 41.

Key Highlights

• 8 apartments across two four‑unit buildings on separate parcels
• Each unit has 3 bedrooms, 1 bathroom, and 871 sq ft
• New roofs installed in 2021

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$80,726

Cap Rate

5.38%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,614,520 $1.6M

Cap Rate 7%

$1,153,229 $1.2M

Cap Rate 9%

$896,956 $897.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,916 SF

Gross rent

$123.7K $17.88/SF

− Vacancy

−$8.3K −$1.21/SF

EGI

$115.3K $16.67/SF

− OpEx

−$34.6K −$5.00/SF

NOI

$80.7K $11.67/SF

Area

ZIP 33612

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 Rate 5%

$1,614,520

Cap Rate 7%

$1,153,229

Cap Rate 9%

$896,956

Alternative Uses

Best Use

Multifamily LT 5

$1.15M

$1.01M – $1.35M (±1% cap)

NOI $80,726 @ 7.0% cap · market cap 5.38%

Second Best

Apartment 5plus

$1.07M

$938.2K – $1.25M (±1% cap)

NOI $75,056 @ 7.0% cap · market cap 5.00%

Theoretical Best

Office A

$1.58M

$1.38M – $1.84M (±1% cap)

NOI $110,280 @ 7.0% cap · market cap 7.35%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Kitchen & Bath Showroom Plumbing Service Carpet & Flooring Store (Bike/Boat/Book/etc) Store Florist Accounting Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

8

Residential units

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

2,864

Businesses Nearby

Explore this area Business Placement

Demographics for 33612, FL

49,452

Population

21,228

Households

2.3

Avg Household Size

34

Median Age

18%

College-Educated

78%

High-School Grad

9.9 sq mi

ZIP Area

4,995

Density / Sq Mi

$43,919

Median Household Income

$32,724

Median Earnings

$1,259

Median Rent

$249,600

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Quadplex - Two four-unit buildings on separate parcels are fully occupied, with laundry hookups in every apartment.

Where is this quadplex located?

The property is located at 2204 E 132ND AVE Tampa, FL.

What is the asking price?

The asking price for this property is $1,500,000.

What are key features of this property?

This property features: 8 apartments across two four‑unit buildings on separate parcels; Each unit has 3 bedrooms, 1 bathroom, and 871 sq ft; New roofs installed in 2021