Two-Building Quadplex
New
For Sale
$1,500,000
2204 E 132ND Avenue, Tampa, FL 33612
Residential Income, TAMPA, FL
Property Size6,916 SF
Lot Size0.49 Acres
Price / SF$216.89
Days on Market1
Property Features for 2204 E 132ND Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
UCA-NHO
Bedrooms
24
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 18, Bedroom 21, Bedroom 2, Bedroom 14, Bedroom 5, Bedroom 13, Bathroom 6, Bedroom 4, Bedroom 15, Bathroom 7, Bedroom 7, Bedroom 8, Bedroom 20, Bedroom 11, Bedroom 19, Bedroom 6, Bedroom 10, Bathroom 4, Bedroom 12, Bedroom 1, Bathroom 1, Bedroom 17, Bathroom 8, Bedroom 9, Bedroom 3, Bedroom 16, Bedroom 23, Bathroom 3, Bathroom 5, Bathroom 2, Bedroom 24, Bedroom 22, Family Room
Parking features
Off Street
Interior features
Kitchen/Family Room Combo, Open Floorplan
Exterior features
Sidewalk
Subdivision
HAMNERS W E FLETCHER AVE E
Directions
From E. Fletcher Ave head South on Bruce B Downs Blvd to East on E 132nd Ave to properties on the right
Standard status
Active
APN
U-08-28-19-1H4-000000-00039.0
Size
6,916 SF
Lot size
0.49 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HAMNER'S W E FLETCHER AVENUE ESTATES A SURVEY OF LOT 39 LESS THE FOLLOWING DESC BEG AT SE COR OF LOT 39 THN W 22.50 FT N 79 FT E 7 FT N 46.94 FT W 7 FT N 15.7 FT TO A PT ON N BDRY OF LOT 39 THN E 22.50 FT TO NE COR OF LOT 39 THN S 141.62 FT TO POB
Tax Annual Amount
8002
Legal Description
HAMNER'S W E FLETCHER AVENUE ESTATES A SURVEY OF LOT 39 LESS THE FOLLOWING DESC BEG AT SE COR OF LOT 39 THN W 22.50 FT N 79 FT E 7 FT N 46.94 FT W 7 FT N 15.7 FT TO A PT ON N BDRY OF LOT 39 THN E 22.50 FT TO NE COR OF LOT 39 THN S 141.62 FT TO POB
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
washer and dryer hookups
Building Details
Year built
1990
Flooring type
Tile - Ceramic, Carpet
Building materials
Block, Vinyl Siding, Frame
Roof type
Shingle
Listing Agency:
DENNIS REALTY & INV. CORP.
(813) 949-7444
Listed By:
Scott Robinson · License #3232044
(813) 244-7139
Added: Sep 17
Last Checked: Sep 17 at 11:06PM
MLS# TB8549578
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 residential income property includes two four-unit buildings on separate parcels, providing eight total apartments. Each unit offers three bedrooms, one bathroom, 871 square feet, an open floor plan, and washer and dryer hookups in a dedicated laundry closet. The buildings were constructed in 1990 and received new roofs in 2021. Central air, electric heating, ceramic tile, carpet, block and vinyl siding, and shingle roofing are among the property features.
Located at 2204 E 132ND Avenue in Tampa’s University area, the property has public water and public sewer service. Tenants pay electric, and the units are fully occupied. Off-street parking and sidewalks are included, while zoning is designated UCA-NHO.
Located at 2204 E 132ND Avenue in Tampa’s University area, the property has public water and public sewer service. Tenants pay electric, and the units are fully occupied. Off-street parking and sidewalks are included, while zoning is designated UCA-NHO.
Key Highlights
- Eight total units across two four‑unit buildings
- Each apartment includes 3 bedrooms, 1 bathroom, and 871 square feet
- Two separate parcels support the eight‑unit configuration
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
$80,726
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
5.38%
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%
$1,614,520
$1.6M
Cap Rate 7%
$1,153,229
$1.2M
Cap Rate 9%
$896,956
$897.0K
Market Conditions
NOI Build-Up for 6,916 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
$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 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%
$1,614,520
Cap Rate 7%
$1,153,229
Cap Rate 9%
$896,956
Alternative Uses
Best Use
Multifamily LT 5
$1.15M
$1.01M – $1.35M
NOI $80,726 @ 7.0% cap · market cap 5.38%
Second Best
Apartment 5plus
$1.07M
$938.2K – $1.25M
NOI $75,056 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,280 @ 7.0% cap · market cap 7.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied income property with open layouts, laundry hookups, off-street parking, and public utilities.
Where is this quadplex located?
The property is located at 2204 E 132ND Avenue 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: Eight total units across two four‑unit buildings; Each apartment includes 3 bedrooms, 1 bathroom, and 871 square feet; Two separate parcels support the eight‑unit configuration
