Tampa Heights Multifamily Investment
For Sale
$1,490,000
2306 N MORGAN St, Tampa, FL 33602
Multifamily property with 7 units in Tampa Heights.
Property Size1,372 SF
Lot Size0.14 Acres
Price / SF$345.31
Days on Market159
Property Features for 2306 N MORGAN St
General Information
Standard status
Active
Size
1,372 SF
Lot size
0.14 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$4,959
Building Details
Building Size
1,372 SF
Year Built
1902
Units
7
Listing Agency:
Serralles Group, Inc
(813) 610-1563
Listed By:
Eddie Serralles · License #508984
(813) 610-1563
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 9 at 5:57AM
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 Serralles Group, Inc
Investment Insights
Based on property information with market context.
Located in the Tampa Heights submarket, this multifamily asset at 2306 Morgan Street consists of two buildings totaling 7 units across 4,315 square feet. The property includes a front triplex built in 1902 and a rear quadplex built in 1926. The unit mix comprises two studios (approximately 343 SF each), one 1-bedroom/1-bath unit (682 SF), and four 2-bedroom/1-bath units (approximately 735 SF each). Recent capital improvements include a new roof installed within the past 2–3 years, along with additional upgrades and fresh interior and exterior paint. Income includes a combination of market rents and housing assistance payments. Several long-term tenants are currently paying below-market rents. Additional value-add strategies include implementing utility bill-backs, particularly for water. Redevelopment or reconfiguration potential may exist, subject to buyer due diligence. Residents enjoy easy access to Ybor City’s historic nightlife, Downtown Tampa’s Riverwalk, Armature Works, and the Tampa Heights food and entertainment district. The property is positioned as a multifamily asset in one of Tampa’s rental corridors.
Key Highlights
- Prime location in the highly desirable Tampa Heights submarket, offering easy access to Ybor City, Downtown Tampa, Armature Works, and the Tampa Heights food and entertainment district.
- Turn‑key multifamily asset with recent capital improvements, including a new roof (within 2‑3 years) and fresh interior/exterior paint, ensuring strong curb appeal and low maintenance.
- Stable cash flow from a mix of market rents and housing assistance payments, with significant upside potential through rent optimization.
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
$50,366
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
3.38%
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%
$1,007,320
$1.0M
Cap Rate 7%
$719,514
$719.5K
Cap Rate 9%
$559,622
$559.6K
Market Conditions
NOI Build-Up for 4,315 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
$77.2K $17.88/SF
− Vacancy
−$5.2K −$1.21/SF
EGI
$72.0K $16.67/SF
− OpEx
−$21.6K −$5.00/SF
NOI
$50.4K $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%
$1,007,320
Cap Rate 7%
$719,514
Cap Rate 9%
$559,622
Alternative Uses
Best Use
Multifamily LT 5
$719.5K
$629.6K – $839.4K
NOI $50,366 @ 7.0% cap · market cap 3.38%
Second Best
Apartment 5plus
$669.0K
$585.4K – $780.5K
NOI $46,829 @ 7.0% cap · market cap 3.14%
Theoretical Best
Office A
$1.01M
$879.6K – $1.17M
NOI $70,369 @ 7.0% cap · market cap 4.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,676
Businesses Nearby
Explore this area
Business Placement
Demographics for 33602, FL
19,936
Population
11,972
Households
1.7
Avg Household Size
36
Median Age
61%
College-Educated
92%
High-School Grad
2.6 sq mi
ZIP Area
7,668
Density / Sq Mi
$88,569
Median Household Income
$66,434
Median Earnings
$2,119
Median Rent
$560,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Multifamily property with 7 units in Tampa Heights.
Where is this multifamily property located?
The property is located at 2306 N MORGAN St Tampa, FL.
What is the asking price?
The asking price for this property is $1,490,000.
What are key features of this property?
This property features: Prime location in the highly desirable Tampa Heights submarket, offering easy access to Ybor City, Downtown Tampa, Armature Works, and the Tampa Heights food and entertainment district.; Turn‑key multifamily asset with recent capital improvements, including a new roof (within 2‑3 years) and fresh interior/exterior paint, ensuring strong curb appeal and low maintenance.; Stable cash flow from a mix of market rents and housing assistance payments, with significant upside potential through rent optimization.
