Historic Multifamily Property with
New
For Sale
$1,450,000
2306 N MORGAN, Tampa, FL 33602
Two buildings offer a seven-unit rental configuration with updated interiors, exterior paint, and a separate tenant parking lot.
Property Size1,372 SF
Price / SF$336.04
Days on Market4
Property Features for 2306 N MORGAN
General Information
Standard status
Active
Size
1,372 SF
Property subtype
Commercial
Zoning
RM-24
Additional Details
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$4,924
Building Details
Building Size
1,372 SF
Year Built
1902
Buildings
2
Units
7
Listing Agency:
Serralles Group, Inc
Listed By:
Eddie Serralles · License #508984
(813) 610-1563
Source:
Elliman
Added: Sep 11
Last Checked: Sep 14 at 9:28AM
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.
This multifamily property at 2306 N Morgan comprises two buildings with a combined 7 units and 4,315 square feet. The front triplex dates to 1902, while the rear quadplex was built in 1926. The property has received interior and exterior paint, a roof replacement within the past 2–3 years, and other capital improvements. A separate lot provides tenant parking, and the property is described as consistently occupied.
The 2308 Morgan Street lot carries RM-24 zoning. The property is positioned near Ybor City, Downtown Tampa’s Riverwalk, Armature Works, and the Tampa Heights food and entertainment district. Walk Score is 66, Bike Score is 65, and Transit Score is 37.
The 2308 Morgan Street lot carries RM-24 zoning. The property is positioned near Ybor City, Downtown Tampa’s Riverwalk, Armature Works, and the Tampa Heights food and entertainment district. Walk Score is 66, Bike Score is 65, and Transit Score is 37.
Key Highlights
- Two multifamily buildings totaling 7 units and 4,315 square feet
- Front triplex built in 1902 and rear quadplex built in 1926
- Roof replaced within the past 2–3 years
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
3.47%
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 3.47%
Second Best
Apartment 5plus
$669.0K
$585.4K – $780.5K
NOI $46,829 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$1.01M
$879.6K – $1.17M
NOI $70,369 @ 7.0% cap · market cap 4.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
1,213
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
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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?
Multifamily property - Two buildings offer a seven-unit rental configuration with updated interiors, exterior paint, and a separate tenant parking lot.
Where is this multifamily property located?
The property is located at 2306 N MORGAN Tampa, FL.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Two multifamily buildings totaling 7 units and 4,315 square feet; Front triplex built in 1902 and rear quadplex built in 1926; Roof replaced within the past 2–3 years
