Tampa Multifamily Investment
For Sale
Contact for pricing
236 W North St, Tampa, FL 33604
Value-add quadplex with short-term rental upside in Tampa.
Property Size2,713 SF
Price / SF$405.46
Days on Market176
Property Features for 236 W North St
General Information
Standard status
Active
Size
2,713 SF
Class
C
Property subtype
Multifamily
Zoning
SH-RS
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$98,345
Building Details
Year Built
1925
Buildings
2
Stories
2
Units
4
Listing Agency:
Sellstate Coastal Realty
Listed By:
Eri Goldman · License #FL SL3314901
Source:
Crexi
Added: Mar 6
Changed: Aug 14
Last Checked: Aug 29 at 6:18AM
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 Sellstate Coastal Realty
Investment Insights
Based on property information with market context.
This 4-unit multifamily property in Tampa presents a prime investment opportunity in a rapidly expanding market. The property offers a chance to acquire a stabilized asset with significant upside through repositioning into short-term rentals (Airbnb/VRBO), furnished rentals, or corporate housing. Each unit features an ideal layout for short-term guests, traveling professionals, or extended-stay tenants. Tampa’s strong tourism industry, year-round events, and growing population drive demand for short-term accommodations, creating an income optimization opportunity for investors. The property is strategically located with convenient access to Downtown Tampa, Raymond James Stadium, Midtown, Ybor City, Tampa International Airport, and major highways, positioning it to attract both leisure and business travelers. Investors can operate as traditional multifamily or reposition units to short-term rentals to unlock higher revenue potential, with projected performance supporting an estimated cap rate exceeding 10% after value-add improvements and optimized short-term rental operations. The property size is 2713 square feet. This is an excellent opportunity for investors seeking to reposition a multifamily asset into a high-performing short-term rental property in one of Florida’s fastest-growing markets.
Key Highlights
- 4‑unit multifamily property in a rapidly expanding Tampa market.
- High‑demand Tampa rental market with strong potential for short‑term rental (Airbnb/VRBO) income.
- Excellent location with convenient access to Downtown Tampa, Raymond James Stadium, Tampa International Airport, and major highways.
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
$31,667
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%
$633,340
$633.3K
Cap Rate 7%
$452,386
$452.4K
Cap Rate 9%
$351,856
$351.9K
Market Conditions
NOI Build-Up for 2,713 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
$48.5K $17.88/SF
− Vacancy
−$3.3K −$1.21/SF
EGI
$45.2K $16.67/SF
− OpEx
−$13.6K −$5.00/SF
NOI
$31.7K $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%
$633,340
Cap Rate 7%
$452,386
Cap Rate 9%
$351,856
Alternative Uses
Best Use
Multifamily LT 5
$452.4K
$395.8K – $527.8K
NOI $31,667 @ 7.0% cap · market cap 2.88%
Second Best
Apartment 5plus
$420.6K
$368.0K – $490.7K
NOI $29,443 @ 7.0% cap · market cap 2.68%
Theoretical Best
Office A
$632.1K
$553.1K – $737.4K
NOI $44,244 @ 7.0% cap · market cap 4.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
756
Businesses Nearby
Explore this area
Business Placement
Demographics for 33604, FL
39,071
Population
17,053
Households
2.3
Avg Household Size
38
Median Age
26%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
5,209
Density / Sq Mi
$55,988
Median Household Income
$39,537
Median Earnings
$1,326
Median Rent
$264,900
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?
Quadplex - Value-add quadplex with short-term rental upside in Tampa.
Where is this quadplex located?
The property is located at 236 W North St Tampa, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 4‑unit multifamily property in a rapidly expanding Tampa market.; High‑demand Tampa rental market with strong potential for short‑term rental (Airbnb/VRBO) income.; Excellent location with convenient access to Downtown Tampa, Raymond James Stadium, Tampa International Airport, and major highways.
