Four-Unit Quadplex in Seminole
For Sale
$998,000
236 W NORTH STREET, Tampa, FL 33604
Four-unit quadplex on a corner lot with one vacant 2/2 and three occupied units, including an Airbnb-operated unit.
Property Size2,713 SF
Price / SF$367.86
Days on Market42
Property Features for 236 W NORTH STREET
General Information
Standard status
Active
Size
2,713 SF
Property subtype
Quadruplex
Additional Details
Highway Access
Yes
Multifamily Units
4
Amenities
0.13 acres, Dimensions: 45x122
Shingle
Public Sewer
Additional parcels description:, Parcel Number: A-36-28-18-4FB-000000-00577.0, Public Survey Range: 18, Public Survey Section: 36, Annual Amount: $11,095.6, Tax Block: 0000, Tax Book Number: 9-46, Legal Description: NORTH PARK ANNEX LOT 577, Lot: 577, Year: 2025, Zoning: SH-RS
Central Air
Electric
Common Area, Laundry Room
Listing ID: MFRTB8521848, Standard Status: Active, MLS Status: Active, Property Subtype: Quadruplex, On market as of 2026-07-21, 5 days on market, Special Conditions: None
28 total bedrooms
Built in 1925, Living area: 2713, Living area units: Square Feet, Construction Materials: Frame
Subdivision: NORTH PARK ANNEX, MLS Area (Major): 33604 - Tampa / Sulphur Springs, County/Parish: Hillsborough
20 total bathrooms
Electricity Connected, Water Source: Public
Wood Burning
Crawlspace
Road Surface: Brick, Concrete
Lighting
Ceiling Fans(s), Kitchen/Family Room Combo, Living Room/Dining Room Combo
Building Details
Year Built
1925
Tenancy
Multi
Listing Agency:
BRAINARD REALTY
(813) 922-2891
Listed By:
Chris Zoller · License #3340134
Source:
Miharaandassociates
Added: Jul 21
Changed: Aug 31
Last Checked: Aug 30 at 4:44PM
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 BRAINARD REALTY
Investment Insights
Based on property information with market context.
This four-unit quadplex offers a mix of occupied and vacant space, with four independently configured residences. Unit A is currently vacant and features two bedrooms and two bathrooms. Unit B is a one-bedroom, one-bath unit operating as an Airbnb. Units C and D are leased two-bedroom units, with Unit C having one bathroom and Unit D having two bathrooms.
The property is positioned on a prominent corner lot in the heart of Old Seminole Heights. The area is described as walkable to local dining and retail options, and the listing notes convenient access to major Tampa destinations including Downtown Tampa, Ybor City, Armature Works, Midtown Tampa, Raymond James Stadium, Tampa International Airport, I-275, and the Hillsborough River.
For a buyer seeking owner-occupant flexibility, the vacant Unit A provides the option to purchase and live in one unit while generating income from the remaining leased units and the Airbnb-operated unit, subject to applicable local regulations.
The property is positioned on a prominent corner lot in the heart of Old Seminole Heights. The area is described as walkable to local dining and retail options, and the listing notes convenient access to major Tampa destinations including Downtown Tampa, Ybor City, Armature Works, Midtown Tampa, Raymond James Stadium, Tampa International Airport, I-275, and the Hillsborough River.
For a buyer seeking owner-occupant flexibility, the vacant Unit A provides the option to purchase and live in one unit while generating income from the remaining leased units and the Airbnb-operated unit, subject to applicable local regulations.
Key Highlights
- 1925‑built four‑unit quadplex on a corner lot in Old Seminole Heights
- Unit A: vacant 2 bed / 2 bath residence, ready to use as a primary home while renting other units
- Unit B: 1 bed / 1 bath unit currently operating as an Airbnb
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
3.17%
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 3.17%
Second Best
Apartment 5plus
$420.6K
$368.0K – $490.7K
NOI $29,443 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$632.1K
$553.1K – $737.4K
NOI $44,244 @ 7.0% cap · market cap 4.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Highway access
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit quadplex on a corner lot with one vacant 2/2 and three occupied units, including an Airbnb-operated unit.
Where is this quadplex located?
The property is located at 236 W NORTH STREET Tampa, FL.
What is the asking price?
The asking price for this property is $998,000.
What are key features of this property?
This property features: 1925‑built four‑unit quadplex on a corner lot in Old Seminole Heights; Unit A: vacant 2 bed / 2 bath residence, ready to use as a primary home while renting other units; Unit B: 1 bed / 1 bath unit currently operating as an Airbnb
