8-Unit Multifamily
New
For Sale
$1,350,000
2402 N HIGHLAND AVE, Tampa, FL 33602
RM-24-zoned corner parcel with alley access and a mix of apartment and single-family residences.
Property Size5,288 SF
Lot Size0.25 Acres
Days on Market4
Property Features for 2402 N HIGHLAND AVE
General Information
Standard status
Active
Size
5,288 SF
Lot size
0.25 Acres
Property subtype
Quadruplex
Zoning
RM-24
Additional Details
Road Access
Yes
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$7,527
Building Details
Building Size
5,288 SF
Year Built
1935
Listing Agency:
LPT REALTY, LLC
Listed By:
Stacy Dillard
Source:
Judibeck
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 10:20AM
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 LPT REALTY, LLC
Investment Insights
Based on property information with market context.
The 10,922 SF property contains eight residential units across two single-family homes and a six-unit apartment building. A detached garage and storage building are also on site. Each unit has separate utility metering, and short-term rentals are allowed. The property is zoned RM-24.
The corner parcel fronts N Highland Ave and W Frances Ave, with alley access on its north side. Armature Works, Tampa Riverfront Waterworks Park, Highland Park, and Downtown Tampa are among the nearby destinations identified. The property is also within walking or biking distance of the river.
The corner parcel fronts N Highland Ave and W Frances Ave, with alley access on its north side. Armature Works, Tampa Riverfront Waterworks Park, Highland Park, and Downtown Tampa are among the nearby destinations identified. The property is also within walking or biking distance of the river.
Key Highlights
- 10,922 SF parcel zoned RM‑24
- Eight existing residences: two single‑family homes and a six‑unit apartment building
- Corner frontage on N Highland Ave and W Frances Ave, plus north‑side alley access
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
$57,388
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
4.25%
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%
$1,147,760
$1.1M
Cap Rate 7%
$819,829
$819.8K
Cap Rate 9%
$637,644
$637.6K
Market Conditions
NOI Build-Up for 5,288 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
$112.3K $21.24/SF
− Vacancy
−$8.0K −$1.51/SF
EGI
$104.3K $19.73/SF
− OpEx
−$47.0K −$8.88/SF
NOI
$57.4K $10.85/SF
Area
Tampa, FL
Vacancy
7.10%
Lease Rate
$21.24 /SF/Yr
Expense Ratio
45.00%
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%
$1,147,760
Cap Rate 7%
$819,829
Cap Rate 9%
$637,644
Alternative Uses
Best Use
Apartment 5plus
$819.8K
$717.4K – $956.5K
NOI $57,388 @ 7.0% cap · market cap 4.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.23M
$1.08M – $1.44M
NOI $86,237 @ 7.0% cap · market cap 6.39%
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
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,145
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - RM-24-zoned corner parcel with alley access and a mix of apartment and single-family residences.
Where is this multifamily property located?
The property is located at 2402 N HIGHLAND AVE Tampa, FL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 10,922 SF parcel zoned RM‑24; Eight existing residences: two single‑family homes and a six‑unit apartment building; Corner frontage on N Highland Ave and W Frances Ave, plus north‑side alley access
