New
For Sale
$1,350,000
2402 N HIGHLAND Avenue, Tampa, FL 33602
Residential Income, TAMPA, FL
Property Size5,288 SF
Lot Size0.25 Acres
Price / SF$255.30
Days on Market3
Property Features for 2402 N HIGHLAND Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RM-24
Bedrooms
8
Bathrooms
10
Full bathrooms
10
Rooms
Bedroom 7, Bedroom 8, Bedroom 5, Bathroom 5, Bathroom 9, Bathroom 4, Bedroom 1, Bathroom 2, Bathroom 8, Bathroom 6, Bedroom 4, Bedroom 2, Bathroom 7, Bedroom 6, Bathroom 3, Bathroom 10, Bedroom 3, Bathroom 1
Patio and Porch features
Porch
Pets allowed
Yes
Interior features
Eat-in Kitchen
Exterior features
Outbuildings, Courtyard
Subdivision
MUNRO & MC INTOSHS ADD
Lot features
City Limits, Level, Near Public Transit, Oversized Lot, Sidewalk, Street Brick
Elementary school
Graham-HB
Middle school
Madison-HB
High school
Hillsborough-HB
Directions
From W Columbus Dr, turn South on N Highland Ave. Property will be on the right.
Standard status
Active
APN
A-13-29-18-4XZ-000011-00010.0
Size
5,288 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MUNRO AND MC INTOSH'S ADDITION E 5 FT OF LOT 9 AND LOT 10 BLOCK 11
Tax Annual Amount
7527
Legal Description
MUNRO AND MC INTOSH'S ADDITION E 5 FT OF LOT 9 AND LOT 10 BLOCK 11
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating), Central
Cooling system
Central Air, Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1935
Number of units
8
Building materials
Block, Concrete, Wood Siding
Roof type
Metal, Shingle
Additional Structures
Outbuilding
Listing Agency:
LPT REALTY, LLC
(877) 366-2213
Listed By:
Stacy Dillard · License #3228574
(813) 298-7696
Added: Sep 23
Changed: Sep 25
Last Checked: Sep 25 at 10:06AM
MLS# TB8551435
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
Where is this apartment building located?
The property is located at 2402 N HIGHLAND Avenue Tampa, FL.
What is the asking price?
The asking price for this property is $1,350,000.
