Two-Unit Duplex on Platted
For Sale
$259,000
2423 Durham St, Tampa, FL 33605
Tenant-occupied duplex with month-to-month tenancy and RS-50 zoning.
Property Size1,177 SF
Price / SF$220.05
Days on Market15
Property Features for 2423 Durham St
General Information
Standard status
Active
Size
1,177 SF
Property subtype
Multi-Family
Building Details
Year Built
1946
Listing Agency:
Align Right Realty LLC
(727) 264-6800
Listed By:
Client Concierge
(941) 822-0708
Source:
Dwellingwell
Added: Sep 11
Changed: Sep 24
Last Checked: Sep 24 at 9:44AM
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 Align Right Realty LLC
Investment Insights
Based on property information with market context.
Built in 1946, this 1,177-square-foot duplex contains two separate units, each configured with one bedroom and one bathroom. The property is currently tenant-occupied under month-to-month tenancy, with showings available by appointment and instructions not to disturb the occupants.
The residence sits on a 50' x 95' platted lot in Tampa’s East Tampa/Ybor City area, near historic Ybor City, Downtown Tampa, major roadways, dining, entertainment, and employment centers. RS-50 zoning is in place. Buyers should independently confirm zoning, lot dimensions, permitting, building requirements, and any redevelopment plans with the City of Tampa. If vacant possession is requested, the seller may require up to 60 days to deliver the property without the tenant.
The residence sits on a 50' x 95' platted lot in Tampa’s East Tampa/Ybor City area, near historic Ybor City, Downtown Tampa, major roadways, dining, entertainment, and employment centers. RS-50 zoning is in place. Buyers should independently confirm zoning, lot dimensions, permitting, building requirements, and any redevelopment plans with the City of Tampa. If vacant possession is requested, the seller may require up to 60 days to deliver the property without the tenant.
Key Highlights
- Two‑unit duplex with 1 bedroom and 1 bathroom in each unit
- 1,177 square feet; built in 1946
- 50' x 95' platted lot
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
$13,738
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
5.30%
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%
$274,760
$274.8K
Cap Rate 7%
$196,257
$196.3K
Cap Rate 9%
$152,644
$152.6K
Market Conditions
NOI Build-Up for 1,177 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
$21.0K $17.88/SF
− Vacancy
−$1.4K −$1.21/SF
EGI
$19.6K $16.67/SF
− OpEx
−$5.9K −$5.00/SF
NOI
$13.7K $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%
$274,760
Cap Rate 7%
$196,257
Cap Rate 9%
$152,644
Alternative Uses
Best Use
Multifamily LT 5
$196.3K
$171.7K – $229.0K
NOI $13,738 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$182.5K
$159.7K – $212.9K
NOI $12,773 @ 7.0% cap · market cap 4.93%
Theoretical Best
Office A
$274.2K
$239.9K – $319.9K
NOI $19,195 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
685
Businesses Nearby
Explore this area
Business Placement
Demographics for 33605, FL
18,243
Population
8,994
Households
2
Avg Household Size
36
Median Age
21%
College-Educated
79%
High-School Grad
7.8 sq mi
ZIP Area
2,339
Density / Sq Mi
$36,790
Median Household Income
$35,889
Median Earnings
$1,122
Median Rent
$235,100
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Tenant-occupied duplex with month-to-month tenancy and RS-50 zoning.
Where is this duplex located?
The property is located at 2423 Durham St Tampa, FL.
What is the asking price?
The asking price for this property is $259,000.
What are key features of this property?
This property features: Two‑unit duplex with 1 bedroom and 1 bathroom in each unit; 1,177 square feet; built in 1946; 50' x 95' platted lot
