Two-Unit Duplex
For Sale
Under Contract
$299,000
2532 W WALNUT Street, Tampa, FL 33607
Residential Income, TAMPA, FL
Property Size1,080 SF
Lot Size0.11 Acres
Price / SF$276.85
Days on Market14
Property Features for 2532 W WALNUT Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RM-16
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 2
Parking features
Driveway
Interior features
Ceiling Fans(s)
Exterior features
Fence
Fencing
Fenced
Appliances
Electric Water Heater, Range, Refrigerator
Subdivision
MAC FARLANES REV MAP OF ADD
Elementary school
West Tampa-HB
Middle school
Madison-HB
High school
Jefferson
Directions
From W Columbus Dr. and N Armenia ave head south on N Armenia ave about 0.5 mi turn right onto W Walnut st. destination will be on the left.
Standard status
Active Under Contract
APN
A-15-29-18-4PQ-000040-00009.0
Size
1,080 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
MAC FARLANES REV MAP OF ADDITIONS TO WEST TAMPA LOT 9 BLOCK 40
Tax Annual Amount
4797
Legal Description
MAC FARLANES REV MAP OF ADDITIONS TO WEST TAMPA LOT 9 BLOCK 40
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1963
Floors in Building
1
Number of units
2
Flooring type
Tile - Ceramic
Building materials
Block
Roof type
Shingle
Listing Agency:
BHHS FLORIDA PROPERTIES GROUP · Berkshire Hathaway HomeServices
(727) 461-1700
Listed By:
Maryann Spearman · License #3234385
(727) 709-2374
Added: Aug 18
Changed: Aug 27
Last Checked: Aug 31 at 4:06AM
MLS# TB8540156
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.
Investment Insights
Based on property information with market context.
This 1,080-square-foot duplex on a 0.11-acre lot contains two residences, with each side offering 2 bedrooms and 1 bathroom. Both units are currently rented. The 1963 block construction includes ceramic tile flooring, central air, electric heat, ceiling fans, shingle roofing, and a fenced exterior with driveway parking.
Located at 2532 W Walnut Street in Tampa’s West Tampa area, the property is near downtown and shopping. Public water and public sewer serve the site, while each unit includes a range, refrigerator, and electric water heater. RM-16 zoning is in place.
Located at 2532 W Walnut Street in Tampa’s West Tampa area, the property is near downtown and shopping. Public water and public sewer serve the site, while each unit includes a range, refrigerator, and electric water heater. RM-16 zoning is in place.
Key Highlights
- Two‑unit duplex with 1,080 square feet on a 0.11‑acre lot
- Each side includes 2 bedrooms and 1 bathroom
- Both units are currently rented
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
$12,606
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
4.22%
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%
$252,120
$252.1K
Cap Rate 7%
$180,086
$180.1K
Cap Rate 9%
$140,067
$140.1K
Market Conditions
NOI Build-Up for 1,080 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
$19.3K $17.88/SF
− Vacancy
−$1.3K −$1.21/SF
EGI
$18.0K $16.67/SF
− OpEx
−$5.4K −$5.00/SF
NOI
$12.6K $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%
$252,120
Cap Rate 7%
$180,086
Cap Rate 9%
$140,067
Alternative Uses
Best Use
Multifamily LT 5
$180.1K
$157.6K – $210.1K
NOI $12,606 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$167.4K
$146.5K – $195.4K
NOI $11,721 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$251.6K
$220.2K – $293.6K
NOI $17,613 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,259
Businesses Nearby
Explore this area
Business Placement
Demographics for 33607, FL
24,767
Population
13,158
Households
1.9
Avg Household Size
37
Median Age
35%
College-Educated
87%
High-School Grad
9.3 sq mi
ZIP Area
2,663
Density / Sq Mi
$66,404
Median Household Income
$43,404
Median Earnings
$1,771
Median Rent
$316,100
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?
Duplex - Two-bedroom layouts, public utilities, central air, and fenced outdoor space support the existing configuration.
Where is this duplex located?
The property is located at 2532 W WALNUT Street Tampa, FL.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,080 square feet on a 0.11‑acre lot; Each side includes 2 bedrooms and 1 bathroom; Both units are currently rented
