Multifamily Development
For Sale
$1,599,000
2806 N Tampa Street TAMPA, Tampa, FL 33602
Five-parcel package with 11 rental units, positioned for both income and potential future development in Tampa Heights.
Property Size7,728 SF
Price / SF$201.33
Days on Market59
Property Features for 2806 N Tampa Street TAMPA
General Information
Standard status
Active
Size
7,728 SF
Zoning
RM-16
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
11
Taxes and HOA fees
Annual Taxes
$14,541
Amenities
Carpet,Vinyl
true
Public Records
Public
18498
135 x 202
0.42
5
false
Asphalt
Crawlspace,Slab
City Street
7728
8
4
11
Building Details
Building Size
7,728 SF
Year Built
1945
Buildings
8
Tenancy
Multi
Listed By:
Morgan Friesen
(904) 569-5862
Source:
Movetojacksonville
Added: Jul 7
Changed: Sep 2
Last Checked: Sep 2 at 1:30PM
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 Morgan Friesen
Investment Insights
Based on property information with market context.
Offered as a five-parcel package, this multifamily opportunity includes 11 rental units. The property is presented as an income-producing portfolio with existing in-place tenancy. Seller terms note that the offer may not be assigned, and the seller will not evict.
Located in Tampa Heights, the site is described as being just minutes from Armature Works, the Tampa Riverwalk, and the Hillsborough River. The remarks also reference proximity to Raymond James Stadium and quick access to I-275 and I-4, placing the property within reach of downtown, Midtown, and Seminole Heights.
For buyers, this configuration can suit an investor looking to acquire multiple parcels under one transaction while maintaining rental operations. The listing is also positioned for developers or owner-operators who may wish to evaluate future development possibilities as Tampa Heights continues to evolve. Current rents are reported to range from $1,400 to $2,200 per unit, providing a clear baseline for underwriting existing cash flow while evaluating next steps for the full package.
Located in Tampa Heights, the site is described as being just minutes from Armature Works, the Tampa Riverwalk, and the Hillsborough River. The remarks also reference proximity to Raymond James Stadium and quick access to I-275 and I-4, placing the property within reach of downtown, Midtown, and Seminole Heights.
For buyers, this configuration can suit an investor looking to acquire multiple parcels under one transaction while maintaining rental operations. The listing is also positioned for developers or owner-operators who may wish to evaluate future development possibilities as Tampa Heights continues to evolve. Current rents are reported to range from $1,400 to $2,200 per unit, providing a clear baseline for underwriting existing cash flow while evaluating next steps for the full package.
Key Highlights
- 5‑parcel income‑producing package with 11 rental units in Tampa Heights
- Building area total: 7,728; includes 8 buildings
- Lot size 0.42 acres (18,498 SF) with dimensions 135 x 202
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
$86,191
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
5.39%
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%
$1,723,820
$1.7M
Cap Rate 7%
$1,231,300
$1.2M
Cap Rate 9%
$957,678
$957.7K
Market Conditions
NOI Build-Up for 7,942 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
$168.7K $21.24/SF
− Vacancy
−$12.0K −$1.51/SF
EGI
$156.7K $19.73/SF
− OpEx
−$70.5K −$8.88/SF
NOI
$86.2K $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%
$1,723,820
Cap Rate 7%
$1,231,300
Cap Rate 9%
$957,678
Alternative Uses
Best Use
Apartment 5plus
$1.23M
$1.08M – $1.44M
NOI $86,191 @ 7.0% cap · market cap 5.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,518 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,005
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-parcel package with 11 rental units, positioned for both income and potential future development in Tampa Heights.
Where is this apartment building located?
The property is located at 2806 N Tampa Street TAMPA Tampa, FL.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: 5‑parcel income‑producing package with 11 rental units in Tampa Heights; Building area total: 7,728; includes 8 buildings; Lot size 0.42 acres (18,498 SF) with dimensions 135 x 202
