Art Deco
For Sale
$679,999
2904 W CHESTNUT St 1-4, Tampa, FL 33607
Four units are arranged across two levels with a small fenced outdoor area for tenant use.
Property Size3,285 SF
Days on Market12
Property Features for 2904 W CHESTNUT St 1-4
General Information
Standard status
Active
Size
3,285 SF
Property subtype
Investment
Amenities
fenced-in outdoor area
Building Details
Building Size
3,285 SF
Year Built
1908
Buildings
1
Stories
2
Construction
Art Deco
Tenancy
Multi
Listing Agency:
SPECIALIZED PROPERTY MANAGEMENT
(407) 705-8559
Listed By:
Nancy Guadagnino
(407) 705-8559
Source:
Elliman
Added: Jul 30
Changed: Jul 31
Last Checked: Aug 10 at 5:50AM
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 SPECIALIZED PROPERTY MANAGEMENT
Investment Insights
Based on property information with market context.
This Art Deco-style fourplex contains four 2-bedroom, 1-bathroom units arranged with two upstairs and two downstairs. The 1908 building retains period architectural character and includes a small fenced-in outdoor area for tenant use. Two units are currently occupied.
Located at 2904 W Chestnut St in Tampa, the property is near McFarlane Park, Armature Works, and Tampa International Airport. WalkScore is 77, rated Very Walkable; BikeScore is 69, rated Bikeable; and TransitScore is 34, rated Some Transit. The location provides access to nearby dining, entertainment, and transportation options.
Located at 2904 W Chestnut St in Tampa, the property is near McFarlane Park, Armature Works, and Tampa International Airport. WalkScore is 77, rated Very Walkable; BikeScore is 69, rated Bikeable; and TransitScore is 34, rated Some Transit. The location provides access to nearby dining, entertainment, and transportation options.
Key Highlights
- Four 2‑bedroom, 1‑bathroom units
- Two upstairs units and two downstairs units
- Art Deco‑style architecture in a 1908 building
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
$38,344
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
5.64%
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%
$766,880
$766.9K
Cap Rate 7%
$547,771
$547.8K
Cap Rate 9%
$426,044
$426.0K
Market Conditions
NOI Build-Up for 3,285 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
$58.7K $17.88/SF
− Vacancy
−$4.0K −$1.21/SF
EGI
$54.8K $16.67/SF
− OpEx
−$16.4K −$5.00/SF
NOI
$38.3K $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%
$766,880
Cap Rate 7%
$547,771
Cap Rate 9%
$426,044
Alternative Uses
Best Use
Multifamily LT 5
$547.8K
$479.3K – $639.1K
NOI $38,344 @ 7.0% cap · market cap 5.64%
Second Best
Apartment 5plus
$509.3K
$445.6K – $594.2K
NOI $35,651 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$765.3K
$669.7K – $892.9K
NOI $53,572 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,273
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four units are arranged across two levels with a small fenced outdoor area for tenant use.
Where is this quadplex located?
The property is located at 2904 W CHESTNUT St 1-4 Tampa, FL.
What is the asking price?
The asking price for this property is $679,999.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bathroom units; Two upstairs units and two downstairs units; Art Deco‑style architecture in a 1908 building
