Updated Two-Unit
For Sale
$317,000
2908 E 22ND AVENUE, Tampa, FL 33605
Income-producing duplex with two residential units, individual central A/C systems, and a large backyard near I-275.
Property Size1,408 SF
Price / SF$225.14
Days on Market14
Property Features for 2908 E 22ND AVENUE
General Information
Standard status
Active
Size
1,408 SF
Property subtype
Duplex
Amenities
0.11 acres, Dimensions: 94x50, In County, Level
Shingle
Public Sewer
Additional parcels description:, Parcel Number: A-08-29-19-4VK-000042-00013.0, Public Survey Range: 19, Public Survey Section: 08, Annual Amount: $3,539, Tax Block: 42, Tax Book Number: 2-29, Legal Description: CAMPOBELLO BLOCKS 31 TO 45 LOT 13 BLOCK 42, Lot: 13, Year: 2025, Zoning: RM-16
Ceramic Tile
Central Air
Central
Laundry Room, Washer Hookup
Listing ID: MFRA4703491, Standard Status: Active, MLS Status: Active, Property Subtype: Duplex, On market as of 2026-08-19, 7 days on market, Special Conditions: None
None, Parking Pad
Elementary School: Potter-HB, Middle School: Sligh-HB, High School: Middleton-HB
4 total bedrooms
Built in 1985, Living area: 1408, Living area units: Square Feet, Levels: One, Construction Materials: Block
Subdivision: CAMPOBELLO, MLS Area (Major): 33605 - Tampa / Ybor City, County/Parish: Hillsborough
Garden
2 total bathrooms
Cable Connected, Water Source: Public
Slab
Close Of Escrow
Allowed: Yes
Electricity, Sewer, Trash Collection, Water
Road Surface: Paved
Ceiling Fans(s), Living Room/Dining Room Combo, Open Floorplan, Thermostat
Electric Water Heater, Range, Refrigerator
Building Details
Year Built
1985
Listing Agency:
LIST WITH 1 REALTY
(305) 205-9961
Listed By:
Mark Borg · License #3282247
Source:
Miharaandassociates
Added: Aug 19
Changed: Aug 31
Last Checked: Aug 31 at 2:51PM
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 LIST WITH 1 REALTY
Investment Insights
Based on property information with market context.
This 1,408-square-foot duplex, built in 1985, contains two 2-bedroom, 1-bathroom units with functional layouts and separate central A/C systems. The property has received light updates, including new interior paint, countertops, and A/C systems in some units. A large backyard adds outdoor space for occupants.
Located at 2908 E 22nd Avenue in Tampa, the property is approximately 5 minutes from I-275 and near employment centers, shopping, restaurants, and everyday amenities. The configuration supports continued rental use or an owner-occupant arrangement with one unit available for personal use and the other producing rental income.
Located at 2908 E 22nd Avenue in Tampa, the property is approximately 5 minutes from I-275 and near employment centers, shopping, restaurants, and everyday amenities. The configuration supports continued rental use or an owner-occupant arrangement with one unit available for personal use and the other producing rental income.
Key Highlights
- Two 2‑bedroom, 1‑bathroom residential units
- 1,408 SF duplex built in 1985
- Each unit has its own central A/C system
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
$16,435
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
5.18%
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%
$328,700
$328.7K
Cap Rate 7%
$234,786
$234.8K
Cap Rate 9%
$182,611
$182.6K
Market Conditions
NOI Build-Up for 1,408 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
$25.2K $17.88/SF
− Vacancy
−$1.7K −$1.21/SF
EGI
$23.5K $16.67/SF
− OpEx
−$7.0K −$5.00/SF
NOI
$16.4K $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%
$328,700
Cap Rate 7%
$234,786
Cap Rate 9%
$182,611
Alternative Uses
Best Use
Multifamily LT 5
$234.8K
$205.4K – $273.9K
NOI $16,435 @ 7.0% cap · market cap 5.18%
Second Best
Apartment 5plus
$218.3K
$191.0K – $254.7K
NOI $15,280 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$328.0K
$287.0K – $382.7K
NOI $22,962 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
603
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Income-producing duplex with two residential units, individual central A/C systems, and a large backyard near I-275.
Where is this duplex located?
The property is located at 2908 E 22ND AVENUE Tampa, FL.
What is the asking price?
The asking price for this property is $317,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bathroom residential units; 1,408 SF duplex built in 1985; Each unit has its own central A/C system
