Triplex Income
For Sale
$799,000
301 28TH Street W, Bradenton, FL 34205
Three-unit residential income property with recent roof, HVAC, and appliance updates, including a seasonal Airbnb and two long-term-ready units.
Property Size2,265 SF
Price / SF$352.76
Days on Market163
Property Features for 301 28TH Street W
General Information
Standard status
Active
Size
2,265 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Building Details
Year Built
1915
Listed By:
Jennifer Fritsche
(863) 669-7373
Source:
Michaelsaunders
Added: Apr 6
Changed: Sep 14
Last Checked: Sep 14 at 8:27AM
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 Jennifer Fritsche
Investment Insights
Based on property information with market context.
This three-unit residential income property combines a duplex and a single-family home configured to support both short- and long-term rental strategies. The renovated single-family “Pink House” (Surf Shack) operates as an active seasonal Airbnb and includes 2 bedrooms, 1.5 bathrooms, and a sunroom. The duplex features an updated 1-bedroom, 1-bath unit (Sea Glass Bliss) plus a spacious 3-bedroom, 2-bath unit that is currently vacant.
Recent improvements include 2024 roof replacements, new HVAC systems, and appliances that are approximately one year old. The property is positioned minutes from downtown Bradenton, the River District, and local dining.
Across the full arrangement, the property totals 6 bedrooms and 4.5 bathrooms across three units, offering flexibility for ongoing rental use.
Recent improvements include 2024 roof replacements, new HVAC systems, and appliances that are approximately one year old. The property is positioned minutes from downtown Bradenton, the River District, and local dining.
Across the full arrangement, the property totals 6 bedrooms and 4.5 bathrooms across three units, offering flexibility for ongoing rental use.
Key Highlights
- Three‑unit residential income property built in 1915, including an active seasonal Airbnb plus two additional rental units
- Pink House "Surf Shack" is a 2 bed/1.5 bath active seasonal Airbnb with a sunroom
- Duplex includes Sea Glass Bliss: 1 bed/1 bath unit
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
$29,754
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
3.72%
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%
$595,080
$595.1K
Cap Rate 7%
$425,057
$425.1K
Cap Rate 9%
$330,600
$330.6K
Market Conditions
NOI Build-Up for 2,265 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
$44.8K $19.80/SF
− Vacancy
−$2.3K −$1.03/SF
EGI
$42.5K $18.77/SF
− OpEx
−$12.8K −$5.63/SF
NOI
$29.8K $13.14/SF
Area
Manatee County, FL
Vacancy
5.22%
Lease Rate
$19.80 /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%
$595,080
Cap Rate 7%
$425,057
Cap Rate 9%
$330,600
Alternative Uses
Best Use
Multifamily LT 5
$425.1K
$371.9K – $495.9K
NOI $29,754 @ 7.0% cap · market cap 3.72%
Second Best
Apartment 5plus
$391.5K
$342.6K – $456.8K
NOI $27,406 @ 7.0% cap · market cap 3.43%
Theoretical Best
Office A
$666.1K
$582.8K – $777.1K
NOI $46,625 @ 7.0% cap · market cap 5.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
721
Businesses Nearby
Explore this area
Business Placement
Demographics for 34205, FL
33,789
Population
16,610
Households
2
Avg Household Size
44
Median Age
24%
College-Educated
87%
High-School Grad
6.5 sq mi
ZIP Area
5,198
Density / Sq Mi
$51,170
Median Household Income
$37,037
Median Earnings
$1,323
Median Rent
$236,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential income property with recent roof, HVAC, and appliance updates, including a seasonal Airbnb and two long-term-ready units.
Where is this triplex located?
The property is located at 301 28TH Street W Bradenton, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Three‑unit residential income property built in 1915, including an active seasonal Airbnb plus two additional rental units; Pink House "Surf Shack" is a 2 bed/1.5 bath active seasonal Airbnb with a sunroom; Duplex includes Sea Glass Bliss: 1 bed/1 bath unit
