Renovated Triplex Apartment
New
For Sale
$974,900
3111 W SPRUCE STREET, Tampa, FL 33607
Three apartments offer private driveways, in-unit laundry, and updated kitchens with stainless steel appliances and granite countertops.
Property Size3,185 SF
Lot Size0.27 Acres
Price / SF$306.09
Days on Market3
Property Features for 3111 W SPRUCE STREET
General Information
Standard status
Active
Size
3,185 SF
Total Parking Spaces
9
Lot size
0.27 Acres
Property subtype
Triplex
Occupancy
100%
Units
Unit Mix
1 x 3BR/2BA, 1 x 4BR/2BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Amenities
washer/dryer in unit
stainless steel appliances
granite countertops
smart lock
Building Details
Year Built
1979
Year Renovated
2025
Buildings
1
Listing Agency:
COASTAL PROPERTIES GROUP INTER
(813) 553-6869
Listed By:
Chris Campana · License #3393938
(904) 687-7876
Source:
Endlesssummerrealty
Added: Sep 22
Changed: Sep 24
Last Checked: Sep 24 at 2:19PM
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 COASTAL PROPERTIES GROUP INTER
Investment Insights
Based on property information with market context.
This 3,185-square-foot triplex contains three apartments: a 3-bedroom, 2-bathroom unit, a 4-bedroom, 2-bathroom unit, and a 1-bedroom, 1-bathroom unit. Renovation work was completed in 2025, including remodeled interiors, new water heaters in each apartment, and updated roofing, gutters, impact-rated windows, and doors. HVAC equipment includes a new system in Apartment A, a mini-split in Apartment C, and a system in Apartment B that is 5–6 years old. Each residence has a washer and dryer, and its own driveway. Apartment C is furnished and has a smart lock.
The property occupies an 11,880-square-foot (.27-acre) corner lot in Tampa, near Macfarlane Park, West Tampa Little League, schools, grocery stores, and restaurants. There are 9 off-street parking spaces. Utility service includes 2 electrical meters, 2 water meters, well water, and public sewer.
The property occupies an 11,880-square-foot (.27-acre) corner lot in Tampa, near Macfarlane Park, West Tampa Little League, schools, grocery stores, and restaurants. There are 9 off-street parking spaces. Utility service includes 2 electrical meters, 2 water meters, well water, and public sewer.
Key Highlights
- Three apartments with a 3‑bedroom/2‑bathroom, 4‑bedroom/2‑bathroom, and 1‑bedroom/1‑bathroom unit mix
- 3,185 square feet on an 11,880‑square‑foot (.27‑acre) corner lot
- 2025 renovation included remodeled interiors, new roof and gutters, and impact windows and doors
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
$37,177
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
3.81%
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%
$743,540
$743.5K
Cap Rate 7%
$531,100
$531.1K
Cap Rate 9%
$413,078
$413.1K
Market Conditions
NOI Build-Up for 3,185 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
$56.9K $17.88/SF
− Vacancy
−$3.8K −$1.21/SF
EGI
$53.1K $16.67/SF
− OpEx
−$15.9K −$5.00/SF
NOI
$37.2K $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%
$743,540
Cap Rate 7%
$531,100
Cap Rate 9%
$413,078
Alternative Uses
Best Use
Multifamily LT 5
$531.1K
$464.7K – $619.6K
NOI $37,177 @ 7.0% cap · market cap 3.81%
Second Best
Apartment 5plus
$493.8K
$432.1K – $576.1K
NOI $34,565 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$742.0K
$649.3K – $865.7K
NOI $51,941 @ 7.0% cap · market cap 5.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,541
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Three apartments offer private driveways, in-unit laundry, and updated kitchens with stainless steel appliances and granite countertops.
Where is this triplex located?
The property is located at 3111 W SPRUCE STREET Tampa, FL.
What is the asking price?
The asking price for this property is $974,900.
What are key features of this property?
This property features: Three apartments with a 3‑bedroom/2‑bathroom, 4‑bedroom/2‑bathroom, and 1‑bedroom/1‑bathroom unit mix; 3,185 square feet on an 11,880‑square‑foot (.27‑acre) corner lot; 2025 renovation included remodeled interiors, new roof and gutters, and impact windows and doors
