Renovated Triplex Apartment
New
For Sale
$974,900
3111 W SPRUCE Street, Tampa, FL 33607
Residential Income, TAMPA, FL
Property Size3,185 SF
Lot Size0.27 Acres
Price / SF$306.09
Days on Market5
Property Features for 3111 W SPRUCE Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
RS-50
Bedrooms
8
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 4, Bedroom 3, Bedroom 5, Bathroom 1, Bedroom 2, Bedroom 7, Bedroom 8, Bathroom 2, Bedroom 4, Bathroom 3, Bathroom 5, Bedroom 1, Bedroom 6
Parking features
Off Street, Driveway
Pets allowed
Yes
Interior features
Ceiling Fans(s)
Exterior features
Lighting
Appliances
Dishwasher, Range, Refrigerator
Subdivision
MAC FARLANE PARK
Lot features
Corner Lot
View
Park
Directions
Heading north on MacDill ave, turn left on Spruce st, home will be on your right.
Standard status
Active
APN
A-15-29-18-4PV-000049-00017.0
Size
3,185 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MAC FARLANE PARK LOTS 17 AND 18 BLOCK 49
Tax Annual Amount
3208
Legal Description
MAC FARLANE PARK LOTS 17 AND 18 BLOCK 49
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Well, Public
Amenities
in-unit washer/dryer
stainless steel appliances
granite countertops
Building Details
Year built
1979
Floors in Building
1
Flooring type
Vinyl
Building materials
Block, Stucco
Roof type
Shingle
Listing Agency:
COASTAL PROPERTIES GROUP INTER
(813) 553-6869
Listed By:
Chris Campana · License #3393938
(813) 591-3113
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 26 at 4:06AM
MLS# TB8548923
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit apartment property in Tampa was comprehensively renovated in 2025, with permitted work completed by qualified technicians. The 3,185-square-foot building includes three apartments with a combined unit mix of 8 bedrooms and 5 bathrooms. Improvements include a new shingle roof and gutters, impact windows and doors, updated HVAC equipment, new water heaters, in-unit washer and dryers, stainless steel appliances, granite countertops, vinyl flooring, and solid-core bedroom and bathroom doors. Each apartment has its own private driveway, and the property is currently fully occupied.
Set on an 11,880-square-foot corner lot measuring .27 acres, the property includes 9 off-street parking spaces. Utilities include 2 electrical meters and 2 water meters, with well water and public sewer service. The property is zoned RS-50 and is located at 3111 W SPRUCE Street in Tampa, near Macfarlane Park, West Tampa Little League, schools, grocery stores, and restaurants.
Set on an 11,880-square-foot corner lot measuring .27 acres, the property includes 9 off-street parking spaces. Utilities include 2 electrical meters and 2 water meters, with well water and public sewer service. The property is zoned RS-50 and is located at 3111 W SPRUCE Street in Tampa, near Macfarlane Park, West Tampa Little League, schools, grocery stores, and restaurants.
Key Highlights
- Three‑unit apartment property with 3,185 square feet and an 8‑bedroom, 5‑bathroom unit mix
- Comprehensive renovation completed in 2025 with permitted work
- 11,880‑square‑foot corner lot measuring .27 acres
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Fully occupied three-unit property with updated systems, private driveways, and separate off-street parking for each apartment.
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‑unit apartment property with 3,185 square feet and an 8‑bedroom, 5‑bathroom unit mix; Comprehensive renovation completed in 2025 with permitted work; 11,880‑square‑foot corner lot measuring .27 acres
