Renovated Triplex Apartment
3111 W SPRUCE Street, Tampa, FL 33607
For Sale
$949,900
Residential Income, TAMPA, FL
Property Size3,185 SF
Lot Size0.27 Acres
Price / SF$298.24
Days on Market50
Property Features for 3111 W SPRUCE Street
General Information
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Full bathrooms
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Pets allowed
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Listing Agency:
COASTAL PROPERTIES GROUP INTER
(813) 553-6869
Listed By:
Chris Campana · License FL #3393938
(813) 591-3113
Added: Sep 22
Changed: Nov 6
Last Checked: Nov 10 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.
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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 / Yr
$37,177
Cap Rate
3.91%
Suggested Prices Based on Cap Rates
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
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 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 3.91%
Second Best
Apartment 5plus
$493.8K
$432.1K – $576.1K
NOI $34,565 @ 7.0% cap · market cap 3.64%
Theoretical Best
Office A
$742.0K
$649.3K – $865.7K
NOI $51,941 @ 7.0% cap · market cap 5.47%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,541
Businesses Nearby
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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
$316,100
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Tampa, FL
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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 $949,900.
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
