Duplex with Separate
New
For Sale
$499,900
3144 W CORDELIA STREET, Tampa, FL 33607
Distinct living areas provide separation, while the property is served by one electrical meter and one water meter.
Property Size2,033 SF
Lot Size0.23 Acres
Price / SF$245.89
Days on Market3
Property Features for 3144 W CORDELIA STREET
General Information
Standard status
Active
Size
2,033 SF
Lot size
0.23 Acres
Property subtype
Duplex
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Building Details
Year Built
1946
Tenancy
Multi
Listing Agency:
LPT REALTY, LLC
(877) 366-2213
Listed By:
Ben Mitrano PA · License #3453922
Source:
Dennisrealty
Added: Sep 30
Changed: Oct 1
Last Checked: Oct 1 at 10:03AM
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 LPT REALTY, LLC
Investment Insights
Based on property information with market context.
Configured as a duplex, the 1946 property contains four bedrooms and three bathrooms, with separate entrances for its two living areas. Interior features include central cooling and a combination of tile and hardwood flooring. The building is served by a single electrical meter and a single water meter.
One side has a long-term tenant, while the other is occupied on a month-to-month basis. The property is being sold as-is, and the sale requires third-party lender approval. Nearby destinations named for the property include Raymond James Stadium, Midtown Tampa, and Tampa International Airport.
One side has a long-term tenant, while the other is occupied on a month-to-month basis. The property is being sold as-is, and the sale requires third-party lender approval. Nearby destinations named for the property include Raymond James Stadium, Midtown Tampa, and Tampa International Airport.
Key Highlights
- Duplex layout with separate entrances
- Four bedrooms and three bathrooms
- Built in 1946; central cooling and tile and hardwood flooring
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
$23,730
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
4.75%
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%
$474,600
$474.6K
Cap Rate 7%
$339,000
$339.0K
Cap Rate 9%
$263,667
$263.7K
Market Conditions
NOI Build-Up for 2,033 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
$36.4K $17.88/SF
− Vacancy
−$2.4K −$1.21/SF
EGI
$33.9K $16.67/SF
− OpEx
−$10.2K −$5.00/SF
NOI
$23.7K $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%
$474,600
Cap Rate 7%
$339,000
Cap Rate 9%
$263,667
Alternative Uses
Best Use
Multifamily LT 5
$339.0K
$296.6K – $395.5K
NOI $23,730 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$315.2K
$275.8K – $367.7K
NOI $22,063 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$473.6K
$414.4K – $552.6K
NOI $33,154 @ 7.0% cap · market cap 6.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,409
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?
Duplex - Distinct living areas provide separation, while the property is served by one electrical meter and one water meter.
Where is this duplex located?
The property is located at 3144 W CORDELIA STREET Tampa, FL.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Duplex layout with separate entrances; Four bedrooms and three bathrooms; Built in 1946; central cooling and tile and hardwood flooring
