Income-Producing Multifamily Property Near
For Sale
$999,999
316 W COLUMBUS Dr, Tampa, FL 33602
Fully rented multi-unit property with development potential near Armature Works.
Property Size2,606 SF
Days on Market140
Property Features for 316 W COLUMBUS Dr
General Information
Standard status
Active
Size
2,606 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$5,072
Building Details
Building Size
2,606 SF
Year Built
1921
Units
4
Listing Agency:
Realty Experts Inc
Listed By:
Jimmy Brylinke, II · License #3257716
(727) 688-8744
Source:
Elliman
Added: Apr 24
Changed: Sep 2
Last Checked: Sep 9 at 11:14AM
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 Realty Experts Inc
Investment Insights
Based on property information with market context.
This income-producing multifamily property is located minutes from Armature Works and Downtown Tampa. The property features multiple structures, offering rental flexibility and future development potential in a rapidly growing area. The front building includes a 4-bedroom, 2-bath layout currently configured into four individual units, plus an upstairs 2-bedroom, 1-bath unit and an additional 1-bedroom, 1-bath unit below. A detached 1-bedroom, 1-bath cottage at the rear of the property provides additional income. Property features include community laundry and private laundry inside the 4/2 unit. The rental configurations are designed to maximize cash flow. The location is near the Riverwalk, Armature Works, Downtown Tampa dining, retail, and major employment hubs. The property is fully rented with immediate income. It offers strong cash flow with long-term appreciation and redevelopment upside, making it suitable for investors seeking stabilized returns in a high-demand area. The property has a bike score of 72, indicating it is very bikeable. The walk score is 53, meaning it is somewhat walkable, and the transit score is 37, indicating some transit options are available.
Key Highlights
- Fully rented property with immediate income and strong cash flow.
- Prime location near Armature Works, Downtown Tampa, and the Riverwalk.
- Multiple rental configurations designed to maximize cash flow.
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
$28,282
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
2.83%
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%
$565,640
$565.6K
Cap Rate 7%
$404,029
$404.0K
Cap Rate 9%
$314,244
$314.2K
Market Conditions
NOI Build-Up for 2,606 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
$55.4K $21.24/SF
− Vacancy
−$3.9K −$1.51/SF
EGI
$51.4K $19.73/SF
− OpEx
−$23.1K −$8.88/SF
NOI
$28.3K $10.85/SF
Area
Tampa, FL
Vacancy
7.10%
Lease Rate
$21.24 /SF/Yr
Expense Ratio
45.00%
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%
$565,640
Cap Rate 7%
$404,029
Cap Rate 9%
$314,244
Alternative Uses
Best Use
Apartment 5plus
$404.0K
$353.5K – $471.4K
NOI $28,282 @ 7.0% cap · market cap 2.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$607.1K
$531.2K – $708.3K
NOI $42,499 @ 7.0% cap · market cap 4.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,064
Businesses Nearby
Explore this area
Business Placement
Demographics for 33602, FL
19,936
Population
11,972
Households
1.7
Avg Household Size
36
Median Age
61%
College-Educated
92%
High-School Grad
2.6 sq mi
ZIP Area
7,668
Density / Sq Mi
$88,569
Median Household Income
$66,434
Median Earnings
$2,119
Median Rent
$560,400
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Fully rented multi-unit property with development potential near Armature Works.
Where is this multifamily property located?
The property is located at 316 W COLUMBUS Dr Tampa, FL.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: Fully rented property with immediate income and strong cash flow.; Prime location near Armature Works, Downtown Tampa, and the Riverwalk.; Multiple rental configurations designed to maximize cash flow.
