Two Triplexes: Investment
For Sale
$625,000
3210 WILLOW DRIVE, Mulberry, FL 33860
Two triplexes with strong income potential and versatile rental options.
Property Size4,944 SF
Price / SF$126.42
Days on Market104
Property Features for 3210 WILLOW DRIVE
General Information
Standard status
Active
Size
4,944 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$5,360
Amenities
Central Air
3
88x165
City Road, Asphalt.
Building Details
Year Built
1979
Listing Agency:
BINGHAM REALTY INC
(813) 788-2759
Listed By:
Chad Abraham
Source:
Xome
Added: May 13
Changed: Aug 23
Last Checked: Aug 8 at 2:56AM
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 BINGHAM REALTY INC
Investment Insights
Based on property information with market context.
This is an exceptional investment opportunity to own two triplexes, totaling six units, with strong income potential and versatile rental options. Each triplex features a well-designed mix of units, including two 1-bedroom, 1-bath apartments and one spacious 3-bedroom, 1-bath unit. This diverse unit mix is ideal for attracting a variety of tenants and maximizing occupancy, appealing to singles, couples, and families. These multi-family properties offer potential to expand an investment portfolio, generate steady rental income, or explore house-hacking opportunities. With a total of six units between the two buildings, this is a chance to secure a multi-family investment with excellent upside potential. It is perfect for seasoned investors or those looking to step into income-producing real estate. The bike score is 25, indicating the location is somewhat bikeable, and the walk score is 1, indicating the location is car-dependent.
Key Highlights
- Two triplexes (6 units total) offer significant income potential.
- Diverse unit mix: each triplex includes two 1‑bedroom/1‑bath and one 3‑bedroom/1‑bath unit.
- Versatile rental options appeal to singles, couples, and families.
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
$52,421
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
8.39%
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%
$1,048,420
$1.0M
Cap Rate 7%
$748,871
$748.9K
Cap Rate 9%
$582,456
$582.5K
Market Conditions
NOI Build-Up for 4,944 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
$80.1K $16.20/SF
− Vacancy
−$5.2K −$1.05/SF
EGI
$74.9K $15.15/SF
− OpEx
−$22.5K −$4.54/SF
NOI
$52.4K $10.60/SF
Area
Polk County, FL
Vacancy
6.50%
Lease Rate
$16.20 /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%
$1,048,420
Cap Rate 7%
$748,871
Cap Rate 9%
$582,456
Alternative Uses
Best Use
Multifamily LT 5
$748.9K
$655.3K – $873.7K
NOI $52,421 @ 7.0% cap · market cap 8.39%
Second Best
Apartment 5plus
$669.0K
$585.4K – $780.5K
NOI $46,829 @ 7.0% cap · market cap 7.49%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,166 @ 7.0% cap · market cap 13.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
89
Businesses Nearby
Explore this area
Business Placement
Demographics for 33860, FL
24,932
Population
9,649
Households
2.6
Avg Household Size
36
Median Age
15%
College-Educated
83%
High-School Grad
98.4 sq mi
ZIP Area
253
Density / Sq Mi
$62,779
Median Household Income
$37,688
Median Earnings
$1,150
Median Rent
$221,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Two triplexes with strong income potential and versatile rental options.
Where is this triplex located?
The property is located at 3210 WILLOW DRIVE Mulberry, FL.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Two triplexes (6 units total) offer significant income potential.; Diverse unit mix: each triplex includes two 1‑bedroom/1‑bath and one 3‑bedroom/1‑bath unit.; Versatile rental options appeal to singles, couples, and families.
