Two-Unit Duplex
New
For Sale
$310,000
38342-38344 12TH AVENUE, Zephyrhills, FL 33542
Income-producing duplex with matching two-bedroom, one-bath layouts on each side.
Property Size1,196 SF
Price / SF$259.20
Days on Market5
Property Features for 38342-38344 12TH AVENUE
General Information
Standard status
Active
Size
1,196 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
0.17 acres, Dimensions: 80x90
Shingle
Public Sewer
Additional parcels description:, Parcel Number: 11-26-21-0010-05500-0181, Public Survey Range: 21, Public Survey Section: 11, Annual Amount: $3,987, Tax Block: 55, Tax Book Number: 1-54, Legal Description: TOWN OF ZEPHYRHILLS PB 1 PG 54 ELY 80 FT OF LOTS 18,19 & 20 BLOCK 55, Lot: 18, Year: 2025, Zoning: R2
Laminate, Linoleum
Central Air
Central
Listing ID: MFRTB8541832, Standard Status: Active, MLS Status: Active, Property Subtype: Duplex, On market as of 2026-09-03, 1 day on market, Special Conditions: None
Driveway
Elementary School: Woodland Elementary-PO, Middle School: Raymond B Stewart Middle-PO, High School: Zephryhills High School-PO
Blinds
4 total bedrooms
Built in 1979, Living area: 1196, Living area units: Square Feet, Levels: One, Construction Materials: Block
Subdivision: CITY ZEPHYRHILLS, MLS Area (Major): 33542 - Zephyrhills, County/Parish: Pasco
Completed, City, Trees/Woods
2 total bathrooms
BB/HS Internet Available, Cable Available, Electricity Connected, Sewer Connected, Water Connected, Water Source: Public, 2 separate electric meters, 2 separate water meters
Slab
Electricity, Sewer, Trash Collection, Water
Road Responsibility: Public Maintained Road, Road Surface: Paved
Eat-in Kitchen, Primary Bedroom Main Floor, Window Treatments
Range, Refrigerator, Other equipment: None
Building Details
Year Built
1979
Listing Agency:
LANCE SMITH REALTY LLC
(813) 479-6936
Listed By:
Julie Ciociola · License #638760
(813) 546-3050
Source:
Miharaandassociates
Added: Sep 3
Changed: Sep 6
Last Checked: Sep 7 at 7:10AM
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 LANCE SMITH REALTY LLC
Investment Insights
Based on property information with market context.
This duplex property contains two separate residential units, each offering 2 bedrooms and 1 bath. The combined property size is 1,196 square feet, providing a straightforward two-unit configuration for residential rental use.
Constructed in 1979, the property is located at 38342-38344 12TH AVENUE in Zephyrhills, Florida. Both sides share the same bedroom and bathroom arrangement, creating a consistent unit mix across the building.
Constructed in 1979, the property is located at 38342-38344 12TH AVENUE in Zephyrhills, Florida. Both sides share the same bedroom and bathroom arrangement, creating a consistent unit mix across the building.
Key Highlights
- Two‑unit duplex configuration
- Each side includes 2 bedrooms and 1 bath
- Combined property size of 1,196 square feet
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
$13,960
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
4.50%
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%
$279,200
$279.2K
Cap Rate 7%
$199,429
$199.4K
Cap Rate 9%
$155,111
$155.1K
Market Conditions
NOI Build-Up for 1,196 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
$21.4K $17.88/SF
− Vacancy
−$1.4K −$1.21/SF
EGI
$19.9K $16.67/SF
− OpEx
−$6.0K −$5.00/SF
NOI
$14.0K $11.67/SF
Area
Pasco County, 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%
$279,200
Cap Rate 7%
$199,429
Cap Rate 9%
$155,111
Alternative Uses
Best Use
Multifamily LT 5
$199.4K
$174.5K – $232.7K
NOI $13,960 @ 7.0% cap · market cap 4.50%
Second Best
Apartment 5plus
$157.1K
$137.5K – $183.3K
NOI $11,000 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$272.4K
$238.4K – $317.9K
NOI $19,071 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
817
Businesses Nearby
Explore this area
Business Placement
Demographics for 33542, FL
22,649
Population
13,600
Households
1.7
Avg Household Size
54
Median Age
16%
College-Educated
89%
High-School Grad
10.4 sq mi
ZIP Area
2,178
Density / Sq Mi
$49,011
Median Household Income
$34,267
Median Earnings
$1,049
Median Rent
$129,900
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?
Duplex - Income-producing duplex with matching two-bedroom, one-bath layouts on each side.
Where is this duplex located?
The property is located at 38342-38344 12TH AVENUE Zephyrhills, FL.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: Two‑unit duplex configuration; Each side includes 2 bedrooms and 1 bath; Combined property size of 1,196 square feet
