Seven-Unit Apartment
For Sale
$799,000
4615 N HESPERIDES STREET, Tampa, FL 33614
Seven-unit multifamily property built in 1944 with a stated 7.52 cap rate and immediate cash flow potential.
Property Size3,700 SF
Price / SF$215.95
Days on Market42
Property Features for 4615 N HESPERIDES STREET
General Information
Standard status
Active
Size
3,700 SF
Property subtype
Multi-Family 5+
Additional Details
Cap Rate
7.52%
Highway Access
Yes
Multifamily Units
7
Building Details
Year Built
1944
Listing Agency:
BLUE PEAK REALTY LLC
(727) 777-7100
Listed By:
Andrew Cutrona · License #3501140
(610) 757-8785
Source:
Endlesssummerrealty
Added: Jul 29
Changed: Sep 7
Last Checked: Sep 7 at 7:25AM
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 BLUE PEAK REALTY LLC
Investment Insights
Based on property information with market context.
Seven-unit apartment building built in 1944, presented as a stabilized, income-producing multifamily asset with a stated 7.52 cap rate. The offering is described as providing immediate cash flow from day one.
Located on North Hesperides Street at 4615 N Hesperides St, Tampa, FL 33614, the property is positioned in Tampa’s Drew Park district. The remarks note convenient access to major destinations and employment areas, including Raymond James Stadium, George M. Steinbrenner Field, Tampa International Airport, International Plaza, downtown Tampa, and Interstate 275 and the Veterans Expressway.
WalkScore and transitScore are listed as 32 and 27, respectively, with Bikeable bikeScore of 61, supporting a primarily car-dependent access pattern with some bicycling connectivity.
Located on North Hesperides Street at 4615 N Hesperides St, Tampa, FL 33614, the property is positioned in Tampa’s Drew Park district. The remarks note convenient access to major destinations and employment areas, including Raymond James Stadium, George M. Steinbrenner Field, Tampa International Airport, International Plaza, downtown Tampa, and Interstate 275 and the Veterans Expressway.
WalkScore and transitScore are listed as 32 and 27, respectively, with Bikeable bikeScore of 61, supporting a primarily car-dependent access pattern with some bicycling connectivity.
Key Highlights
- Seven‑unit multifamily apartment building
- Built in 1944
- Stated 7.52 cap rate with immediate cash flow from day one
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
$34,029
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
4.26%
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%
$680,580
$680.6K
Cap Rate 7%
$486,129
$486.1K
Cap Rate 9%
$378,100
$378.1K
Market Conditions
NOI Build-Up for 3,700 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
$66.6K $18.00/SF
− Vacancy
−$4.7K −$1.28/SF
EGI
$61.9K $16.72/SF
− OpEx
−$27.8K −$7.52/SF
NOI
$34.0K $9.20/SF
Area
ZIP 33614
Vacancy
7.10%
Lease Rate
$18.00 /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%
$680,580
Cap Rate 7%
$486,129
Cap Rate 9%
$378,100
Alternative Uses
Best Use
Apartment 5plus
$486.1K
$425.4K – $567.2K
NOI $34,029 @ 7.0% cap · market cap 4.26%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$617.0K
$539.9K – $719.8K
NOI $43,188 @ 7.0% cap · market cap 5.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
891
Businesses Nearby
Explore this area
Business Placement
Demographics for 33614, FL
47,695
Population
19,660
Households
2.4
Avg Household Size
39
Median Age
23%
College-Educated
78%
High-School Grad
9.7 sq mi
ZIP Area
4,917
Density / Sq Mi
$51,143
Median Household Income
$31,350
Median Earnings
$1,399
Median Rent
$295,700
Median Home Value
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?
Apartment building - Seven-unit multifamily property built in 1944 with a stated 7.52 cap rate and immediate cash flow potential.
Where is this apartment building located?
The property is located at 4615 N HESPERIDES STREET Tampa, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Seven‑unit multifamily apartment building; Built in 1944; Stated 7.52 cap rate with immediate cash flow from day one
