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    Updated Duplex in Tampa Heights

    506 E SPARKMAN AVENUE Tampa, FL 33602

    506 E SPARKMAN AVENUE, Tampa, FL, 33602
    $675,000
    For Sale
    Claim this Listing
    $675,000

    Duplex - TAMPA, FL

    Property Size1,852 SF
    Lot Size0.13 Acres
    Price / SF$364.47
    AddedApr 28
    Days on Market79
    Last RefreshJul 15 at 11:06 am

    Property Features for 506 E SPARKMAN AVENUE

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Zoning
    RM-24
    Bedrooms
    4
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
    Parking features
    Carport
    Interior features
    Eat-in Kitchen, Kitchen/Family Room Combo, Primary Bedroom Main Floor
    Exterior features
    Fence
    Fencing
    Fenced
    Standard status
    Active
    APN
    A-13-29-18-4XD-000002-00008.1
    Size
    1,852 SF
    Lot size
    0.13 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    8226.48

    Utilities

    Heating system
    Central, Electric (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1964
    Number of units
    2
    Flooring type
    Vinyl
    Building materials
    Block
    Roof type
    Shingle
    Architectural style
    Other

    Listing agent Nick McCormick License #3388344

    Listing office PINEYWOODS REALTY LLC 701 Harbour Post Dr, Tampa, FL

    Listing date Apr 28, 2026

    MLS# TB8502629 Listing URL

    Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Investment Insights

    Based on property information with market context.

    This updated 2-unit property is suitable for a 1031 exchange investment or for an owner to live in one unit and rent out the other. Each unit features 2 bedrooms and 1 bath. The property includes a new 2024 roof, a 2022 HVAC system, and a 2021 water heater. Over $65,000 in documented improvements have been invested in recent years, covering kitchens, bathrooms, flooring, appliances, plumbing, electrical systems, and exterior maintenance. The property is move-in ready and located on an oversized lot in Tampa Heights, approximately 1 mile from Armature Works and 2 miles from Water Street, with proximity to Downtown Tampa. The property is located in Hillsborough County, Florida with RM-24 zoning.

    Key Highlights

    • Fully updated 2‑unit property ideal for 1031 exchange or owner‑occupancy with rental income potential.
    • Major systems recently updated: 2024 roof, 2022 HVAC, and 2021 water heater.
    • Located in desirable Tampa Heights, 1 mile from Armature Works and 2 miles from Water Street.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $33.1k $17.88
    − Vacancy −$2.2k −$1.21
    EGI $30.9k $16.67
    − OpEx −$9.3k −$5.00
    NOI $21.6k $11.67
    1,852 SF · lease $17.88/SF/yr · vacancy 6.74% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $308.8K
    $270.2K – $360.3K (±1% cap)
    NOI $21,617 @ 7.0% cap · market cap 3.20%
    Second Best
    Apartment 5plus
    $287.1K
    $251.2K – $335.0K (±1% cap)
    NOI $20,099 @ 7.0% cap · market cap 2.98%
    Theoretical Best
    Office A
    $431.5K
    $377.5K – $503.4K (±1% cap)
    NOI $30,202 @ 7.0% cap · market cap 4.47%
    Zoning and permitted uses should be independently verified with local authorities.

    Property Analytics

    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Pharmacy (Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store Dental Office Discount Store Veterinary Clinic Fish Market Carpet & Flooring Store Pet Store Restaurant

    Zoning and permitted uses should be independently verified with local authorities.

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    FAQs

    What type of property is this?
    Duplex - Fully updated duplex, ideal for investment or owner-occupancy.
    Where is this duplex located?
    The property is located at 506 E SPARKMAN AVENUE Tampa, FL.
    What is the asking price?
    The asking price for this property is $675,000.
    What are key features of this property?
    This property features: Fully updated 2‑unit property ideal for 1031 exchange or owner‑occupancy with rental income potential.; Major systems recently updated: 2024 roof, 2022 HVAC, and 2021 water heater.; Located in desirable Tampa Heights, 1 mile from Armature Works and 2 miles from Water Street.
    Contact an agent
    (813) 597-7662
    We can help!
    Contact an agent
    Nick McCormick
    Real Estate License ID: 3388344
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