Renovated Duplex with Separate
For Sale
$590,000
506 N MACDILL AVE, Tampa, FL 33609
Two-home duplex with individual laundry facilities, flexible occupancy, and updated cooling systems.
Property Size1,698 SF
Days on Market9
Property Features for 506 N MACDILL AVE
General Information
Standard status
Active
Size
1,698 SF
Property subtype
Duplex
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,702
Building Details
Building Size
1,698 SF
Year Built
1950
Buildings
2
Tenancy
Single
Listing Agency:
RE/MAX ALLIANCE GROUP
Listed By:
Yingyi Xu · License #3218790
(813) 579-7379
Source:
Judibeck
Added: Sep 2
Changed: Sep 5
Last Checked: Sep 9 at 7:55AM
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 RE/MAX ALLIANCE GROUP
Investment Insights
Based on property information with market context.
Built in 1950, this duplex is configured as two separate residences. The front home offers three bedrooms and two bathrooms, while the rear home provides one bedroom and one bathroom. The front residence was renovated this year and includes central air conditioning. Improvements to the rear home were completed two years ago, including a new roof and split-system air conditioning.
Each residence has its own washer and dryer, while the properties share electric and water meters. The front home is currently vacant, and the rear home is occupied by a tenant. The residences may be used by one household or operated separately. The property is located on N MacDill Ave in Tampa, Florida, near Michelle Elementary, Wilson Middle, and Plant High School.
Each residence has its own washer and dryer, while the properties share electric and water meters. The front home is currently vacant, and the rear home is occupied by a tenant. The residences may be used by one household or operated separately. The property is located on N MacDill Ave in Tampa, Florida, near Michelle Elementary, Wilson Middle, and Plant High School.
Key Highlights
- Two separate residences: a 3‑bedroom, 2‑bath front home and a 1‑bedroom, 1‑bath rear home
- Front residence renovated this year with central AC
- Rear residence renovated 2 years ago with a new roof and split ACs
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
$19,820
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
3.36%
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%
$396,400
$396.4K
Cap Rate 7%
$283,143
$283.1K
Cap Rate 9%
$220,222
$220.2K
Market Conditions
NOI Build-Up for 1,698 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
$30.4K $17.88/SF
− Vacancy
−$2.0K −$1.21/SF
EGI
$28.3K $16.67/SF
− OpEx
−$8.5K −$5.00/SF
NOI
$19.8K $11.67/SF
Area
Tampa, 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%
$396,400
Cap Rate 7%
$283,143
Cap Rate 9%
$220,222
Alternative Uses
Best Use
Multifamily LT 5
$283.1K
$247.8K – $330.3K
NOI $19,820 @ 7.0% cap · market cap 3.36%
Second Best
Apartment 5plus
$263.3K
$230.4K – $307.1K
NOI $18,428 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$395.6K
$346.1K – $461.5K
NOI $27,691 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,403
Businesses Nearby
Explore this area
Business Placement
Demographics for 33609, FL
17,902
Population
9,169
Households
2
Avg Household Size
38
Median Age
63%
College-Educated
94%
High-School Grad
4.0 sq mi
ZIP Area
4,476
Density / Sq Mi
$105,083
Median Household Income
$66,567
Median Earnings
$1,818
Median Rent
$526,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-home duplex with individual laundry facilities, flexible occupancy, and updated cooling systems.
Where is this duplex located?
The property is located at 506 N MACDILL AVE Tampa, FL.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: Two separate residences: a 3‑bedroom, 2‑bath front home and a 1‑bedroom, 1‑bath rear home; Front residence renovated this year with central AC; Rear residence renovated 2 years ago with a new roof and split ACs
