34-Unit Garden-Style Apartment
New
For Sale
$4,052,000
5901 Bryce Lane, Tampa, FL 33615
Five-building layout with individually metered electric service and 94% occupancy.
Property Size18,277 SF
Price / SF$221.70
Days on Market2
Property Features for 5901 Bryce Lane
General Information
Standard status
Active
Size
18,277 SF
Property subtype
Multi-Family
Building Details
Year Built
1983
Listing Agency:
REALTY ONE GROUP ADVANTAGE
Listed By:
Alex Khoyi · License #261549280
(727) 846-7777
Source:
Endlesssummerlivingfl
Added: Sep 22
Last Checked: Sep 22 at 1:31PM
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 REALTY ONE GROUP ADVANTAGE
Investment Insights
Based on property information with market context.
This garden-style apartment property comprises 34 units across five buildings on 1.78 acres. Constructed in 1983, the community is 94% occupied and features individually metered electric service, while water is supplied through a master meter. Recent unit-level work includes flooring replacements completed in 9/2025 and 11/2025, along with a water heater replacement in 7/2025.
The property is positioned in West Tampa near Tampa International Airport and the Veterans Expressway. Its apartment configuration, low-density site plan, and documented maintenance updates provide a straightforward operating profile. The source information also reports a 6.5% cap rate based on 2026 annualized NOI.
The property is positioned in West Tampa near Tampa International Airport and the Veterans Expressway. Its apartment configuration, low-density site plan, and documented maintenance updates provide a straightforward operating profile. The source information also reports a 6.5% cap rate based on 2026 annualized NOI.
Key Highlights
- 34 units across 5 garden‑style apartment buildings
- 1.78‑acre low‑density apartment site in West Tampa
- 94% occupied
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
$198,353
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
4.90%
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%
$3,967,060
$4.0M
Cap Rate 7%
$2,833,614
$2.8M
Cap Rate 9%
$2,203,922
$2.2M
Market Conditions
NOI Build-Up for 18,277 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
$388.2K $21.24/SF
− Vacancy
−$27.6K −$1.51/SF
EGI
$360.6K $19.73/SF
− OpEx
−$162.3K −$8.88/SF
NOI
$198.4K $10.85/SF
Area
ZIP 33615
Vacancy
7.10%
Lease Rate
$21.24 /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%
$3,967,060
Cap Rate 7%
$2,833,614
Cap Rate 9%
$2,203,922
Alternative Uses
Best Use
Apartment 5plus
$2.83M
$2.48M – $3.31M
NOI $198,353 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.70M
$4.99M – $6.65M
NOI $399,005 @ 7.0% cap · market cap 9.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,007
Businesses Nearby
Explore this area
Business Placement
Demographics for 33615, FL
47,434
Population
20,543
Households
2.3
Avg Household Size
40
Median Age
30%
College-Educated
90%
High-School Grad
8.6 sq mi
ZIP Area
5,516
Density / Sq Mi
$66,257
Median Household Income
$38,858
Median Earnings
$1,586
Median Rent
$291,500
Median Home Value
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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?
Apartment building - Five-building layout with individually metered electric service and 94% occupancy.
Where is this apartment building located?
The property is located at 5901 Bryce Lane Tampa, FL.
What is the asking price?
The asking price for this property is $4,052,000.
What are key features of this property?
This property features: 34 units across 5 garden‑style apartment buildings; 1.78‑acre low‑density apartment site in West Tampa; 94% occupied
