34-Unit Garden-Style Apartment
New
For Sale
$4,052,000
5901 BRYCE Lane, Tampa, FL 33615
Residential Income, TAMPA, FL
Property Size18,277 SF
Lot Size1.78 Acres
Price / SF$221.70
Days on Market6
Property Features for 5901 BRYCE Lane
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Property condition
Under Construction
Zoning
RMC-16
Interior features
High Ceilings, Open Floorplan, Primary Bedroom Main Floor, Thermostat, Window Treatments
Exterior features
Garden, Lighting, Sidewalk
Subdivision
UNPLATTED
Directions
Take Exit 39 (SR 60 W / Memorial Hwy, toward Tampa International Airport), pick up Veterans Expressway (SR 589) North, exit onto Hillsborough Ave (SR 580) heading west to Sheldon Road, continue north on Memorial Hwy/Sheldon Rd, then left on Mohr Road - Bryce Lane is the 2nd right, roughly 12-18 minutes total.
Standard status
Active
APN
U-34-28-17-ZZZ-000000-40670.0
Size
18,277 SF
Lot size
1.78 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
COM AT NE COR OF SE 1/4 S 265 FT E 141.03 FT TO W R/W OF SHELDON RD S 104.72 FT TO N R/W OF MOHR RD S 53 DEG 36 MIN 20 SEC W 261 FT TO POB N 36 DEG 23 MIN 40 SEC W 109 FT S 53 DEG 36 MIN 20 SEC W 22 FT N 39 DEG 30 MIN 00 SEC W 107 FT N 15 DEG 44 MIN 29 SEC W 157.50 FT S 74 DEG 19 MIN 55 SEC W 90 FT S 01 DEG 49 MIN 56 SEC W 502.91 FT TO N R/W OF MOHR RD N 53 DEG 36 MIN 20 SEC E 367.61 FT TO POB LESS R/W BEG 369.72 FT S OF NE COR OF E 1/2 OF SE 1/4 RUN S 53 DEG 36 MIN 20 SEC W 261 FT FOR POB THN R UN S 54 DEG 14 MIN 106.51 FT N 52 DEG 40 MIN 39 SEC E 100.04 FT N 47 DEG 23 MIN 29 SEC E 6.55 FT AND S 35 DEG 45 MIN 57 SEC E 3.50 FT TO POB
Tax Annual Amount
41575
Legal Description
COM AT NE COR OF SE 1/4 S 265 FT E 141.03 FT TO W R/W OF SHELDON RD S 104.72 FT TO N R/W OF MOHR RD S 53 DEG 36 MIN 20 SEC W 261 FT TO POB N 36 DEG 23 MIN 40 SEC W 109 FT S 53 DEG 36 MIN 20 SEC W 22 FT N 39 DEG 30 MIN 00 SEC W 107 FT N 15 DEG 44 MIN 29 SEC W 157.50 FT S 74 DEG 19 MIN 55 SEC W 90 FT S 01 DEG 49 MIN 56 SEC W 502.91 FT TO N R/W OF MOHR RD N 53 DEG 36 MIN 20 SEC E 367.61 FT TO POB LESS R/W BEG 369.72 FT S OF NE COR OF E 1/2 OF SE 1/4 RUN S 53 DEG 36 MIN 20 SEC W 261 FT FOR POB THN R UN S 54 DEG 14 MIN 106.51 FT N 52 DEG 40 MIN 39 SEC E 100.04 FT N 47 DEG 23 MIN 29 SEC E 6.55 FT AND S 35 DEG 45 MIN 57 SEC E 3.50 FT TO POB
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1983
Number of units
34
Building materials
Metal Siding, Frame
Roof type
Shingle
Listing Agency:
REALTY ONE GROUP ADVANTAGE
(813) 909-0909
Listed By:
Alex Khoyi · License #BK3261907
(727) 846-7777
Added: Sep 21
Changed: Sep 26
Last Checked: Sep 26 at 4:06AM
MLS# TB8550910
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 34-unit garden-style apartment community comprises five buildings on 1.78 acres, with 18,277 square feet of property area. Constructed in 1983, the asset is 94% occupied and includes one-bedroom units with in-place rents ranging from $925 to $1,250, averaging $1,144. Individual electric meters serve each unit, while water is supplied through a single master meter. Recent property work includes flooring replacements in multiple units in 9/2025 and 11/2025, along with a water heater replacement in 7/2025.
The property is located in West Tampa near Tampa International Airport and the Veterans Expressway. Public water and public sewer serve the community, which also features garden areas, sidewalks, exterior lighting, shingle roofing, and ductless heating with window or wall/window air-conditioning units. Zoning is RMC-16.
The property is located in West Tampa near Tampa International Airport and the Veterans Expressway. Public water and public sewer serve the community, which also features garden areas, sidewalks, exterior lighting, shingle roofing, and ductless heating with window or wall/window air-conditioning units. Zoning is RMC-16.
Key Highlights
- 34 units across 5 garden‑style apartment buildings
- 1.78‑acre multifamily property with 18,277 square feet
- 94% occupied; one‑bedroom rents range from $925 to $1,250
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
Lease Details
34
Residential units
94%
Occupancy
Yes
Highway access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-building multifamily property with individual electric metering, public utilities, and established 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 multifamily property with 18,277 square feet; 94% occupied; one‑bedroom rents range from $925 to $1,250
