Plant City Multifamily Investment
For Sale
$359,900
601 W BAKER ST, Plant City, FL 33563
Five-unit residential property with income potential in Plant City.
Property Size3,045 SF
Lot Size0.25 Acres
Price / SF$118.19
Days on Market330
Property Features for 601 W BAKER ST
General Information
Standard status
Active
Size
3,045 SF
Lot size
0.25 Acres
Property subtype
Multi-Family 5+
Taxes and HOA fees
Annual Taxes
$4,368
Building Details
Building Size
3,045 SF
Year Built
1922
Listing Agency:
REALTY ADVISOR EXPERTS
Listed By:
Mike Griffin
(813) 967-3607
Source:
Judibeck
Added: Oct 16, 2025
Changed: Sep 6
Last Checked: Sep 9 at 6:21AM
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 ADVISOR EXPERTS
Investment Insights
Based on property information with market context.
This five-unit residential rental property in downtown Plant City offers an investor opportunity. The property generates a gross annual income of $52,800. It features 3,045 square feet of living area with a mix of unit sizes, each having a private entrance. All units include AC wall units and natural gas stoves. Additional features are a large garage/storage area and low property taxes. The property is situated on a quarter-acre corner lot and is conveniently located minutes from I-4, close to shopping and restaurants. The property is not in a flood zone. Long-term tenants occupy the units, and rents are below market value, suggesting potential for increased income. The location has a walk score of 21, indicating car-dependence, and a bike score of 36, indicating it is somewhat bikeable.
Key Highlights
- Strong income potential: Gross annual income of $52,800 with under‑market rents.
- Multi‑unit property: Features 5 residential units, each with a private entrance.
- Convenient location: Minutes from I‑4 and close to shopping and restaurants.
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
$28,005
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
7.78%
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%
$560,100
$560.1K
Cap Rate 7%
$400,071
$400.1K
Cap Rate 9%
$311,167
$311.2K
Market Conditions
NOI Build-Up for 3,045 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
$54.8K $18.00/SF
− Vacancy
−$3.9K −$1.28/SF
EGI
$50.9K $16.72/SF
− OpEx
−$22.9K −$7.52/SF
NOI
$28.0K $9.20/SF
Area
Hillsborough County, FL
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%
$560,100
Cap Rate 7%
$400,071
Cap Rate 9%
$311,167
Alternative Uses
Best Use
Apartment 5plus
$400.1K
$350.1K – $466.8K
NOI $28,005 @ 7.0% cap · market cap 7.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$881.9K
$771.6K – $1.03M
NOI $61,730 @ 7.0% cap · market cap 17.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,201
Businesses Nearby
Explore this area
Business Placement
Demographics for 33563, FL
27,344
Population
10,794
Households
2.5
Avg Household Size
35
Median Age
18%
College-Educated
76%
High-School Grad
15.1 sq mi
ZIP Area
1,811
Density / Sq Mi
$56,318
Median Household Income
$35,142
Median Earnings
$1,226
Median Rent
$197,500
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?
Apartment building - Five-unit residential property with income potential in Plant City.
Where is this apartment building located?
The property is located at 601 W BAKER ST Plant City, FL.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: Strong income potential: Gross annual income of $52,800 with under‑market rents.; Multi‑unit property: Features 5 residential units, each with a private entrance.; Convenient location: Minutes from I‑4 and close to shopping and restaurants.
