Four-Unit Duplex
New
For Sale
$825,000
6404 S ADELIA, Tampa, FL 33616
Two duplex buildings offer leased residential units across a two-lot property in South Tampa.
Property Size3,294 SF
Days on Market4
Property Features for 6404 S ADELIA
General Information
Standard status
Active
Size
3,294 SF
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$57,000
Taxes and HOA fees
Annual Taxes
$5,116
Building Details
Building Size
3,294 SF
Year Built
1984
Buildings
2
Units
4
Listing Agency:
Smith & Associates Real Estate
(813) 380-4343
Listed By:
Stephen Gay · License #3124253
(813) 380-4343
Source:
Elliman
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 18 at 9:08AM
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 Smith & Associates Real Estate
Investment Insights
Based on property information with market context.
The property includes two duplex buildings with four residential units. Each unit contains two bedrooms and one bathroom, with layouts suited to standard residential occupancy. All four units are leased to long-term tenants, and the buildings occupy two buildable lots that support the stated redevelopment consideration.
Located at 6404 S Adelia, Tampa, FL 33616, the property is positioned in South Tampa near major roadways, shopping, dining, schools, and everyday amenities. Mobility indicators include a BikeScore of 66, a WalkScore of 41, and a TransitScore of 27. The buildings were constructed in 1984.
Located at 6404 S Adelia, Tampa, FL 33616, the property is positioned in South Tampa near major roadways, shopping, dining, schools, and everyday amenities. Mobility indicators include a BikeScore of 66, a WalkScore of 41, and a TransitScore of 27. The buildings were constructed in 1984.
Key Highlights
- Two duplex buildings with four total residential units
- Each unit includes 2 bedrooms and 1 bathroom
- All four units are leased to long‑term tenants
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
$38,449
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
4.66%
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%
$768,980
$769.0K
Cap Rate 7%
$549,271
$549.3K
Cap Rate 9%
$427,211
$427.2K
Market Conditions
NOI Build-Up for 3,294 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
$58.9K $17.88/SF
− Vacancy
−$4.0K −$1.21/SF
EGI
$54.9K $16.67/SF
− OpEx
−$16.5K −$5.00/SF
NOI
$38.4K $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%
$768,980
Cap Rate 7%
$549,271
Cap Rate 9%
$427,211
Alternative Uses
Best Use
Multifamily LT 5
$549.3K
$480.6K – $640.8K
NOI $38,449 @ 7.0% cap · market cap 4.66%
Second Best
Apartment 5plus
$510.7K
$446.9K – $595.8K
NOI $35,748 @ 7.0% cap · market cap 4.33%
Theoretical Best
Office A
$767.4K
$671.5K – $895.3K
NOI $53,719 @ 7.0% cap · market cap 6.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
310
Businesses Nearby
Explore this area
Business Placement
Demographics for 33616, FL
14,802
Population
7,068
Households
2.1
Avg Household Size
36
Median Age
47%
College-Educated
96%
High-School Grad
3.9 sq mi
ZIP Area
3,795
Density / Sq Mi
$88,971
Median Household Income
$54,946
Median Earnings
$1,794
Median Rent
$369,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two duplex buildings offer leased residential units across a two-lot property in South Tampa.
Where is this duplex located?
The property is located at 6404 S ADELIA Tampa, FL.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Two duplex buildings with four total residential units; Each unit includes 2 bedrooms and 1 bathroom; All four units are leased to long‑term tenants
