Four-Unit Quadplex
For Sale
$825,000
6404 S ADELIA Avenue, Tampa, FL 33616
Residential Income, TAMPA, FL
Property Size3,294 SF
Lot Size0.13 Acres
Price / SF$250.46
Days on Market189
Property Features for 6404 S ADELIA Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RM-16
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 7, Bedroom 8, Bedroom 6, Bedroom 2, Bedroom 4, Bathroom 1, Bathroom 4, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 3
Parking features
Open
Interior features
Solid Surface Counters, Solid Wood Cabinets, Thermostat
Exterior features
Courtyard, Sidewalk
Appliances
Cooktop, Dishwasher, Refrigerator
Subdivision
SUNSET ADDITION
Lot features
City Limits, In County, Near Public Transit, Sidewalk, Paved
Elementary school
Chiaramonte-HB
Middle school
Madison-HB
High school
Robinson-HB
Directions
S On Dale Mabry, right on Elrod, Left on S. Adelia, property on the right hand side.
Standard status
Active
APN
A-16-30-18-41Y-000009-00002.0
Size
3,294 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SUNSET ADDITION LOT 2 BLOCK 9
Tax Annual Amount
5116
Legal Description
SUNSET ADDITION LOT 2 BLOCK 9
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Zoned
Water source
Public
Building Details
Year built
1984
Floors in Building
1
Number of units
4
Flooring type
Vinyl, Carpet
Building materials
Block, Stucco
Roof type
Shingle
Listing Agency:
SMITH & ASSOCIATES REAL ESTATE
(813) 839-3800
Listed By:
Stephen Gay · License #3124253
(813) 380-4343
Added: Feb 16
Changed: Aug 20
Last Checked: Aug 24 at 3:06PM
MLS# TB8476902
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 multifamily property comprises two duplex buildings with four residential units totaling 3,294 square feet. Each unit includes two bedrooms and one bathroom, with vinyl and carpet flooring, solid surface counters, solid wood cabinets, and central air. Open parking, a courtyard, sidewalks, public water, and public sewer support the property’s day-to-day operation. The buildings were constructed in 1984 and feature block and stucco construction with shingle roofing.
All four units are leased to long-term tenants, providing occupied residential income space. The property sits on two buildable lots and carries RM-16 zoning, creating flexibility for future redevelopment subject to applicable approvals. Located in Tampa’s 33616 ZIP code, the property is positioned near major roadways, shopping, dining, schools, and daily amenities.
All four units are leased to long-term tenants, providing occupied residential income space. The property sits on two buildable lots and carries RM-16 zoning, creating flexibility for future redevelopment subject to applicable approvals. Located in Tampa’s 33616 ZIP code, the property is positioned near major roadways, shopping, dining, schools, and daily amenities.
Key Highlights
- Four residential units arranged across two duplex buildings
- 3,294 square feet on 0.13 acres
- Each unit includes 2 bedrooms and 1 bathroom
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?
Quadplex - Two duplex structures offer leased two-bedroom, one-bath units with RM-16 zoning and practical residential layouts.
Where is this quadplex located?
The property is located at 6404 S ADELIA Avenue 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: Four residential units arranged across two duplex buildings; 3,294 square feet on 0.13 acres; Each unit includes 2 bedrooms and 1 bathroom
