Renovated Apartment
For Sale
Contact for pricing
6829 South De Soto Street, Tampa, FL 33616
Updated residences combine durable construction with modern finishes, smart-home features, and washer/dryer connections.
Property Size5,472 SF
Price / SF$222.04
Days on Market10
Property Features for 6829 South De Soto Street
General Information
Standard status
Active
Size
5,472 SF
Property subtype
Multifamily
Investment Type
Value Add
Additional Details
Highway Access
Yes
Amenities
granite countertops
stainless steel appliances
smart home technology
washer/dryer connections
Building Details
Year Built
1984
Buildings
2
Stories
2
Units
7
Construction
concrete block
Listing Agency:
Franklin Street Tampa
Listed By:
Geno Cronin · License #SL3612814
Source:
Crexi
Added: Aug 3
Changed: Aug 9
Last Checked: Aug 9 at 9:05AM
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 Franklin Street Tampa
Investment Insights
Based on property information with market context.
This renovated apartment community offers two-bedroom, one-bath residences averaging approximately 754 square feet. Built in 1984, the property uses concrete block construction with pitched roofs. Interior improvements include granite countertops, stainless steel appliances, smart home technology, and washer/dryer connections. Apartments have individually metered electricity, while water and sewer are administered through a RUBS program.
The property includes four on-site storage units that are currently unmonetized. Its South Tampa setting places it minutes from MacDill Air Force Base, Downtown Tampa, and the Westshore Business District, with connectivity through Gandy Boulevard, Dale Mabry Highway, and the Selmon Expressway.
The property includes four on-site storage units that are currently unmonetized. Its South Tampa setting places it minutes from MacDill Air Force Base, Downtown Tampa, and the Westshore Business District, with connectivity through Gandy Boulevard, Dale Mabry Highway, and the Selmon Expressway.
Key Highlights
- Renovated two‑bedroom, one‑bath apartments averaging approximately 754 square feet
- 1984 concrete block construction with pitched roofs
- Granite countertops, stainless steel appliances, and smart home technology
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
$59,385
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
4.89%
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%
$1,187,700
$1.2M
Cap Rate 7%
$848,357
$848.4K
Cap Rate 9%
$659,833
$659.8K
Market Conditions
NOI Build-Up for 5,472 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
$116.2K $21.24/SF
− Vacancy
−$8.3K −$1.51/SF
EGI
$108.0K $19.73/SF
− OpEx
−$48.6K −$8.88/SF
NOI
$59.4K $10.85/SF
Area
Tampa, FL
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%
$1,187,700
Cap Rate 7%
$848,357
Cap Rate 9%
$659,833
Alternative Uses
Best Use
Apartment 5plus
$848.4K
$742.3K – $989.8K
NOI $59,385 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.27M
$1.12M – $1.49M
NOI $89,237 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
240
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?
Apartment building - Updated residences combine durable construction with modern finishes, smart-home features, and washer/dryer connections.
Where is this apartment building located?
The property is located at 6829 South De Soto Street Tampa, FL.
What is the asking price?
The asking price for this property is $1,215,000.
What are key features of this property?
This property features: Renovated two‑bedroom, one‑bath apartments averaging approximately 754 square feet; 1984 concrete block construction with pitched roofs; Granite countertops, stainless steel appliances, and smart home technology
