Duplex Property with Screened
For Sale
$450,000
707 2ND NW AVENUE, Ruskin, FL 33570
Two separate buildings provide flexible residential income use on non-HOA/CDD land with covered outdoor spaces.
Property Size3,630 SF
Price / SF$123.97
Days on Market669
Property Features for 707 2ND NW AVENUE
General Information
Standard status
Active
Size
3,630 SF
Property subtype
Multi Family
Property Condition
Severity
Major Repairs Needed
Evidence
recent storm damage
Units
Unit Mix
2 x 2BR/1.5BA, 2 x 1BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$5,324
Amenities
covered & screened porches
RV Canopy
Building Details
Year Built
1979
Buildings
2
Listing Agency:
KELLER WILLIAMS SOUTH SHORE
(813) 392-9166
Listed By:
Cathy Griggs · License #3086739
(813) 392-9166
Source:
Exitrealty
Added: Nov 1, 2024
Changed: Aug 30
Last Checked: Aug 30 at 1:07PM
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 KELLER WILLIAMS SOUTH SHORE
Investment Insights
Based on property information with market context.
This duplex property comprises two separate buildings with four residential units in total. Each building contains one two-bedroom unit with a full bathroom and an en-suite half bathroom, plus one one-bedroom, one-bathroom unit. Every apartment has a covered and screened porch. The property is being sold as-is and has storm-related damage requiring some repair. One two-bedroom unit includes a one-car carport and interior laundry room, while the remaining units have open parking or parking pads. A recreational vehicle canopy is also located in the backyard.
The property encompasses over a half-acre of non-HOA/CDD land at 707 2nd NW Avenue in Ruskin, Florida. Its location is described as between St. Petersburg, Tampa, and Bradenton. The site was built in 1979 and offers four units across two buildings for an owner-occupant or rental operation, subject to the property's existing condition and applicable requirements.
The property encompasses over a half-acre of non-HOA/CDD land at 707 2nd NW Avenue in Ruskin, Florida. Its location is described as between St. Petersburg, Tampa, and Bradenton. The site was built in 1979 and offers four units across two buildings for an owner-occupant or rental operation, subject to the property's existing condition and applicable requirements.
Key Highlights
- Four units distributed across two separate duplex buildings
- Each building includes one 2‑bedroom unit and one 1‑bedroom unit
- Every unit has a covered and screened porch
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
$33,385
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
7.42%
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%
$667,700
$667.7K
Cap Rate 7%
$476,929
$476.9K
Cap Rate 9%
$370,944
$370.9K
Market Conditions
NOI Build-Up for 3,630 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
$65.3K $18.00/SF
− Vacancy
−$4.6K −$1.28/SF
EGI
$60.7K $16.72/SF
− OpEx
−$27.3K −$7.52/SF
NOI
$33.4K $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%
$667,700
Cap Rate 7%
$476,929
Cap Rate 9%
$370,944
Alternative Uses
Best Use
Multifamily LT 5
$605.3K
$529.6K – $706.2K
NOI $42,371 @ 7.0% cap · market cap 9.42%
Second Best
Apartment 5plus
$476.9K
$417.3K – $556.4K
NOI $33,385 @ 7.0% cap · market cap 7.42%
Theoretical Best
Office A
$1.05M
$919.9K – $1.23M
NOI $73,589 @ 7.0% cap · market cap 16.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
551
Businesses Nearby
Explore this area
Business Placement
Demographics for 33570, FL
33,348
Population
14,049
Households
2.4
Avg Household Size
37
Median Age
22%
College-Educated
88%
High-School Grad
41.8 sq mi
ZIP Area
798
Density / Sq Mi
$69,048
Median Household Income
$41,333
Median Earnings
$1,217
Median Rent
$255,400
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 separate buildings provide flexible residential income use on non-HOA/CDD land with covered outdoor spaces.
Where is this duplex located?
The property is located at 707 2ND NW AVENUE Ruskin, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Four units distributed across two separate duplex buildings; Each building includes one 2‑bedroom unit and one 1‑bedroom unit; Every unit has a covered and screened porch
