12-Unit Apartment Building
New
For Sale
$420,000
906 E 123rd Ave, Tampa, FL 33612
Multifamily portfolio comprising six buildings with one-bedroom, one-bath residences and no stated rental restrictions.
Property Size2,312 SF
Price / SF$181.66
Days on Market7
Property Features for 906 E 123rd Ave
General Information
Standard status
Active
Size
2,312 SF
Property subtype
Residential Income
Units
Unit Mix
12 x 1BR/1BA
Multifamily Units
12
Additional Details
Average Monthly Rent
$1,300
Building Details
Buildings
6
Listing Agency:
FUTURE HOME REALTY INC
(813) 855-4982
Listed By:
Kristen Mendez · License #3352686
(727) 314-2696
Source:
Exprealty
Added: Sep 15
Changed: Sep 17
Last Checked: Sep 20 at 2:49PM
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 FUTURE HOME REALTY INC
Investment Insights
Based on property information with market context.
This multifamily offering includes six separate buildings containing 12 one-bedroom, one-bath apartment units. The residences are described as having spacious layouts, and the portfolio encompasses an entire block in Tampa. No rental restrictions are stated for the properties, providing flexibility in evaluating rental strategies.
The portfolio is located at 906 E 123rd Ave in Tampa, with the University of South Florida identified as a nearby institution. The assemblage combines multiple buildings and residential units under one ownership structure.
The portfolio is located at 906 E 123rd Ave in Tampa, with the University of South Florida identified as a nearby institution. The assemblage combines multiple buildings and residential units under one ownership structure.
Key Highlights
- Six buildings containing 12 apartment units
- All residences are configured as one‑bedroom, one‑bath units
- Portfolio encompasses an entire block
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
$25,091
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
5.97%
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%
$501,820
$501.8K
Cap Rate 7%
$358,443
$358.4K
Cap Rate 9%
$278,789
$278.8K
Market Conditions
NOI Build-Up for 2,312 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
$49.1K $21.24/SF
− Vacancy
−$3.5K −$1.51/SF
EGI
$45.6K $19.73/SF
− OpEx
−$20.5K −$8.88/SF
NOI
$25.1K $10.85/SF
Area
ZIP 33612
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%
$501,820
Cap Rate 7%
$358,443
Cap Rate 9%
$278,789
Alternative Uses
Best Use
Apartment 5plus
$358.4K
$313.6K – $418.2K
NOI $25,091 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$526.7K
$460.8K – $614.4K
NOI $36,866 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
1,468
Businesses Nearby
Explore this area
Business Placement
Demographics for 33612, FL
49,452
Population
21,228
Households
2.3
Avg Household Size
34
Median Age
18%
College-Educated
78%
High-School Grad
9.9 sq mi
ZIP Area
4,995
Density / Sq Mi
$43,919
Median Household Income
$32,724
Median Earnings
$1,259
Median Rent
$249,600
Median Home Value
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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 - Multifamily portfolio comprising six buildings with one-bedroom, one-bath residences and no stated rental restrictions.
Where is this apartment building located?
The property is located at 906 E 123rd Ave Tampa, FL.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Six buildings containing 12 apartment units; All residences are configured as one‑bedroom, one‑bath units; Portfolio encompasses an entire block
