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    Renovated Apartments in Tampa Heights Title is generated by Realmo AI

    911 E 23rd Ave, Tampa, FL 33605

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    For Sale
    $1,050,000

    Nine renovated units in desirable Tampa Heights neighborhood.

    Type:Multifamily
    Added:
    Apr 1, 2026
    Days on Market:
    67
    Last Refresh:
    Apr 1 at 11:52 am

    Property Features for 911 E 23rd Ave

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    Building Details

    Year Built
    1969

    We can help!

    Listing Contact
    Eve Lowry

    Listing agent Eve Lowry License #FL #SL3549854

    Listing office

    Listing date Apr 1, 2026

    Source Franklinst

    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 Eve Lowry

    HighLights

    • 9‑unit renovated apartment community in the highly desirable Tampa Heights neighborhood.
    • Extensive recent upgrades at both the community and unit level, including major system improvements.
    • Recent Capex of $92k to community upgrades include replumbing, rewiring, new parking lot, and tankless water heaters.
    • Additional Capex of $122k to individual apartment upgrades include new framing/drywall/paint, minisplit HVAC units, and new appliances.
    • Average monthly rental upside of $119 per unit based on comparable properties.
    • Located near Armature Works, Tampa Riverwalk, Water Street in Downtown Tampa, and Gasworx in Ybor City.

    Overview

    Cigar City Flats is a renovated 9-unit apartment community in the Tampa Heights neighborhood of Tampa, FL. The property has undergone extensive recent upgrades at both the community and unit level, including major system improvements and modern interior renovations with updated cabinetry, flooring, appliances, and HVAC systems. Recent capital expenditures of $92,000 were allocated to community upgrades, including replumbing and rewiring the building, a new concrete parking lot, community washing machines, and tankless water heaters. An additional $122,000 in capital expenditures went to individual apartment upgrades, including new framing, drywall, paint, mini-split HVAC units, new appliances, white shaker cabinetry, vinyl flooring, and keypad unit entry. Nearby attractions include Armature Works, Tampa Riverwalk, the Straz Center, and Benchmark International Arena. The property is located within a short drive to Water Street in Downtown Tampa and Gasworx in Ybor City. Neighborhood amenities include Cuscaden Park and Robles Park, which provide pickleball courts, basketball courts, water views, and walking trails. Immediate proximity to I-275 provides ease of transportation around Tampa and the surrounding region.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tampa
    County
    Hillsborough
    State
    Florida
    Longitude
    -82.4502213
    Latitude
    27.971679

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    FAQs

    What type of property is this?
    Apartment building - Nine renovated units in desirable Tampa Heights neighborhood.
    Where is this apartment building located?
    The property is located at 911 E 23rd Ave Tampa, FL.
    What is the asking price?
    The asking price for this property is $1,050,000.
    What are key features of this property?
    This property features: 9‑unit renovated apartment community in the highly desirable Tampa Heights neighborhood.; Extensive recent upgrades at both the community and unit level, including major system improvements.; Recent Capex of $92k to community upgrades include replumbing, rewiring, new parking lot, and tankless water heaters.
    (813) 489-3552
    We can help!
    Listing Contact
    Eve Lowry
    Real Estate License ID: FL #SL3549854
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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