12-Unit Apartment
For Sale
$420,000
917 E 122ND Avenue, Tampa, FL 33612
Residential Income, TAMPA, FL
Property Size1,156 SF
Lot Size0.16 Acres
Price / SF$363.32
Days on Market8
Property Features for 917 E 122ND Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RDC-12
Bedrooms
1
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bathroom 2
Pets allowed
Dogs OK, Cats OK, Yes
Interior features
Ninguno
Subdivision
FLOWERS AND STUART OAK GROVE SUB
Lot features
City Limits, Near Public Transit
Elementary school
Miles-HB
Middle school
Liberty-HB
High school
Freedom-HB
Directions
Head northeast on Exit 51. Use the 2nd from the left lane to turn slightly right onto the FL-582 E ramp. Use the left lane to turn slightly right onto FL-582 E/E Fowler Ave. Use the 2nd from the left lane to turn left onto N Nebraska Ave. Turn right onto E 122nd Ave
Special listing conditions
Short Sale
Standard status
Active
APN
U-07-28-19-1GR-000000-00011.0
Size
1,156 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
FLOWERS AND STUART OAK GROVE SUBDIVISION LOT 11 & THE W 20.88 FT OF LOT 4 OF FLOWERS AND STUART OAK GROVE REV
Legal Description
FLOWERS AND STUART OAK GROVE SUBDIVISION LOT 11 & THE W 20.88 FT OF LOT 4 OF FLOWERS AND STUART OAK GROVE REV
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1967
Building materials
Block
Listing Agency:
FUTURE HOME REALTY INC
(813) 855-4982
Listed By:
Kristen Mendez · License #3352686
(727) 314-2696
Added: Sep 14
Changed: Sep 21
Last Checked: Sep 21 at 4:06AM
MLS# TB8546606
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 offering includes six block-construction buildings containing 12 one-bedroom, one-bath units. The improvements were built in 1967 and occupy a 0.16-acre site. Residential layouts are supported by ductless heating and window or wall/window air-conditioning units.
The property is located in Tampa, Florida, within the 33612 postal area. Public water and public sewer serve the site, and the zoning designation is RDC-12. The portfolio consists of multiple buildings under one offering, providing a consolidated multifamily configuration.
The property is located in Tampa, Florida, within the 33612 postal area. Public water and public sewer serve the site, and the zoning designation is RDC-12. The portfolio consists of multiple buildings under one offering, providing a consolidated multifamily configuration.
Key Highlights
- Six buildings with 12 one‑bedroom, one‑bath units
- 0.16‑acre multifamily site in Tampa
- RDC‑12 zoning designation
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
$12,546
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
2.99%
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%
$250,920
$250.9K
Cap Rate 7%
$179,229
$179.2K
Cap Rate 9%
$139,400
$139.4K
Market Conditions
NOI Build-Up for 1,156 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
$24.6K $21.24/SF
− Vacancy
−$1.7K −$1.51/SF
EGI
$22.8K $19.73/SF
− OpEx
−$10.3K −$8.88/SF
NOI
$12.5K $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%
$250,920
Cap Rate 7%
$179,229
Cap Rate 9%
$139,400
Alternative Uses
Best Use
Apartment 5plus
$179.2K
$156.8K – $209.1K
NOI $12,546 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$263.3K
$230.4K – $307.2K
NOI $18,433 @ 7.0% cap · market cap 4.39%
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
Check the figures for this property
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 - Six-building multifamily portfolio with one-bedroom residences and public water and sewer service in Tampa.
Where is this apartment building located?
The property is located at 917 E 122ND Avenue 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 with 12 one‑bedroom, one‑bath units; 0.16‑acre multifamily site in Tampa; RDC‑12 zoning designation
