Vacant Duplex with Two
For Sale
$350,000
Pending
921 E 121ST AVENUE, Tampa, FL 33612
Two separate residences offer a two-bedroom/two-bath layout and a one-bedroom/one-bath layout.
Property Size1,476 SF
Days on Market119
Property Features for 921 E 121ST AVENUE
General Information
Standard status
Pending
Size
1,476 SF
Property subtype
Duplex
Property Condition
Severity
Repairs Needed
Evidence
will need updates and general cleanup
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
1 x 2BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Building Details
Building Size
1,476 SF
Year Built
1953
Listing Agency:
WEST COAST REAL ESTATE OF TAMPA, LLC
(863) 651-5654
Listed By:
Jared Warren · License #3445374
(863) 651-5654
Source:
Paulchilds.kw
Added: May 5
Changed: Aug 28
Last Checked: Aug 30 at 1:22PM
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 WEST COAST REAL ESTATE OF TAMPA, LLC
Investment Insights
Based on property information with market context.
This 1953 duplex contains two vacant residences with distinct configurations. One unit provides two bedrooms and two bathrooms in just under 1,100 square feet, with one bedroom identified as a bonus room. The second unit includes one bedroom and one bathroom. The property also offers attic storage, a large yard, and a roof replacement completed in 2021.
Set on a quiet cul-de-sac near USF and I-275, the property has no HOA. Updates and general cleanup are needed, while the existing two-unit layout provides a clear framework for renovation. The combination of separate living spaces, outdoor area, and established improvements supports evaluation by an owner-occupant or investor.
Set on a quiet cul-de-sac near USF and I-275, the property has no HOA. Updates and general cleanup are needed, while the existing two-unit layout provides a clear framework for renovation. The combination of separate living spaces, outdoor area, and established improvements supports evaluation by an owner-occupant or investor.
Key Highlights
- Two‑unit duplex with both residences currently vacant
- One unit has 2 beds, 2 baths, and just under 1,100 square feet
- Second residence includes 1 bed and 1 bath
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
$17,228
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
4.92%
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%
$344,560
$344.6K
Cap Rate 7%
$246,114
$246.1K
Cap Rate 9%
$191,422
$191.4K
Market Conditions
NOI Build-Up for 1,476 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
$26.4K $17.88/SF
− Vacancy
−$1.8K −$1.21/SF
EGI
$24.6K $16.67/SF
− OpEx
−$7.4K −$5.00/SF
NOI
$17.2K $11.67/SF
Area
ZIP 33612
Vacancy
6.74%
Lease Rate
$17.88 /SF/Yr
Expense Ratio
30.00%
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%
$344,560
Cap Rate 7%
$246,114
Cap Rate 9%
$191,422
Alternative Uses
Best Use
Multifamily LT 5
$246.1K
$215.4K – $287.1K
NOI $17,228 @ 7.0% cap · market cap 4.92%
Second Best
Apartment 5plus
$228.8K
$200.2K – $267.0K
NOI $16,018 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$336.2K
$294.2K – $392.3K
NOI $23,536 @ 7.0% cap · market cap 6.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,414
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
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 residences offer a two-bedroom/two-bath layout and a one-bedroom/one-bath layout.
Where is this duplex located?
The property is located at 921 E 121ST AVENUE Tampa, FL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two‑unit duplex with both residences currently vacant; One unit has 2 beds, 2 baths, and just under 1,100 square feet; Second residence includes 1 bed and 1 bath
