Six-Building Apartment
New
For Sale
$370,000
921 E 122ND AVE, Tampa, FL 33612
Twelve one-bedroom, one-bath units occupy an entire block with no rental restrictions.
Property Size1,156 SF
Days on Market7
Property Features for 921 E 122ND AVE
General Information
Standard status
Active
Size
1,156 SF
Property subtype
Duplex
Building Details
Building Size
1,156 SF
Year Built
1967
Listing Agency:
FUTURE HOME REALTY INC
Listed By:
Kristen Mendez · License #3352686
(727) 314-2696
Source:
Kingofrealestate
Added: Sep 15
Changed: Sep 18
Last Checked: Sep 20 at 10:09AM
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 Tampa multifamily property comprises six separate buildings containing 12 one-bedroom, one-bath units. The units are described as having spacious layouts, and the listed property size is 1,156 SF. Together, the buildings provide control of an entire block at 921 E 122nd Ave.
The property has no rental restrictions, allowing flexibility in selecting a rental strategy. The surrounding context includes proximity to the University of South Florida, which is identified as a nearby demand driver for student-oriented housing. Existing rental operations are in place across the unit portfolio.
The property has no rental restrictions, allowing flexibility in selecting a rental strategy. The surrounding context includes proximity to the University of South Florida, which is identified as a nearby demand driver for student-oriented housing. Existing rental operations are in place across the unit portfolio.
Key Highlights
- Six buildings with 12 total one‑bedroom, one‑bath units
- Entire block controlled through one multifamily property
- No rental restrictions stated
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
3.39%
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 3.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$263.3K
$230.4K – $307.2K
NOI $18,433 @ 7.0% cap · market cap 4.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Twelve one-bedroom, one-bath units occupy an entire block with no rental restrictions.
Where is this apartment building located?
The property is located at 921 E 122ND AVE Tampa, FL.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: Six buildings with 12 total one‑bedroom, one‑bath units; Entire block controlled through one multifamily property; No rental restrictions stated
