Thonotosassa Duplex Investment
For Sale
$359,000
9420 GREYSTONE Rd, Thonotosassa, FL 33592
Duplex near Tampa with strong rental history.
Property Size1,296 SF
Lot Size0.16 Acres
Days on Market276
Property Features for 9420 GREYSTONE Rd
General Information
Standard status
Active
Size
1,296 SF
Lot size
0.16 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$4,001
Building Details
Building Size
1,296 SF
Year Built
1971
Units
2
Listing Agency:
(727) 743-0528
Listed By:
Mary Giasevits · License #606406
(727) 743-0528
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 26
Last Checked: Aug 29 at 8:50AM
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 Mary Giasevits
Investment Insights
Based on property information with market context.
This duplex property features two units, each containing two bedrooms and one bathroom. The units are described as spacious and have a history of being almost always fully rented. A new well was approved in September 2023. The property is located on the outskirts of Tampa, with a stated travel time of 15-30 minutes to the Amphitheater, Seminole Hard Rock Casino, Zoo Tampa, and Busch Gardens. This property is presented as an investment opportunity.
Key Highlights
- Investment property: Duplex with two units, each featuring 2 bedrooms and 1 bath.
- Strong rental history: Units are almost always fully rented.
- New Well:** Brand new and approved well installed in 9/2023.
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
$15,127
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
4.21%
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%
$302,540
$302.5K
Cap Rate 7%
$216,100
$216.1K
Cap Rate 9%
$168,078
$168.1K
Market Conditions
NOI Build-Up for 1,296 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
$23.2K $17.88/SF
− Vacancy
−$1.6K −$1.21/SF
EGI
$21.6K $16.67/SF
− OpEx
−$6.5K −$5.00/SF
NOI
$15.1K $11.67/SF
Area
Hillsborough County, FL
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%
$302,540
Cap Rate 7%
$216,100
Cap Rate 9%
$168,078
Alternative Uses
Best Use
Multifamily LT 5
$216.1K
$189.1K – $252.1K
NOI $15,127 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$170.3K
$149.0K – $198.7K
NOI $11,919 @ 7.0% cap · market cap 3.32%
Theoretical Best
Office A
$375.3K
$328.4K – $437.9K
NOI $26,273 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
104
Businesses Nearby
Explore this area
Business Placement
Demographics for 33592, FL
11,885
Population
4,944
Households
2.4
Avg Household Size
42
Median Age
26%
College-Educated
81%
High-School Grad
53.1 sq mi
ZIP Area
224
Density / Sq Mi
$65,683
Median Household Income
$37,391
Median Earnings
$1,134
Median Rent
$247,900
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 - Duplex near Tampa with strong rental history.
Where is this duplex located?
The property is located at 9420 GREYSTONE Rd Thonotosassa, FL.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: Investment property: Duplex with two units, each featuring 2 bedrooms and 1 bath.; Strong rental history: Units are almost always fully rented.; New Well:** Brand new and approved well installed in 9/2023.
