Fenced Five-Bay Auto
For Sale
$1,595,000
715 W WATERS Avenue, Tampa, FL 33604
Commercial Sale, TAMPA, FL
Property Size4,000 SF
Lot Size0.46 Acres
Price / SF$398.75
Days on Market1601
Property Features for 715 W WATERS Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CG
Lot features
Central Business District, Corner Lot, City Limits, Paved
Directions
GO SOUTH ON BUS 41, TURN RIGHT ON WEST WATERS AVE. PROPERTY WILL BE ON THE RIGHT.
Subdivision
33604 - Tampa / Sulphur Springs
Standard status
Active
APN
A-24-28-18-3EO-000003-00024.0
Size
4,000 SF
Lot size
0.46 Acres
Taxes and HOA fees
Tax Year
2021
Tax Description
CASA LOMA SUBDIVISION LOTS 24 TO 29 INCL AND S 1/2 OF LOT 30 LESS THAT PART OF LOT 28 FOR R/W FOR SR S-587 BLOCK 3
Tax Annual Amount
8986
Legal Description
CASA LOMA SUBDIVISION LOTS 24 TO 29 INCL AND S 1/2 OF LOT 30 LESS THAT PART OF LOT 28 FOR R/W FOR SR S-587 BLOCK 3
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
Sales office
bathrooms
Storage room/area
Signage
exterior lifts
Building Details
Year built
1998
Building materials
Metal Frame
Roof type
Metal
Listing Agency:
RE/MAX SUNSET REALTY · RE/MAX International
(727) 863-2402
Listed By:
Frank Fekete, LLC · License #SL3039291
(727) 534-4871
Added: Apr 12, 2022
Changed: Aug 24
Last Checked: Aug 29 at 4:06PM
MLS# W7844199
Copyright © 2026 West Pasco Board of Realtors. 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 automotive service property includes a fenced site with five service bays, four exterior lifts, a sales office, bathrooms, storage space, and on-site signage. The building uses metal-frame construction with a metal roof and was built in 1998. The property is classified CG, or Commercial General, zoning.
The site encompasses 0.46 acres at 715 W WATERS Avenue in Tampa, Florida 33604. Public water and public sewer serve the property. The existing configuration combines repair-oriented work areas with administrative and support spaces, providing a defined setup for automotive service operations.
The site encompasses 0.46 acres at 715 W WATERS Avenue in Tampa, Florida 33604. Public water and public sewer serve the property. The existing configuration combines repair-oriented work areas with administrative and support spaces, providing a defined setup for automotive service operations.
Key Highlights
- Five service bays with four exterior lifts
- 0.46‑acre fenced automotive property
- CG Commercial General zoning
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
$48,581
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
3.05%
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%
$971,620
$971.6K
Cap Rate 7%
$694,014
$694.0K
Cap Rate 9%
$539,789
$539.8K
Market Conditions
NOI Build-Up for 4,000 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
$73.4K $18.36/SF
− Vacancy
−$4.0K −$1.01/SF
EGI
$69.4K $17.35/SF
− OpEx
−$20.8K −$5.21/SF
NOI
$48.6K $12.15/SF
Area
Tampa, FL
Vacancy
5.50%
Lease Rate
$18.36 /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%
$971,620
Cap Rate 7%
$694,014
Cap Rate 9%
$539,789
Alternative Uses
Best Use
Industrial
$694.0K
$607.3K – $809.7K
NOI $48,581 @ 7.0% cap · market cap 3.05%
Second Best
Retail
$680.4K
$595.4K – $793.8K
NOI $47,628 @ 7.0% cap · market cap 2.99%
Theoretical Best
Office A
$931.9K
$815.4K – $1.09M
NOI $65,232 @ 7.0% cap · market cap 4.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Service bays
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,205
Businesses Nearby
153k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 50%
Shops & Services 44%
Apparel 4%
Electronics 2%
Wawa
Shops & Services
50,492 visits/mo
0.4 miles
McDonald's
Dining
24,064 visits/mo
0.4 miles
Krispy Kreme Doughnuts
Dining
14,586 visits/mo
0.4 miles
Wendy's
Dining
14,335 visits/mo
0.4 miles
Dunkin' Donuts
Dining
9,651 visits/mo
0.3 miles
Demographics for 33604, FL
39,071
Population
17,053
Households
2.3
Avg Household Size
38
Median Age
26%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
5,209
Density / Sq Mi
$55,988
Median Household Income
$39,537
Median Earnings
$1,326
Median Rent
$264,900
Median Home Value
Market
Vacancy Rate% for Retail in Tampa, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Automotive service property with exterior lifts, office space, storage, signage, and public utilities.
Where is this auto shop located?
The property is located at 715 W WATERS Avenue Tampa, FL.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Five service bays with four exterior lifts; 0.46‑acre fenced automotive property; CG Commercial General zoning
