Three-Story Mixed-Use Commercial
For Sale
Contact for pricing
1007 FRANKLIN ST, Tampa, FL 33602
Three-story block construction in CBD-1 zoning, positioned across from Herman Massey Park for flexible mixed-use redevelopment.
Property Size15,878 SF
Lot Size0.13 Acres
Price / SF$219.80
Days on Market104
Property Features for 1007 FRANKLIN ST
General Information
Standard status
Active
Size
15,878 SF
Lot size
0.13 Acres
Property subtype
Multifamily, Mixed Use, Retail
Zoning
CBD-1
Investment Type
Redevelopment
Additional Details
Opportunity Zone
Yes
Building Details
Year Built
1895
Buildings
1
Stories
3
Listing Agency:
Engel & Völkers New Smyrna Beach
Listed By:
Chris Pixley · License #SL3236442
(352) 267-4244
Source:
Crexi
Added: Jun 12
Changed: Sep 15
Last Checked: Sep 22 at 5:39PM
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 Engel & Völkers New Smyrna Beach
Investment Insights
Based on property information with market context.
The property is an approximately 5,460 SF site improved with an existing 11,878 SF three-story commercial/office building constructed of durable block construction. The offering is being presented as a mixed-use commercial building and redevelopment opportunity, with redevelopment potential supported by its underlying zoning and designated redevelopment areas.
The site is located along Historic Franklin Street in Downtown Tampa’s urban core and is directly across from Herman Massey Park. The remarks also note immediate walkability to downtown destinations including the Tampa Riverwalk, Amalie Arena, restaurants, entertainment venues, retail destinations, and cultural attractions.
Zoned CBD-1 (Central Business District) within the City of Tampa, the property allows a broad range of high-density mixed-use redevelopment opportunities, including residential, hospitality, office, retail, and entertainment-oriented uses as described in the offering materials. The property is also listed as being within both a designated Opportunity Zone and the Downtown Tampa Community Redevelopment Area (CRA), which the remarks state provides redevelopment and investment incentives. Additionally, the offering notes the potential to assemble adjoining parcels to create an expanded footprint for larger-scale future development, supporting a range of redevelopment strategies for qualified investors and developers.
The site is located along Historic Franklin Street in Downtown Tampa’s urban core and is directly across from Herman Massey Park. The remarks also note immediate walkability to downtown destinations including the Tampa Riverwalk, Amalie Arena, restaurants, entertainment venues, retail destinations, and cultural attractions.
Zoned CBD-1 (Central Business District) within the City of Tampa, the property allows a broad range of high-density mixed-use redevelopment opportunities, including residential, hospitality, office, retail, and entertainment-oriented uses as described in the offering materials. The property is also listed as being within both a designated Opportunity Zone and the Downtown Tampa Community Redevelopment Area (CRA), which the remarks state provides redevelopment and investment incentives. Additionally, the offering notes the potential to assemble adjoining parcels to create an expanded footprint for larger-scale future development, supporting a range of redevelopment strategies for qualified investors and developers.
Key Highlights
- Approximately 15,460 SF site with an existing 15,878 SF three‑story commercial/office building built in 1895
- CBD‑1 (Central Business District) zoning in the City of Tampa allowing a broad range of mixed‑use redevelopment options
- Block construction three‑story building suitable for commercial/office uses and potential redevelopment
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
$215,782
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
6.18%
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%
$4,315,640
$4.3M
Cap Rate 7%
$3,082,600
$3.1M
Cap Rate 9%
$2,397,578
$2.4M
Market Conditions
NOI Build-Up for 15,878 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
$381.1K $24.00/SF
− Vacancy
−$93.4K −$5.88/SF
EGI
$287.7K $18.12/SF
− OpEx
−$71.9K −$4.53/SF
NOI
$215.8K $13.59/SF
Area
Tampa, FL
Vacancy
24.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$4,315,640
Cap Rate 7%
$3,082,600
Cap Rate 9%
$2,397,578
Alternative Uses
Best Use
Office B
$3.08M
$2.70M – $3.60M
NOI $215,782 @ 7.0% cap · market cap 6.18%
Second Best
Mixed Use
$3.06M
$2.68M – $3.57M
NOI $214,353 @ 7.0% cap · market cap 6.14%
Theoretical Best
Office A
$3.70M
$3.24M – $4.32M
NOI $258,938 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
6,220
Businesses Nearby
Explore this area
Business Placement
Demographics for 33602, FL
19,936
Population
11,972
Households
1.7
Avg Household Size
36
Median Age
61%
College-Educated
92%
High-School Grad
2.6 sq mi
ZIP Area
7,668
Density / Sq Mi
$88,569
Median Household Income
$66,434
Median Earnings
$2,119
Median Rent
$560,400
Median Home Value
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Market
Vacancy Rate% for Office in Tampa, FL
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Frequently Asked Questions
What type of property is this?
Office building - Three-story block construction in CBD-1 zoning, positioned across from Herman Massey Park for flexible mixed-use redevelopment.
Where is this office building located?
The property is located at 1007 FRANKLIN ST Tampa, FL.
What is the asking price?
The asking price for this property is $3,490,000.
What are key features of this property?
This property features: Approximately 15,460 SF site with an existing 15,878 SF three‑story commercial/office building built in 1895; CBD‑1 (Central Business District) zoning in the City of Tampa allowing a broad range of mixed‑use redevelopment options; Block construction three‑story building suitable for commercial/office uses and potential redevelopment
