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    102 Adalia Ave Tampa, FL 33606

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    For Sale
    Contract
    $3,650,000

    Desirable Davis Islands homesite with no bridges to open bay.

    Lot size:
    0.19 Acres

    Property Features for 102 Adalia Ave

    General Information

    Standard status
    Contract
    Lot size
    0.19 Acres

    We can help!

    Listing Contact
    Edward Moore, Jr.
    Source: Corcoran

    Listing Agency: FUTURE HOME REALTY INC Listing Agent: Edward Moore, Jr.

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Sailboat Waterfront Homesite Opportunity

    This is a sailboat water homesite in a desirable location on Davis Islands, suitable for constructing an urban waterfront oasis. The property is located a short distance from the open bay, offering access without bridges and featuring some of the deepest and widest canal locations available on the islands. The dimensions are approximately 75 x 108 feet, providing ample width and depth for construction. A future new build on this site will afford views of the downtown skyline to the north, complementing the waterfront views to the south. The adjacent homesite of near equal dimensions is also available. Purchasing both properties would include a fully completed dock equipped with a heavy-duty lift and full electric and water. An additional property is also available, featuring a partially upgraded residence with approximately 4500 square feet of conditioned space and 6100 square feet total under roof. This property includes soaring ceilings, a 3-car garage, and a dock with a boat lift, as well as a platform lift for water toys. The location features a wide confluence of two separate canals, allowing for easy maneuverability and privacy. If all three properties are purchased together, a lightly used 2021, 36’ power cat cruiser located on site will be included, providing a total of 250 feet of water frontage and two large docks.
    Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Law Firm Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tampa
    County
    Hillsborough
    State
    Florida
    Longitude
    -82.4594557
    Latitude
    27.9311297

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    FAQs

    What type of property is this?
    Waterfront Land - Desirable Davis Islands homesite with no bridges to open bay.
    Where is this waterfront land located?
    The property is located at 102 Adalia Ave Tampa, FL.
    What is the asking price?
    The asking price for this property is $3,650,000.
    What are key features of this property?
    This property features: - Sailboat water access with no bridges, perfect for large sailboats or fishing boats.; - Desirable Davis Islands location, walk to Tampa General Hospital, minutes from downtown.; - Opportunity to purchase adjacent homesite for a fully completed dock.
    (813) 781-3622
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    102 Adalia Ave Tampa, FL 33606
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    102 Adalia Ave Tampa, FL 33606
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    We can help!
    Listing Contact
    Edward Moore, Jr.
    Real Estate License ID: 3270774
    (813) 781-3622 (813) 855-4982
    Learn more
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