NoHo District Professional Office
For Sale
Contact for pricing
2119 W Cass St, Tampa, FL 33606
Professional office in Tampa's NoHo District with development potential.
Property Size2,550 SF
Price / SF$294.12
Days on Market554
Property Features for 2119 W Cass St
General Information
Standard status
Active
Size
2,550 SF
Class
B
Property subtype
Office
Zoning
CG
Building Details
Year Built
1938
Year Renovated
2016
Buildings
1
Stories
2
Listing Agency:
DeLaVergne & Company
(813) 227-9000
Listed By:
John DeLaVergne · License #FL 3143828
Source:
Crexi
Added: Feb 12, 2025
Changed: Aug 8
Last Checked: Aug 20 at 12:52AM
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 DeLaVergne & Company
Investment Insights
Based on property information with market context.
This professional office space is situated in the NoHo District of Tampa, an area experiencing significant new development, including restaurants, retail spaces, and multifamily residences. The property is suitable for professional services firms, real estate or title companies, and engineering or architectural firms. The building includes three restrooms and a kitchen, offering the potential for use as a live/work space. Onsite parking is available with five to six spaces, supplemented by street parking. The property has a size of 2550 square feet. A new roof is planned for installation in 2025.
Key Highlights
- Prime NoHo District location, surrounded by new development.
- Suitable for live/work with 3 restrooms and kitchen.
- Onsite parking with 5‑6 spaces, plus street parking.
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
$34,655
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
4.62%
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%
$693,100
$693.1K
Cap Rate 7%
$495,071
$495.1K
Cap Rate 9%
$385,056
$385.1K
Market Conditions
NOI Build-Up for 2,550 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
$61.2K $24.00/SF
− Vacancy
−$15.0K −$5.88/SF
EGI
$46.2K $18.12/SF
− OpEx
−$11.6K −$4.53/SF
NOI
$34.7K $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%
$693,100
Cap Rate 7%
$495,071
Cap Rate 9%
$385,056
Alternative Uses
Best Use
Office B
$495.1K
$433.2K – $577.6K
NOI $34,655 @ 7.0% cap · market cap 4.62%
Second Best
Mixed Use
$491.8K
$430.3K – $573.8K
NOI $34,425 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$594.1K
$519.8K – $693.1K
NOI $41,585 @ 7.0% cap · market cap 5.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,130
Businesses Nearby
Explore this area
Business Placement
Demographics for 33606, FL
22,271
Population
10,918
Households
2
Avg Household Size
30
Median Age
77%
College-Educated
98%
High-School Grad
3.3 sq mi
ZIP Area
6,749
Density / Sq Mi
$113,634
Median Household Income
$46,311
Median Earnings
$1,931
Median Rent
$796,000
Median Home Value
Market
Vacancy Rate% for Office in Tampa, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Professional office in Tampa's NoHo District with development potential.
Where is this office building located?
The property is located at 2119 W Cass St Tampa, FL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Prime NoHo District location, surrounded by new development.; Suitable for live/work with 3 restrooms and kitchen.; Onsite parking with 5‑6 spaces, plus street parking.
