Climate-Controlled Storage Condo with
For Sale
$450,000
1111 N 34th St., Tampa, FL 33605
COMMERCIAL - Tampa, FL
Property Size1,200 SF
Lot Size0.03 Acres
Price / SF$375
Days on Market317
Property Features for 1111 N 34th St.
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Subdivision
Ybor City
High school district
000000
Directions
I-4 to south on N 50th St, right on E Adamo Dr, right on N 34th St, property is on right side
Standard status
Active
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
6336
Utilities
Heating system
Zoned, Heat Pump (Heating), Electric (Heating)
Water source
Public
Building Details
Year built
2023
Floors in Building
1
Building materials
Masonite
Listing Agency:
DESTINY REALTY
(330) 495-9055
Listed By:
George Schempf
(330) 499-2298
Added: Oct 22, 2025
Changed: Aug 4
Last Checked: Sep 3 at 6:06AM
MLS# 11594032
Copyright © 2026 My State MLS. 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.
Unit 212 at Paddock1 Premium Gated Garage Storage Condos is a climate-controlled storage unit designed for personal vehicle storage. The unit measures 24' x 50' and includes a 14' x 14' overhead door and a bathroom (Bathroom 1). Built in 2023, it offers a gated, secure setting for private use.
Paddock1 features 50' aisles intended to accommodate RVs, boats, and trailers, and the facility’s layout is intended to make access easier for larger vehicles. The property includes a 3,000 sq ft owners-only club house for community gatherings and flexible work or meeting space.
The property is zoned commercial, but business use is not allowed by the HOA. These are private use storage condos, and Unit 212 is being marketed as available for use as-is or for finishing to match an owner’s preferences.
Paddock1 features 50' aisles intended to accommodate RVs, boats, and trailers, and the facility’s layout is intended to make access easier for larger vehicles. The property includes a 3,000 sq ft owners-only club house for community gatherings and flexible work or meeting space.
The property is zoned commercial, but business use is not allowed by the HOA. These are private use storage condos, and Unit 212 is being marketed as available for use as-is or for finishing to match an owner’s preferences.
Key Highlights
- Unit 212 measures 24' x 50' in a climate‑controlled storage condo
- 14' x 14' overhead door plus a bathroom (Bathroom 1) in Unit 212
- 50' aisles intended to accommodate RVs, boats, and trailers
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
$17,697
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
3.93%
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%
$353,940
$353.9K
Cap Rate 7%
$252,814
$252.8K
Cap Rate 9%
$196,633
$196.6K
Market Conditions
NOI Build-Up for 1,200 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
$22.0K $18.36/SF
− Vacancy
−$1.2K −$1.01/SF
EGI
$20.8K $17.35/SF
− OpEx
−$3.1K −$2.60/SF
NOI
$17.7K $14.75/SF
Area
Tampa, FL
Vacancy
5.50%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
15.00%
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%
$353,940
Cap Rate 7%
$252,814
Cap Rate 9%
$196,633
Alternative Uses
Best Use
Warehouse
$252.8K
$221.2K – $295.0K
NOI $17,697 @ 7.0% cap · market cap 3.93%
Second Best
Self Storage
$159.0K
$139.1K – $185.5K
NOI $11,128 @ 7.0% cap · market cap 2.47%
Theoretical Best
Office A
$279.6K
$244.6K – $326.2K
NOI $19,570 @ 7.0% cap · market cap 4.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
605
Businesses Nearby
Explore this area
Business Placement
Demographics for 33605, FL
18,243
Population
8,994
Households
2
Avg Household Size
36
Median Age
21%
College-Educated
79%
High-School Grad
7.8 sq mi
ZIP Area
2,339
Density / Sq Mi
$36,790
Median Household Income
$35,889
Median Earnings
$1,122
Median Rent
$235,100
Median Home Value
Market
Vacancy Rate% for Industrial in Tampa, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Climate-controlled storage condo with a private bathroom and gated access, within a commercial-zoned facility with HOA use restrictions.
Where is this self storage facility located?
The property is located at 1111 N 34th St. Tampa, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Unit 212 measures 24' x 50' in a climate‑controlled storage condo; 14' x 14' overhead door plus a bathroom (Bathroom 1) in Unit 212; 50' aisles intended to accommodate RVs, boats, and trailers
