Premium Garage Condo Near
For Sale
$340,000
1111 N 34TH STREET #108, Tampa, FL 33605
Garage condo with HVAC, bath, WiFi, and security.
Property Size1,000 SF
Price / SF$340
Days on Market428
Property Features for 1111 N 34TH STREET #108
General Information
Standard status
Active
Size
1,000 SF
Taxes and HOA fees
Annual Taxes
$4,942
Building Details
Year Built
2023
Listing Agency:
SMITH & ASSOCIATES REAL ESTATE
Listed By:
LARRY MENDEZ
Source:
Corcoran
Added: Jul 2, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:08AM
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 SMITH & ASSOCIATES REAL ESTATE
Investment Insights
Based on property information with market context.
This premium garage condo, situated in the Paddock 1 area, is located minutes from downtown Tampa, South Tampa, and Tampa International Airport. Constructed for collectors, the 1,000 square foot condo (50' x 20') features a dedicated HVAC system and an open floor plan suitable for vehicles such as cars, RVs, boats, trailers, and bikes. The construction incorporates thick concrete slabs prepared for a car lift and pre-engineered for a second-floor loft. It includes a finished bath with a water heater and the potential for shower installation, along with a private 2GB WiFi network and fire protection system. An insulated 14-foot high by 12-foot wide roll-up electric door is included, as well as an insulated metal entry door hurricane-rated for up to 150 mph winds. The drive aisles between buildings measure 50 feet wide. The gated community has a state-of-the-art security system with 24/7 video surveillance. An 'owners only' paddock access offers a lounge area, TVs, and a private conference room with tables and chairs. Monthly events are typically held for owners, and private cigar lockers are available in the owner-only paddock.
Key Highlights
- Premium garage condo designed for collectors, accommodating cars, RVs, boats, and more.
- Located minutes from downtown Tampa and Tampa International Airport.
- Pre‑engineered for a 2nd‑floor loft and concrete slabs ready for a car lift.
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
$12,145
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
3.57%
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%
$242,900
$242.9K
Cap Rate 7%
$173,500
$173.5K
Cap Rate 9%
$134,944
$134.9K
Market Conditions
NOI Build-Up for 1,000 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
$18.4K $18.36/SF
− Vacancy
−$1.0K −$1.01/SF
EGI
$17.4K $17.35/SF
− OpEx
−$5.2K −$5.21/SF
NOI
$12.1K $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%
$242,900
Cap Rate 7%
$173,500
Cap Rate 9%
$134,944
Alternative Uses
Best Use
Industrial
$173.5K
$151.8K – $202.4K
NOI $12,145 @ 7.0% cap · market cap 3.57%
Second Best
Retail
$170.1K
$148.8K – $198.5K
NOI $11,907 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$233.0K
$203.9K – $271.8K
NOI $16,308 @ 7.0% cap · market cap 4.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
652
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 - Garage condo with HVAC, bath, WiFi, and security.
Where is this self storage facility located?
The property is located at 1111 N 34TH STREET #108 Tampa, FL.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Premium garage condo designed for collectors, accommodating cars, RVs, boats, and more.; Located minutes from downtown Tampa and Tampa International Airport.; Pre‑engineered for a 2nd‑floor loft and concrete slabs ready for a car lift.
