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    Flex/Office Building with Grade Loading Title is generated by Realmo AI

    3104 Cherry Palm Dr, Tampa, FL

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    One-story flex/office building with convenient highway access.

    Type:FLEX_R_AND_D
    Property size:
    2,000 SF
    Lot size:
    6.38 Acres
    Added:
    Jan 9, 2023
    Days on Market:
    1226
    Last Refresh:
    Apr 5 at 9:47 pm

    Property Features for 3104 Cherry Palm Dr

    General Information

    Standard status
    Active
    Size
    2,000 SF
    Lot size
    6.38 Acres
    Property subtype
    FLEX_R_AND_D

    Spaces For Lease

    at 3104 Cherry Palm Dr Contact us

    We can help!

    Listing Contact
    Jeffrey Lanning

    Listing agent Jeffrey Lanning

    Listing office Workspace Property Trust - Corporate

    Listing date Jan 9, 2023

    Source Moodyscre

    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 Workspace Property Trust - Corporate

    HighLights

    • Excellent Location: Quick access to Veterans Expressway and N. Dale Mabry Hwy, with proximity to I‑275 and Hillsborough Ave.
    • High Parking Ratio: Benefit from an above average parking ratio of 4‑5/1,000.
    • Grade Level Loading: Property offers grade‑level loading capabilities.
    • On‑Site Amenities: Features 2 delis on site.
    • Convenient Access to Amenities: Several restaurants, big box retail, banking, and hotels located within 2 miles.
    • Public Transportation: HART bus service available with a transit stop in front of the park.

    Overview

    This one-story flex/office building offers grade-level loading capabilities. The estimated operating expenses are $4.75. Tenants are responsible for their own electric and janitorial services. The property features an above-average parking ratio of 4-5/1,000. Two delis are located on-site, with several restaurants, big box retail, banking, and hotels within 2 miles. Quick access is available to Veterans Expressway and N. Dale Mabry Hwy, with 275 located 4 miles or less away, and minutes from Hillsborough Ave. HART provides bus service to this area, with a transit stop located in front of the park. The property is part of Workspace Property Trust, a privately held, vertically integrated, full-service commercial real estate company specializing in the ownership, management, leasing, and development of Office and Industrial / R&D / Flex (IRDF) space. Workspace owns and operates approximately 18 million square feet across over 200 properties in sought-after markets, including 13 of the top 20 US metropolitan areas. The property offers 2000 square feet of space.
    Location Intelligence

    Current Use by Public Records

    Flow Control Technology ... Professional Services Coast to Coast International Auto Parts Store Bay Area Youth ... Corporate Office Technocable Wiring Specialists Auto Repair Shop Brown Bag Deli ... Take-out & Catering

    Suggested Use

    Restaurant Real Estate Agency Law Firm Dental Office Building Supply Hair Salon Auto Repair Shop Big Box & Wholesale Store Nail Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Tampa
    County
    Hillsborough
    State
    Florida
    Longitude
    -82.3451
    Latitude
    27.972

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    FAQs

    What type of property is this?
    Flex space - One-story flex/office building with convenient highway access.
    Where is this flex space located?
    The property is located at 3104 Cherry Palm Dr Tampa, FL.
    What is the lease rate?
    The lease rate is $14 SF/Yr.
    What are key features of this property?
    This property features: Excellent Location: Quick access to Veterans Expressway and N. Dale Mabry Hwy, with proximity to I‑275 and Hillsborough Ave.; High Parking Ratio: Benefit from an above average parking ratio of 4‑5/1,000.; Grade Level Loading: Property offers grade‑level loading capabilities.
    (813) 928-3142 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jeffrey Lanning
    Learn More
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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.

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