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    1403 N Howard Ave Tampa, FL 33607

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    Four-story office building in Tampa with on-site parking.

    Type:OFFICE
    Property size:
    32,140 SF
    Lot size:
    0.93 Acres
    Price / SF:
    $466/SF
    Added:
    Oct 30, 2024
    Days on Market:
    551
    Last Refresh:
    Apr 5 at 8:19 pm

    Property Features for 1403 N Howard Ave

    General Information

    Standard status
    Active
    Size
    32,140 SF
    Lot size
    0.93 Acres
    Property subtype
    OFFICE

    We can help!

    Listing Contact
    Bill Besselieu
    Bill Besselieu

    Listing agent Bill Besselieu

    Listing office William D. Besselieu

    Listing date Oct 30, 2024

    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 William D. Besselieu

    Overview

    Tampa Office Building For Sale

    This four-story office building, also available for lease, is located in the city of Tampa. Constructed in 1904, the building has a square footage of 32,140. It features one elevator and two handicap lifts. Ceiling heights vary by floor: 12 feet 2 inches on the 1st floor, 10 feet 10 inches on the 2nd floor, 9 feet 4 inches on the 3rd floor, and 9 feet 2 inches in the basement. The property includes building and water tower signage. The exterior walls are brick, and the building is equipped with sprinklers and HVAC. There are 138 on-site parking spots, plus 16 street parking spots, on the 1.43-acre lot. The zoning is PD, RS-50, with a future land use designation of CC-35, R-10. Utilities include water from the City of Tampa and electric from TECO. Real estate taxes for 2023 were $88,618.68. The property is vacant upon sale and offers high visibility with traffic counts of 269,000 AADT (I-275 + N Howard Ave). The folio numbers are 177878-0000, 177934-0000, 178104-0000, and 177882-0000.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Saint Leo University ... Adult Education School Paralegal Certificate Program Law Firm Historic Berriman-Morgan Former ... Tour Operator

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Tampa
    County
    Hillsborough
    State
    Florida
    Longitude
    -82.4825
    Latitude
    27.9552

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    FAQs

    What type of property is this?
    Office building - Four-story office building in Tampa with on-site parking.
    Where is this office building located?
    The property is located at 1403 N Howard Ave Tampa, FL.
    What is the asking price?
    The asking price for this property is $15,000,000.
    What are key features of this property?
    This property features: High Visibility: Boasting a traffic count of 269,000 AADT.; Ample Parking: Benefit from 138 on‑site parking spots plus 16 street parking spots.; Substantial Size: 32,140 square feet building on 1.43 acres.
    (813) 263-5854 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Bill Besselieu
    Bill Besselieu
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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
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    1403 N Howard Ave, Tampa, FL

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