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    1318 E Dr Martin Luther King Jr Blvd Tampa, FL 33603

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    For Sale
    $495,000

    Mixed-use property with redevelopment potential in a high-traffic location.

    Lot size:
    0.28 Acres

    Property Features for 1318 E Dr Martin Luther King Jr Blvd

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    0.28 Acres

    Building Details

    Year built
    1949

    We can help!

    Listing Contact
    Tina Marie Eloian
    Tina Marie Eloian
    Source: Elliman

    Listing Agency: FLORIDA COMMERCIAL GROUP Listing Agent: Tina Marie Eloian

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Redevelopment Opportunity in Tampa, FL

    This 1,074 square foot property, situated on a 12,350 square foot (0.28-acre) site in Southeast Seminole Heights, East Tampa, presents a redevelopment or re-purpose opportunity. Located in a Qualified HubZone, the site offers excellent visibility and frontage with approximately 100 feet on E. Dr. Martin Luther King Jr Blvd. The location benefits from high traffic, with 24,000 +/- AADT at E. Dr. Martin Luther King Jr. Blvd. and 13th Street. It is positioned approximately half a mile east of the Interstate 275 on ramp at Dr. Martin Luther King Jr. Blvd., 2.2 miles to E. Hillsborough Avenue, and 4 miles to Busch Blvd. The property is near dining, shopping, schools, public transportation, and growing residential neighborhoods, with excellent accessibility to N. Nebraska Avenue, N. 15th Street, E. Lake Avenue, Interstate 275, Dr. Martin Luther King Jr Blvd., and other major travel routes. It is also minutes from Downtown Tampa, Tampa International Airport, and the Greater East Tampa area. The demographic highlights within a 3-mile radius include a population of 133,975 and an average household income exceeding $75,503. The 2024 total population is projected to be 18,155 within 1 mile, 133,975 within 3 miles, and 310,372 within 5 miles. The highest and best use includes commercial office, commercial retail, mixed-use, community support services, service-related businesses, fitness studios, beauty salons, creative space, and meeting hall. Tremendous value-add and/or development potential including but not limited to retail, office or mixed- use development.
    Location Intelligence

    Current Use by Public Records

    U-Haul Neighborhood Dealer Car Rental Facility Simply Tax Services ... Tax Preparation

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Tampa
    County
    Hillsborough
    State
    Florida
    Longitude
    -82.4441267
    Latitude
    27.9817574

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with redevelopment potential in a high-traffic location.
    Where is this mixed-use property located?
    The property is located at 1318 E Dr Martin Luther King Jr Blvd Tampa, FL.
    What is the asking price?
    The asking price for this property is $495,000.
    What are key features of this property?
    This property features: - High-traffic location with 24,000 +/- AADT on E. Dr. Martin Luther King Jr. Blvd.; - **Excellent visibility and frontage** on E. Dr. Martin Luther King Jr. Blvd. with approximately 100 feet of frontage.; - **Tremendous value-add and/or development potential** for retail, office, or mixed-use development on a 12,350 SF (.28-acre) site.
    (813) 997-4321
    Request Owner's contact information
    1318 E Dr Martin Luther King Jr Blvd Tampa, FL 33603
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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
    1318 E Dr Martin Luther King Jr Blvd Tampa, FL 33603
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    We can help!
    Listing Contact
    Tina Marie Eloian
    Tina Marie Eloian
    Real Estate License ID: #BK653748
    (813) 997-4321 (813) 935-9600 (813) 908-8500
    Learn more
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