Freestanding Building on High-Traffic
For Sale
$6,200,000
3917 N NEBRASKA Ave, Tampa, FL 33603
Former drug store on a 1.94-acre lot with redevelopment potential.
Property Size15,022 SF
Lot Size1.94 Acres
Price / SF$412.73
Days on Market152
Property Features for 3917 N NEBRASKA Ave
General Information
Standard status
Active
Size
15,022 SF
Lot size
1.94 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$56,907
Building Details
Building Size
15,022 SF
Year Built
2001
Stories
1
Listing Agency:
BAY STREET COMMERCIAL LLC
(813) 625-2375
Listed By:
Michael Braccia, PA · License #3033512
(813) 625-2375
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 6:23AM
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 BAY STREET COMMERCIAL LLC
Investment Insights
Based on property information with market context.
The property features a 15,022 square foot freestanding building, formerly a Walgreens drug store, situated on an 84,366 square foot (1.94 acre) lot zoned CG (Commercial General). Located at the lighted intersection of Nebraska Avenue and Dr. Martin Luther King Jr. Boulevard, the site benefits from a combined traffic count of 35,000 vehicles per day. The building's interior includes high ceilings of approximately 20 feet and column spacing of 35 feet, along with a covered drive-through lane and ample 3-phase power. The building is fully fire sprinklered and has 67 parking spaces. Access is available from both Dr. Martin Luther King Jr. Boulevard and Nebraska Avenue. Preliminary site plan approval for a "Live Local" redevelopment suggests a potential site plan of 230-250 units with a 7-story height limit, subject to a zoning and comprehensive plan change. The property is located within an Opportunity Zone, potentially allowing for a doubling of basis given the scope of a redevelopment project. The property is located close to I-275 and I-4, offering easy access to surrounding areas, including downtown. The property is also available for lease.
Key Highlights
- High‑traffic location at the lighted intersection of Nebraska Ave and Dr Martin Luther King Jr Blvd (35,000 VPD).
- Large 1.94 Acre lot with CG (Commercial General) zoning and 67 parking spaces.
- Preliminary site plan approval for a high‑density 'Live Local' redevelopment (230‑250 units, 7‑story height limit potential).
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
$205,501
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
3.31%
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%
$4,110,020
$4.1M
Cap Rate 7%
$2,935,729
$2.9M
Cap Rate 9%
$2,283,344
$2.3M
Market Conditions
NOI Build-Up for 15,022 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
$288.4K $19.20/SF
− Vacancy
−$14.4K −$0.96/SF
EGI
$274.0K $18.24/SF
− OpEx
−$68.5K −$4.56/SF
NOI
$205.5K $13.68/SF
Area
Tampa, FL
Vacancy
5.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$4,110,020
Cap Rate 7%
$2,935,729
Cap Rate 9%
$2,283,344
Alternative Uses
Best Use
Specialty Retail
$2.94M
$2.57M – $3.43M
NOI $205,501 @ 7.0% cap · market cap 3.31%
Second Best
Retail
$2.56M
$2.24M – $2.98M
NOI $178,867 @ 7.0% cap · market cap 2.88%
Theoretical Best
Office A
$3.50M
$3.06M – $4.08M
NOI $244,979 @ 7.0% cap · market cap 3.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
959
Businesses Nearby
93k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 45%
Dining 31%
Groceries 23%
Electronics 1%
McDonald's
Dining
23,106 visits/mo
0.3 miles
Winn-Dixie
Groceries
21,462 visits/mo
0.2 miles
7-Eleven
Shops & Services
19,402 visits/mo
0.3 miles
Chevron
Shops & Services
7,641 visits/mo
0.3 miles
BP
Shops & Services
7,014 visits/mo
0.3 miles
Demographics for 33603, FL
19,070
Population
9,592
Households
2
Avg Household Size
38
Median Age
39%
College-Educated
90%
High-School Grad
4.1 sq mi
ZIP Area
4,651
Density / Sq Mi
$64,632
Median Household Income
$43,136
Median Earnings
$1,320
Median Rent
$344,100
Median Home Value
Market
Vacancy Rate% for Retail in Tampa, FL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Jackie's Pharmacy — 507 e dr martin luther king jr blvd #101, tampa, fl 33603
- Fast & Friendly Pharmacy — 227 W Dr Martin Luther King Jr Blvd, Tampa, FL 33607
- Vonzell Peoples — 3917 N Nebraska Ave, Tampa, FL 336035017
- Thong Truong — 3917 N Nebraska Ave, Tampa, FL 336035017
- Answer Pharmacy — Tampa, FL 33603
Frequently Asked Questions
What type of property is this?
Drug store - Former drug store on a 1.94-acre lot with redevelopment potential.
Where is this drug store located?
The property is located at 3917 N NEBRASKA Ave Tampa, FL.
What is the asking price?
The asking price for this property is $6,200,000.
What are key features of this property?
This property features: High‑traffic location at the lighted intersection of Nebraska Ave and Dr Martin Luther King Jr Blvd (35,000 VPD).; Large 1.94 Acre lot with CG (Commercial General) zoning and 67 parking spaces.; Preliminary site plan approval for a high‑density 'Live Local' redevelopment (230‑250 units, 7‑story height limit potential).
