South Tampa Medical Office
For Sale
$1,975,000
2802 W AZEELE STREET, Tampa, FL 33609
High-visibility South Tampa location suitable for medical or professional office.
Property Size4,674 SF
Lot Size0.45 Acres
Price / SF$422.55
Days on Market697
Property Features for 2802 W AZEELE STREET
General Information
Standard status
Active
Size
4,674 SF
Lot size
0.45 Acres
Property subtype
Commercial/Industrial
Building Details
Year Built
1952
Listing Agency:
SMITH & ASSOCIATES REAL ESTATE
(813) 361-5878
Listed By:
Kevin Platt · License #512251
(813) 361-5878
Source:
Exitrealty
Added: Sep 10, 2024
Changed: Jul 10
Last Checked: Aug 7 at 2:14AM
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 property in South Tampa features a high-visibility location with two continuous parcels. It has PD zoning to allow medically related uses. The property offers 100 feet of frontage on Azeele Street and 195 feet of frontage on South Habana Street. The property spans 4,674 square feet. It presents an opportunity for medical or professional office use, and it may be possible to re-zone for multi-family development.
Key Highlights
- High visibility location in South Tampa
- PD zoning allows medically related uses
- Two continuous parcels
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
$68,113
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
3.45%
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%
$1,362,260
$1.4M
Cap Rate 7%
$973,043
$973.0K
Cap Rate 9%
$756,811
$756.8K
Market Conditions
NOI Build-Up for 4,674 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
$123.4K $26.40/SF
− Vacancy
−$9.9K −$2.11/SF
EGI
$113.5K $24.29/SF
− OpEx
−$45.4K −$9.72/SF
NOI
$68.1K $14.57/SF
Area
Tampa, FL
Vacancy
8.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$1,362,260
Cap Rate 7%
$973,043
Cap Rate 9%
$756,811
Alternative Uses
Best Use
Healthcare Medical
$973.0K
$851.4K – $1.14M
NOI $68,113 @ 7.0% cap · market cap 3.45%
Second Best
Office B
$907.4K
$794.0K – $1.06M
NOI $63,520 @ 7.0% cap · market cap 3.22%
Theoretical Best
Office A
$1.09M
$952.8K – $1.27M
NOI $76,224 @ 7.0% cap · market cap 3.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,158
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33609, FL
17,902
Population
9,169
Households
2
Avg Household Size
38
Median Age
63%
College-Educated
94%
High-School Grad
4.0 sq mi
ZIP Area
4,476
Density / Sq Mi
$105,083
Median Household Income
$66,567
Median Earnings
$1,818
Median Rent
$526,000
Median Home Value
Market
Vacancy Rate% for Office in Tampa, FL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - High-visibility South Tampa location suitable for medical or professional office.
Where is this medical office space located?
The property is located at 2802 W AZEELE STREET Tampa, FL.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: High visibility location in South Tampa; PD zoning allows medically related uses; Two continuous parcels
