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    Updated Condo in South Tampa Title is generated by Realmo AI

    508 S GLEN AVENUE 2, Tampa, FL 33609

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    For Sale
    $325,000

    Modern two-bedroom condo with updated kitchen and private patio.

    Type:Condo/Townhome
    Property size:
    1,073 SF
    Price / SF:
    $302/SF
    Added:
    Nov 25, 2024
    Days on Market:
    552
    Last Refresh:
    May 19 at 10:02 pm

    Property Features for 508 S GLEN AVENUE 2

    General Information

    Standard status
    Active
    Size
    1,073 SF
    Property subtype
    Condo/Townhome

    Building Details

    Year Built
    1985

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    Listing Contact
    Paul DeSantis, PA

    Listing agent Paul DeSantis, PA License #3125695

    Listing office PREMIER SOTHEBYS INTL REALTY

    Listing date Nov 25, 2024

    Source Exitrealty

    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 PREMIER SOTHEBYS INTL REALTY

    HighLights

    • Prime South Tampa location with easy access to dining, shopping, and entertainment.
    • Located in a non‑flood zone and zoned for top‑rated schools.
    • Updated kitchen with GRANITE COUNTERTOPS, shaker‑style cabinets, and stainless steel appliances.
    • OVERSIZED PRIMARY SUITE with abundant natural light and en‑suite bath.
    • Private screened and covered patio.
    • Two assigned parking spaces plus guest parking.

    Overview

    This two-bedroom, two-bath condominium offers modern updates and comfortable living in South Tampa. The residence is not in a flood zone and is located near Grady Elementary School, Coleman Middle School, and Plant High School. Contemporary touches include faux wood ceramic tile, recessed LED lighting, and updated outlets and switches. The updated kitchen features granite countertops, two-tone blue and white shaker-style cabinets, stainless steel appliances, and glass subway tile backsplash. Built-in pantry cabinets provide ample storage, and a large, framed glass-block window fills the space with natural light. The oversized primary suite offers generous space and natural light from large windows in the bedroom and en-suite bath. A secondary bedroom includes a deep closet, and there is a common area bath and a utility closet with a full-size, front-loading washer and dryer. The private screened and covered patio is suitable for relaxation. Two parking spaces are provided for residents, with additional guest parking available. Located in South Tampa, this condominium offers access to dining, shopping, and entertainment options. The property size is 1073 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential income properties

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Tampa
    County
    Hillsborough
    State
    Florida
    Longitude
    -82.4996978
    Latitude
    27.9491501

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    FAQs

    What type of property is this?
    Residential income property - Modern two-bedroom condo with updated kitchen and private patio.
    Where is this residential income property located?
    The property is located at 508 S GLEN AVENUE 2 Tampa, FL.
    What is the asking price?
    The asking price for this property is $325,000.
    What are key features of this property?
    This property features: Prime South Tampa location with easy access to dining, shopping, and entertainment.; Located in a non‑flood zone and zoned for top‑rated schools.; Updated kitchen with GRANITE COUNTERTOPS, shaker‑style cabinets, and stainless steel appliances.
    (813) 439-4816
    We can help!
    Listing Contact
    Paul DeSantis, PA
    Real Estate License ID: 3125695
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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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