Tampa Office Building For
For Sale
$2,400,000
11602 N 51st St, Tampa, FL 33617
Fully occupied office building near USF campus and I-75.
Property Size13,523 SF
Price / SF$177.48
Days on Market97
Property Features for 11602 N 51st St
General Information
Standard status
Active
Size
13,523 SF
Property subtype
Office Medical
Occupancy
100%
Amenities
13,523-SF, Two-Tenant Medical/Office Building | Recent Improvements: Exterior Painted in 2023, HVAC Replaced in 2020 - Serviced Quarterly, Interior Renovations 2018-2019 & Parking Lot Repaved in 2019
Building Features Cat 6 Cables Pre-Wired for High-Speed Internet | 100% Occupied by Two Tenants | Large, Landscaped & Lighted Parking Lot With 40 Parking Spaces | Handicapped Accessible
+/-0.87 Acre Lot With Two Points of Ingress/Egress Onto N 51st St and Access From Both Traffic Directions
Strategically Positioned Near Temple Terrace, a Growing Tampa Suburb Road and Under 10 Minutes From Both I-75 and I-275 Into Downtown Tampa
Adjacent to University of South Florida Campus, a Major Public University With Over 50,000 Students
USF Recently Announced a Major Mixed-Use Development Project Along Fletcher Avenue, With 495K SF of Student and Multifamily Housing, a 78K SF Hotel and Conference Center and 60K of Retail Space in Addition to a 350K SF Academic Building Expanding the Campus Footprint
Just Off of E Fowler Ave, a High Traffic Corridor With 73,000 Vehicles Per Day, and N 56th Street, Seeing 36,000 VPD
Development in Area Includes Neighboring Parcel Being Developed for New Self Storage Facility | Located Within a Dense Medical Office Corridor, 2 Miles From Moffitt McKinley Hospital Campus
Building Details
Building Size
13,523 SF
Year Built
1979
Listing Agency:
Marcus & Millichap | The Patel Yozwiak Group
(813) 387-4798
Listed By:
Sam Kelley · License #License(s): FL: SL3588576
(813) 387-4798
Source:
Marcusmillichap
Added: May 20
Changed: Aug 23
Last Checked: Aug 24 at 3:09AM
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 Marcus & Millichap | The Patel Yozwiak Group
Investment Insights
Based on property information with market context.
This commercial property, suitable for office use, is a fully occupied building located in Tampa, Florida. The property is situated in close proximity to the University of South Florida (USF) campus and Interstate 75. The building has a total size of 13523 square feet.
Key Highlights
- 100% Occupied, ensuring immediate income.
- Proximity to USF Campus, ideal for students or faculty.
- Convenient Proximity to I‑75.
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
$183,778
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
7.66%
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%
$3,675,560
$3.7M
Cap Rate 7%
$2,625,400
$2.6M
Cap Rate 9%
$2,041,978
$2.0M
Market Conditions
NOI Build-Up for 13,523 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
$324.6K $24.00/SF
− Vacancy
−$79.5K −$5.88/SF
EGI
$245.0K $18.12/SF
− OpEx
−$61.3K −$4.53/SF
NOI
$183.8K $13.59/SF
Area
Tampa, FL
Vacancy
24.50%
Lease Rate
$24.00 /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%
$3,675,560
Cap Rate 7%
$2,625,400
Cap Rate 9%
$2,041,978
Alternative Uses
Best Use
Office B
$2.63M
$2.30M – $3.06M
NOI $183,778 @ 7.0% cap · market cap 7.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.15M
$2.76M – $3.68M
NOI $220,533 @ 7.0% cap · market cap 9.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,279
Businesses Nearby
Explore this area
Business Placement
Demographics for 33617, FL
48,267
Population
21,912
Households
2.2
Avg Household Size
33
Median Age
29%
College-Educated
89%
High-School Grad
8.8 sq mi
ZIP Area
5,485
Density / Sq Mi
$48,651
Median Household Income
$33,710
Median Earnings
$1,337
Median Rent
$267,200
Median Home Value
Market
Vacancy Rate% for Office in Tampa, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Fully occupied office building near USF campus and I-75.
Where is this office building located?
The property is located at 11602 N 51st St Tampa, FL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 100% Occupied, ensuring immediate income.; Proximity to USF Campus, ideal for students or faculty.; Convenient Proximity to I‑75.
