Turnkey Multi-Bath Commercial
For Sale
$975,000
Pending
7311 N Armenia Avenue TAMPA, Tampa, FL 33604
Completely remodeled commercial building with new HVAC, three kitchenettes, and three full bathrooms in CG zoning.
Property Size1,728 SF
Days on Market45
Property Features for 7311 N Armenia Avenue TAMPA
General Information
Standard status
Pending
Size
1,728 SF
Zoning
CG
Additional Details
Fenced Yard
Yes
Taxes and HOA fees
Annual Taxes
$274
Amenities
three kitchenettes
three full bathrooms
new lawn
new perimeter fence
existing wood fence
1
Public Records
true
Public
7560
72 x 106
0.17
false
6 to 12 Spaces
Asphalt
Block
City Street
1728
Building Details
Building Size
1,728 SF
Year Built
1957
Buildings
1
Stories
1
Listing Agency:
THE REAL ESTATE COLLECTION LLC
(407) 656-7814
Listed By:
Kari Fleck · License #3121297
(407) 656-7814
Source:
Therealestatecollection
Added: Jul 8
Changed: Aug 13
Last Checked: Aug 13 at 3:10PM
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 THE REAL ESTATE COLLECTION LLC
Investment Insights
Based on property information with market context.
This completely remodeled modern commercial property is turnkey and ready for immediate use. Renovations include new walls, floors, electrical, and plumbing systems, along with new windows and doors. The building is improved with three kitchenettes and three full bathrooms, supporting flexible interior layouts for multi-use or multiple tenants. Additional property updates include a roof replacement in 2018 and a new HVAC system installed in 2023. Exterior improvements feature a new lawn installed in July 2025, along with new and existing perimeter fencing.
Zoned CG (Commercial General), the property is presented for a range of professional, medical, retail, or service-based uses. The public remarks also note the property’s high-visibility location.
With the extensive interior and major system upgrades already completed, this offering is positioned as an owner-occupied or tenant-ready commercial space within a CG zoning framework.
Zoned CG (Commercial General), the property is presented for a range of professional, medical, retail, or service-based uses. The public remarks also note the property’s high-visibility location.
With the extensive interior and major system upgrades already completed, this offering is positioned as an owner-occupied or tenant-ready commercial space within a CG zoning framework.
Key Highlights
- Completely remodeled commercial property (1 story) with 1,728 total SF and block foundation
- Zoned CG (Commercial General) with building designed for professional offices, medical, retail, or service use
- Updates include new walls and floors, new electrical and plumbing, plus new windows and doors
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
$28,096
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
2.88%
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%
$561,920
$561.9K
Cap Rate 7%
$401,371
$401.4K
Cap Rate 9%
$312,178
$312.2K
Market Conditions
NOI Build-Up for 1,928 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
$50.9K $26.40/SF
− Vacancy
−$4.1K −$2.11/SF
EGI
$46.8K $24.29/SF
− OpEx
−$18.7K −$9.72/SF
NOI
$28.1K $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%
$561,920
Cap Rate 7%
$401,371
Cap Rate 9%
$312,178
Alternative Uses
Best Use
Healthcare Medical
$401.4K
$351.2K – $468.3K
NOI $28,096 @ 7.0% cap · market cap 2.88%
Second Best
Office B
$374.3K
$327.5K – $436.7K
NOI $26,202 @ 7.0% cap · market cap 2.69%
Theoretical Best
Office A
$449.2K
$393.0K – $524.0K
NOI $31,442 @ 7.0% cap · market cap 3.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
845
Businesses Nearby
Explore this area
Business Placement
Demographics for 33604, FL
39,071
Population
17,053
Households
2.3
Avg Household Size
38
Median Age
26%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
5,209
Density / Sq Mi
$55,988
Median Household Income
$39,537
Median Earnings
$1,326
Median Rent
$264,900
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.
Frequently Asked Questions
What type of property is this?
Office building - Completely remodeled commercial building with new HVAC, three kitchenettes, and three full bathrooms in CG zoning.
Where is this office building located?
The property is located at 7311 N Armenia Avenue TAMPA Tampa, FL.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Completely remodeled commercial property (1 story) with 1,728 total SF and block foundation; Zoned CG (Commercial General) with building designed for professional offices, medical, retail, or service use; Updates include new walls and floors, new electrical and plumbing, plus new windows and doors
