Two-Level Mixed-Use
For Sale
$750,000
Pending
1502 E COLUMBUS DRIVE, Tampa, FL 33605
Freestanding commercial building in the Ybor City Historic District with YC-5 zoning.
Property Size4,316 SF
Lot Size0.19 Acres
Days on Market649
Property Features for 1502 E COLUMBUS DRIVE
General Information
Standard status
Pending
Size
4,316 SF
Lot size
0.19 Acres
Property subtype
Commercial/Industrial
Additional Details
Asking Price
$860,000
Taxes and HOA fees
Annual Taxes
$4,301
Building Details
Year Built
1927
Buildings
1
Stories
2
Building Size
4,316 SF
Listing Agency:
KELLER WILLIAMS TAMPA CENTRAL
(813) 865-0700
Listed By:
Bradley Chais · License #3135765
(813) 421-2855
Source:
Exitrealty
Added: Nov 24, 2024
Changed: Sep 3
Last Checked: Sep 4 at 11:21AM
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 KELLER WILLIAMS TAMPA CENTRAL
Investment Insights
Based on property information with market context.
This freestanding commercial property includes a two-level building constructed in 1923 on a 0.19-acre lot. The asset is classified for mixed-use positioning and carries YC-5 zoning, supporting the property’s stated retail, office, and service-use profile.
The property is located within Tampa’s Ybor City Historic District and the designated enterprise zone. Its East Columbus Drive address provides a visible commercial setting, while the enterprise-zone designation includes potential access to related grant opportunities and tax relief programs.
The property is located within Tampa’s Ybor City Historic District and the designated enterprise zone. Its East Columbus Drive address provides a visible commercial setting, while the enterprise-zone designation includes potential access to related grant opportunities and tax relief programs.
Key Highlights
- Two‑level freestanding commercial building constructed in 1923
- 0.19‑acre lot
- YC‑5 zoning
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
$58,654
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
7.82%
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%
$1,173,080
$1.2M
Cap Rate 7%
$837,914
$837.9K
Cap Rate 9%
$651,711
$651.7K
Market Conditions
NOI Build-Up for 4,316 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
$103.6K $24.00/SF
− Vacancy
−$25.4K −$5.88/SF
EGI
$78.2K $18.12/SF
− OpEx
−$19.6K −$4.53/SF
NOI
$58.7K $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%
$1,173,080
Cap Rate 7%
$837,914
Cap Rate 9%
$651,711
Alternative Uses
Best Use
Office B
$837.9K
$733.2K – $977.6K
NOI $58,654 @ 7.0% cap · market cap 7.82%
Second Best
Mixed Use
$832.4K
$728.3K – $971.1K
NOI $58,266 @ 7.0% cap · market cap 7.77%
Theoretical Best
Office A
$1.01M
$879.8K – $1.17M
NOI $70,385 @ 7.0% cap · market cap 9.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,801
Businesses Nearby
Explore this area
Business Placement
Demographics for 33605, FL
18,243
Population
8,994
Households
2
Avg Household Size
36
Median Age
21%
College-Educated
79%
High-School Grad
7.8 sq mi
ZIP Area
2,339
Density / Sq Mi
$36,790
Median Household Income
$35,889
Median Earnings
$1,122
Median Rent
$235,100
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?
Mixed-use property - Freestanding commercial building in the Ybor City Historic District with YC-5 zoning.
Where is this mixed-use property located?
The property is located at 1502 E COLUMBUS DRIVE Tampa, FL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two‑level freestanding commercial building constructed in 1923; 0.19‑acre lot; YC‑5 zoning
