Prime SOHO Development
For Sale
$3,900,000
1504 S HOWARD AVENUE, Tampa, FL 33606
Half-acre PD-zoned parcel approved for restaurant use in SOHO.
Property Size23,991 SF
Lot Size0.56 Acres
Price / SF$162.56
Days on Market221
Property Features for 1504 S HOWARD AVENUE
General Information
Standard status
Active
Size
23,991 SF
Lot size
0.56 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$49,084
Amenities
Pool
Public Pool
Building Details
Year Built
1957
Listing Agency:
COMPASS FLORIDA LLC
(305) 851-2820
Listed By:
KARLA DORSEY · License #3249824
Source:
Corcoran
Added: Jan 9
Changed: Aug 8
Last Checked: Aug 8 at 6:12AM
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 COMPASS FLORIDA LLC
Investment Insights
Based on property information with market context.
This is a rare opportunity to acquire a half-acre parcel zoned PD in the SOHO district of South Tampa, near Hyde Park and Bayshore Blvd. The property, with one folio number, includes a 2550 square foot house built in 1957 at 1401 DeSoto. Parking is available for 47 vehicles. The property is currently approved for restaurant use, featuring plans for 185 seats, 7800 square feet of interior space, and a 600 square foot patio. The approved plan allows for efficient development, showcasing a contemporary restaurant concept with on-site parking and both indoor and covered outdoor seating areas, designed by Fleischman Garcia Maslowski architects. The architectural plans are included. This location is suited for capturing SOHO’s pedestrian activity and dining culture, supporting an indoor-outdoor experience ideal for casual or upscale dining, a café, or a new hospitality concept. Surrounded by residential neighborhoods, retail, dining, and nightlife, the location offers visibility, demographics, and foot traffic. It is suited for owner-users, restaurateurs, or investors seeking a path to development in Tampa’s districts. The PD zoning allows flexibility to combine residential, commercial, institutional, recreational, and other uses. The property has 59 feet of frontage on Desoto, 232 feet on Howard, and 232 feet on Hills.
Key Highlights
- Prime SOHO Location: Rare half‑acre parcel in a desirable South Tampa location.
- Approved Restaurant Plans: Includes current approved plans for a 7800sf restaurant with 185 seats, plus a 600sf patio.
- PD Zoning Flexibility: Allows for a combination of residential, commercial, institutional, recreational, and other uses.
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
$328,197
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
8.42%
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%
$6,563,940
$6.6M
Cap Rate 7%
$4,688,529
$4.7M
Cap Rate 9%
$3,646,633
$3.6M
Market Conditions
NOI Build-Up for 23,991 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
$460.6K $19.20/SF
− Vacancy
−$23.0K −$0.96/SF
EGI
$437.6K $18.24/SF
− OpEx
−$109.4K −$4.56/SF
NOI
$328.2K $13.68/SF
Area
Tampa, FL
Vacancy
5.00%
Lease Rate
$19.20 /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%
$6,563,940
Cap Rate 7%
$4,688,529
Cap Rate 9%
$3,646,633
Alternative Uses
Best Use
Specialty Retail
$4.69M
$4.10M – $5.47M
NOI $328,197 @ 7.0% cap · market cap 8.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.59M
$4.89M – $6.52M
NOI $391,245 @ 7.0% cap · market cap 10.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,271
Businesses Nearby
332k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 32%
Shops & Services 27%
Apparel 19%
Groceries 10%
Circle K
Shops & Services
34,389 visits/mo
0.4 miles
Publix
Groceries
33,481 visits/mo
0.2 miles
Bartaco
Dining
32,643 visits/mo
0.4 miles
Anthropologie
Apparel
29,564 visits/mo
0.4 miles
lululemon athletica
Apparel
20,035 visits/mo
0.4 miles
Demographics for 33606, FL
22,271
Population
10,918
Households
2
Avg Household Size
30
Median Age
77%
College-Educated
98%
High-School Grad
3.3 sq mi
ZIP Area
6,749
Density / Sq Mi
$113,634
Median Household Income
$46,311
Median Earnings
$1,931
Median Rent
$796,000
Median Home Value
Market
Vacancy Rate% for Retail 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?
Commercial land - Half-acre PD-zoned parcel approved for restaurant use in SOHO.
Where is this commercial land located?
The property is located at 1504 S HOWARD AVENUE Tampa, FL.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: Prime SOHO Location: Rare half‑acre parcel in a desirable South Tampa location.; Approved Restaurant Plans: Includes current approved plans for a 7800sf restaurant with 185 seats, plus a 600sf patio.; PD Zoning Flexibility: Allows for a combination of residential, commercial, institutional, recreational, and other uses.
