Waterfront Small-Bay
New
For Sale
$2,700,000
1508 River Dr SW, Ruskin, FL 33570
Dock-high and grade-level loading support varied warehouse operations.
Property Size21,275 SF
Price / SF$131.07
Days on Market2
Property Features for 1508 River Dr SW
General Information
Standard status
Active
Size
21,275 SF
Property subtype
Warehouse
Additional Details
Cap Rate
3.56%
Amenities
Value-Add Investment Opportunity: Below market rents with short-term lease structure provides investors with the ability to quickly reposition tenancy and increase cash flow.
Rare Submerged Land Lease: Site has an existing submerged land lease until 2034, providing over 375' of access to Little Manatee River.
Potential Long-term Land Play: Capitalize on waterfront location and flexible PD zoning and future land use in a growing metro area.
Building Details
Building Size
21,275 SF
Year Built
1954
Listed By:
Gabe Paterson · License #License(s): FL: SL3591954
(813) 387-4823
Source:
Marcusmillichap
Added: Sep 26
Last Checked: Sep 26 at 3:30PM
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 Gabe Paterson
Investment Insights
Based on property information with market context.
This waterfront warehouse property in Ruskin, Florida, has a small-bay layout with both dock-high and grade-level loading. The building dates to 1954, and the property has existing income.
Located at 1508 River Dr SW, the site combines warehouse space with a waterfront setting.
Located at 1508 River Dr SW, the site combines warehouse space with a waterfront setting.
Key Highlights
- Waterfront warehouse property in Ruskin, Florida
- Small‑bay warehouse layout
- Dock‑high and grade‑level loading
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
$218,420
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
8.09%
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%
$4,368,400
$4.4M
Cap Rate 7%
$3,120,286
$3.1M
Cap Rate 9%
$2,426,889
$2.4M
Market Conditions
NOI Build-Up for 20,600 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
$271.9K $13.20/SF
− Vacancy
−$15.0K −$0.73/SF
EGI
$257.0K $12.47/SF
− OpEx
−$38.5K −$1.87/SF
NOI
$218.4K $10.60/SF
Area
Hillsborough County, FL
Vacancy
5.50%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
15.00%
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%
$4,368,400
Cap Rate 7%
$3,120,286
Cap Rate 9%
$2,426,889
Alternative Uses
Best Use
Warehouse
$3.12M
$2.73M – $3.64M
NOI $218,420 @ 7.0% cap · market cap 8.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.97M
$5.22M – $6.96M
NOI $417,614 @ 7.0% cap · market cap 15.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33570, FL
33,348
Population
14,049
Households
2.4
Avg Household Size
37
Median Age
22%
College-Educated
88%
High-School Grad
41.8 sq mi
ZIP Area
798
Density / Sq Mi
$69,048
Median Household Income
$41,333
Median Earnings
$1,217
Median Rent
$255,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Warehouse - Dock-high and grade-level loading support varied warehouse operations.
Where is this warehouse located?
The property is located at 1508 River Dr SW Ruskin, FL.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: Waterfront warehouse property in Ruskin, Florida; Small‑bay warehouse layout; Dock‑high and grade‑level loading
