Listing Agency: RIPCO Real Estate | Tampa Show Phone

Listed By: Ari Ravi · License #SL-3210827 Show Phone

Source: Moodyscre

Added: Jul 14 Changed: Aug 14 Last Checked: Sep 13 at 4:41AM

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Investment Insights

Based on property information with market context.

Park Square is a retail, medical, and service hub designed to serve the FishHawk Ranch community, with 16 tenants operating in destination-based, experience-driven categories. The property includes a fitness anchor, Anytime Fitness, and healthcare components including FishHawk Oral & Facial Surgery and Blooming Bright Pediatrics, supporting a mix of daily-use fitness and healthcare traffic.

The center functions as the primary commercial retail, medical, and service location for FishHawk Ranch, a 3,000-plus acre master-planned community in Lithia, Florida. The surrounding residential base includes more than 26,000 residents, including reported population counts of 10,589 within a 1-mile radius and 34,088 within a 3-mile radius. Roof infrastructure was improved recently, with TPO roof systems on both buildings fully replaced in January 2026 and covered by a transferable 20-year warranty.

Anytime Fitness has demonstrated ongoing commitment to the location, recently extending its lease for five years and increasing rent by 67%.

Key Highlights

• Park Square is a retail/medical/service center with 16 tenants, anchored by Anytime Fitness as a daily‑use destination.
• TPO roof systems on both buildings were fully replaced in January 2026, with a transferable 20‑year warranty included with the sale.
• Anytime Fitness extended its lease for 5 years with a 67% rent increase, reflecting long‑term commitment to the location.

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

$333,815

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

3.82%

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%

$6,676,300 $6.7M

Cap Rate 7%

$4,768,786 $4.8M

Cap Rate 9%

$3,709,056 $3.7M

Market Conditions

NOI Build-Up for 34,002 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

$510.0K $15.00/SF

− Vacancy

−$33.2K −$0.98/SF

EGI

$476.9K $14.03/SF

− OpEx

−$143.1K −$4.21/SF

NOI

$333.8K $9.82/SF

Area

Hillsborough County, FL

Vacancy

6.50%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

30.00%

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%

$6,676,300

Cap Rate 7%

$4,768,786

Cap Rate 9%

$3,709,056

Alternative Uses

Best Use

Retail

$4.77M

$4.17M – $5.56M (±1% cap)

NOI $333,815 @ 7.0% cap · market cap 3.82%

Second Best

Healthcare Medical

$4.48M

$3.92M – $5.23M (±1% cap)

NOI $313,607 @ 7.0% cap · market cap 3.59%

Theoretical Best

Office A

$9.85M

$8.62M – $11.49M (±1% cap)

NOI $689,306 @ 7.0% cap · market cap 7.89%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Retail space

Suggested Use

Top Pick Law Firm Restaurant Auto Repair Shop Nail Salon Parking Lot & Garage Barber Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

136

Businesses Nearby

Explore this area Business Placement

Demographics for 33547, FL

30,935

Population

10,162

Households

3

Avg Household Size

36

Median Age

46%

College-Educated

94%

High-School Grad

160.6 sq mi

ZIP Area

193

Density / Sq Mi

$121,769

Median Household Income

$57,624

Median Earnings

$2,114

Median Rent

$477,300

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this retail space located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Retail space - Center with 16 tenants, anchored by Anytime Fitness, plus TPO roofs replaced Jan 2026 under a transferable 20-year warranty.

Where is this retail space located?

The property is located at 16132-16144 Churchview Dr Lithia, FL.

What is the asking price?

The asking price for this property is $8,740,000.

What are key features of this property?

This property features: Park Square is a retail/medical/service center with 16 tenants, anchored by Anytime Fitness as a daily‑use destination.; TPO roof systems on both buildings were fully replaced in January 2026, with a transferable 20‑year warranty included with the sale.; Anytime Fitness extended its lease for 5 years with a 67% rent increase, reflecting long‑term commitment to the location.