Tampa Office Building For
For Sale
$650,000
1904 W WATERS AVE, Tampa, FL 33603
1372 SF office building on 8400 SF lot.
Property Size1,260 SF
Lot Size0.19 Acres
Price / SF$473.76
Days on Market152
Property Features for 1904 W WATERS AVE
General Information
Standard status
Active
Size
1,260 SF
Lot size
0.19 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$3,510
Building Details
Building Size
1,260 SF
Year Built
1946
Listing Agency:
RE/MAX SUNSET REALTY
(727) 534-4871
Listed By:
Frank Fekete, LLC · License #3039291
(727) 534-4871
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 6:21AM
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 RE/MAX SUNSET REALTY
Investment Insights
Based on property information with market context.
For sale is a 1372 square foot office building constructed in 1946, situated on an 8400 square foot lot. The property is zoned General Commercial and features two main rooms that can be configured for office space or mixed-use purposes. Currently, the property is operated as a House of Worship. A large, fenced backyard provides opportunities for expansion or additional parking. The property is located on W Waters Ave and includes signage.
Key Highlights
- Zoned General Commercial on W Waters Ave.
- Large fenced backyard offers expansion/parking potential.
- 1372 SF well‑maintained office building.
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
$18,645
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
2.87%
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%
$372,900
$372.9K
Cap Rate 7%
$266,357
$266.4K
Cap Rate 9%
$207,167
$207.2K
Market Conditions
NOI Build-Up for 1,372 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
$32.9K $24.00/SF
− Vacancy
−$8.1K −$5.88/SF
EGI
$24.9K $18.12/SF
− OpEx
−$6.2K −$4.53/SF
NOI
$18.6K $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%
$372,900
Cap Rate 7%
$266,357
Cap Rate 9%
$207,167
Alternative Uses
Best Use
Office B
$266.4K
$233.1K – $310.8K
NOI $18,645 @ 7.0% cap · market cap 2.87%
Second Best
Retail
$233.4K
$204.2K – $272.3K
NOI $16,336 @ 7.0% cap · market cap 2.51%
Theoretical Best
Office A
$319.6K
$279.7K – $372.9K
NOI $22,375 @ 7.0% cap · market cap 3.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,205
Businesses Nearby
Explore this area
Business Placement
Demographics for 33603, FL
19,070
Population
9,592
Households
2
Avg Household Size
38
Median Age
39%
College-Educated
90%
High-School Grad
4.1 sq mi
ZIP Area
4,651
Density / Sq Mi
$64,632
Median Household Income
$43,136
Median Earnings
$1,320
Median Rent
$344,100
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?
Office building - 1372 SF office building on 8400 SF lot.
Where is this office building located?
The property is located at 1904 W WATERS AVE Tampa, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Zoned General Commercial on W Waters Ave.; Large fenced backyard offers expansion/parking potential.; 1372 SF well‑maintained office building.
