Two-Story Office
New
For Sale
$1,100,000
204 N Macdill Ave, Tampa, FL 33609
Historic professional layout includes six offices, reception space, a breakroom, and two fireplaces.
Property Size2,488 SF
Lot Size0.31 Acres
Price / SF$442.12
Days on Market3
Property Features for 204 N Macdill Ave
General Information
Standard status
Active
Size
2,488 SF
Total Parking Spaces
10
Lot size
0.31 Acres
Zoning
PD – Office
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1928
Listing Agency:
AKA COMMERCIAL REALTY
Listed By:
Kari Kurtz · License #487932
(813) 690-2330
Source:
Chenoregroup
Added: Sep 1
Last Checked: Sep 2 at 7:21PM
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 AKA COMMERCIAL REALTY
Investment Insights
Based on property information with market context.
This office property includes a 2,048-square-foot two-level main building completed in 1928, a 440-square-foot secondary office, and two sizable storage structures. The primary building provides three offices on each floor, a reception and waiting area, a breakroom, and one restroom per level. Two fireplaces contribute historic character. Combined building area totals approximately 2,488 square feet.
The improvements occupy an approximately 13,696-square-foot corner parcel measuring about 107 by 128 feet along N. MacDill Avenue in Tampa. The site benefits from alley access, pylon signage, and reported exposure of approximately 13,800 AADT. A paved, striped parking area provides nine spaces plus one accessible space, while landscaped areas frame the property.
The property is zoned PD – Office and carries an R-20 Future Land Use designation. Its location provides access to Kennedy Boulevard, Dale Mabry Highway, I-275, and the Selmon Expressway, with Midtown Tampa, International Plaza, Tampa International Airport, and the Westshore Business District among the cited surrounding destinations.
The improvements occupy an approximately 13,696-square-foot corner parcel measuring about 107 by 128 feet along N. MacDill Avenue in Tampa. The site benefits from alley access, pylon signage, and reported exposure of approximately 13,800 AADT. A paved, striped parking area provides nine spaces plus one accessible space, while landscaped areas frame the property.
The property is zoned PD – Office and carries an R-20 Future Land Use designation. Its location provides access to Kennedy Boulevard, Dale Mabry Highway, I-275, and the Selmon Expressway, with Midtown Tampa, International Plaza, Tampa International Airport, and the Westshore Business District among the cited surrounding destinations.
Key Highlights
- 2,048 +/- SF two‑story main office building completed in 1928
- 440 +/- SF auxiliary office building plus two large storage structures
- Approximately 13,696 +/- SF corner site measuring 107x128
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
$33,812
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
3.07%
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%
$676,240
$676.2K
Cap Rate 7%
$483,029
$483.0K
Cap Rate 9%
$375,689
$375.7K
Market Conditions
NOI Build-Up for 2,488 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
$59.7K $24.00/SF
− Vacancy
−$14.6K −$5.88/SF
EGI
$45.1K $18.12/SF
− OpEx
−$11.3K −$4.53/SF
NOI
$33.8K $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%
$676,240
Cap Rate 7%
$483,029
Cap Rate 9%
$375,689
Alternative Uses
Best Use
Office B
$483.0K
$422.7K – $563.5K
NOI $33,812 @ 7.0% cap · market cap 3.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$579.6K
$507.2K – $676.2K
NOI $40,574 @ 7.0% cap · market cap 3.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,010
Businesses Nearby
Explore this area
Business Placement
Demographics for 33609, FL
17,902
Population
9,169
Households
2
Avg Household Size
38
Median Age
63%
College-Educated
94%
High-School Grad
4.0 sq mi
ZIP Area
4,476
Density / Sq Mi
$105,083
Median Household Income
$66,567
Median Earnings
$1,818
Median Rent
$526,000
Median Home Value
Market
Vacancy Rate% for Office in Tampa, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Historic professional layout includes six offices, reception space, a breakroom, and two fireplaces.
Where is this office building located?
The property is located at 204 N Macdill Ave Tampa, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 2,048 +/- SF two‑story main office building completed in 1928; 440 +/- SF auxiliary office building plus two large storage structures; Approximately 13,696 +/- SF corner site measuring 107x128
