Vacant Condominium Building Near
For Sale
$6,000,000
2424 W TAMPA BAY BOULEVARD, Tampa, FL 33607
32-unit condominium building with river access, remodeled in 2010.
Property Size31,450 SF
Price / SF$190.78
Days on Market616
Property Features for 2424 W TAMPA BAY BOULEVARD
General Information
Standard status
Active
Size
31,450 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$81,224
Amenities
Central air
Pool
Public Pool
Central Air Cooling
Central Heating
Concrete Roof
Tile Flooring
Building Details
Year Built
1989
Listing Agency:
GREAT AMERICAN REALTY
(813) 961-9661
Listed By:
FRANK LETO · License #272816
Source:
Corcoran
Added: Dec 11, 2024
Changed: Aug 8
Last Checked: Aug 8 at 1:44PM
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 GREAT AMERICAN REALTY
Investment Insights
Based on property information with market context.
This is a 4-story, 32-unit concrete block condominium building, known as The Marina Club, with access to the Hillsborough River. Constructed in 1989 and remodeled in 2010, the building features screened patios, central heat and air, washer and dryer hookups, and fire sprinkler systems in all units. The unit mix includes eight 3-bedroom/2-bath units at 1415 square feet, eight 2-bedroom/1-bath units at 1140 square feet, and sixteen 2-bedroom/2-bath units at 1240 square feet. Community amenities include two pools, a clubhouse, a fitness center, river access, boat slips, a boat ramp, and gated entry. The building is currently vacant. Note that HOA rules stipulate that units cannot be rented and can only be sold to owner-occupants. The property size is 31450 square feet.
Key Highlights
- Seller financing available.
- River access with boat slips and ramp, leading to the Gulf.
- Gated community with 2 pools, clubhouse, and fitness center.
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
$341,314
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
5.69%
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%
$6,826,280
$6.8M
Cap Rate 7%
$4,875,914
$4.9M
Cap Rate 9%
$3,792,378
$3.8M
Market Conditions
NOI Build-Up for 31,450 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
$668.0K $21.24/SF
− Vacancy
−$47.4K −$1.51/SF
EGI
$620.6K $19.73/SF
− OpEx
−$279.3K −$8.88/SF
NOI
$341.3K $10.85/SF
Area
Tampa, FL
Vacancy
7.10%
Lease Rate
$21.24 /SF/Yr
Expense Ratio
45.00%
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%
$6,826,280
Cap Rate 7%
$4,875,914
Cap Rate 9%
$3,792,378
Alternative Uses
Best Use
Apartment 5plus
$4.88M
$4.27M – $5.69M
NOI $341,314 @ 7.0% cap · market cap 5.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.33M
$6.41M – $8.55M
NOI $512,887 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,201
Businesses Nearby
Explore this area
Business Placement
Demographics for 33607, FL
24,767
Population
13,158
Households
1.9
Avg Household Size
37
Median Age
35%
College-Educated
87%
High-School Grad
9.3 sq mi
ZIP Area
2,663
Density / Sq Mi
$66,404
Median Household Income
$43,404
Median Earnings
$1,771
Median Rent
$316,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - 32-unit condominium building with river access, remodeled in 2010.
Where is this apartment building located?
The property is located at 2424 W TAMPA BAY BOULEVARD Tampa, FL.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: Seller financing available.; River access with boat slips and ramp, leading to the Gulf.; Gated community with **2 pools, clubhouse, and fitness center**.
