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 Market666
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: Apr 11 at 4:08PM
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 / Yr
$341,314
Cap Rate
5.69%
Suggested Prices Based on Cap Rates
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
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 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
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Current Use
Location Intelligence
Trade Area within ½ mile
1,854
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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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**.
