Tampa Heights Development
For Sale
$1,749,000
2806 N TAMPA STREET, Tampa, FL 33602
Income-producing property with development potential in vibrant Tampa Heights.
Property Size7,942 SF
Lot Size0.42 Acres
Price / SF$220.22
Days on Market340
Property Features for 2806 N TAMPA STREET
General Information
Standard status
Active
Size
7,942 SF
Lot size
0.42 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$14,541
Amenities
Central air
Metal Roof
Pool
Public Pool
Carpet Flooring
Ductless Heating
Shingle Roof
Vinyl Flooring
Wall/Window Unit(s) Cooling
Building Details
Year Built
1945
Listing Agency:
SERRALLES GROUP,INC
(813) 307-0007
Listed By:
EDDIE SERRALLES · License #508984
Source:
Corcoran
Added: Sep 12, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:14AM
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 SERRALLES GROUP,INC
Investment Insights
Based on property information with market context.
Located in Tampa Heights, this income-producing property comprises a 5-parcel package with 11 units. The property is situated near Raymond James Stadium, with access to I-275 and I-4, positioning it between downtown, Midtown, and Seminole Heights. Current rents range from $1,400 to $2,200 per unit. This property offers potential for boutique residences or mixed-use space in a growing area. The property is located minutes from Armature Works, the Tampa Riverwalk, and the Hillsborough River. The property size is 7942 square feet.
Key Highlights
- Prime Tampa Heights location, a rapidly growing and desirable neighborhood.
- Income‑producing property with 11 units and current rents from $1,400-$2,200 per unit.
- Significant development opportunity with 5 parcels included.
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
$86,191
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
4.93%
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%
$1,723,820
$1.7M
Cap Rate 7%
$1,231,300
$1.2M
Cap Rate 9%
$957,678
$957.7K
Market Conditions
NOI Build-Up for 7,942 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
$168.7K $21.24/SF
− Vacancy
−$12.0K −$1.51/SF
EGI
$156.7K $19.73/SF
− OpEx
−$70.5K −$8.88/SF
NOI
$86.2K $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%
$1,723,820
Cap Rate 7%
$1,231,300
Cap Rate 9%
$957,678
Alternative Uses
Best Use
Apartment 5plus
$1.23M
$1.08M – $1.44M
NOI $86,191 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,518 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,040
Businesses Nearby
Explore this area
Business Placement
Demographics for 33602, FL
19,936
Population
11,972
Households
1.7
Avg Household Size
36
Median Age
61%
College-Educated
92%
High-School Grad
2.6 sq mi
ZIP Area
7,668
Density / Sq Mi
$88,569
Median Household Income
$66,434
Median Earnings
$2,119
Median Rent
$560,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Income-producing property with development potential in vibrant Tampa Heights.
Where is this apartment building located?
The property is located at 2806 N TAMPA STREET Tampa, FL.
What is the asking price?
The asking price for this property is $1,749,000.
What are key features of this property?
This property features: Prime Tampa Heights location, a rapidly growing and desirable neighborhood.; Income‑producing property with 11 units and current rents from $1,400-$2,200 per unit.; Significant development opportunity with 5 parcels included.
