Renovated Mixed-Use
For Sale
$325,000
3004 E DR MARTIN LUTHER KING JR BOULEVARD, Tampa, FL 33610
Commercial zoning allows the property to continue serving as a residence while supporting commercial use.
Property Size1,080 SF
Days on Market54
Property Features for 3004 E DR MARTIN LUTHER KING JR BOULEVARD
General Information
Standard status
Active
Size
1,080 SF
Property subtype
Commercial
Zoning
CG
Taxes and HOA fees
Annual Taxes
$3,749
Building Details
Building Size
1,080 SF
Year Built
1951
Listing Agency:
STAR BAY REALTY CORP.
(678) 698-0538
Listed By:
Luis Amoretti · License #3243614
(678) 698-0538
Source:
Mbifloridarealty
Added: Jul 8
Changed: Aug 28
Last Checked: Aug 29 at 10:18AM
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 STAR BAY REALTY CORP.
Investment Insights
Based on property information with market context.
This 1,080-square-foot mixed-use property was built in 1951 and has been completely renovated. The current configuration includes three bedrooms and two bathrooms, along with a front porch and a storage shed. Commercial zoning supports continued residential occupancy while providing a commercial use framework.
Located at 3004 E Dr Martin Luther King Jr Boulevard in Tampa, the property is near Bush Garden, restaurants, and a shopping center. The property is also offered without HOA restrictions, adding flexibility for an owner seeking a combined residential and commercial-use asset.
Located at 3004 E Dr Martin Luther King Jr Boulevard in Tampa, the property is near Bush Garden, restaurants, and a shopping center. The property is also offered without HOA restrictions, adding flexibility for an owner seeking a combined residential and commercial-use asset.
Key Highlights
- 1,080 SF mixed‑use property with commercial zoning
- Three‑bedroom, two‑bathroom configuration
- Completely renovated property built in 1951
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
$13,122
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
4.04%
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%
$262,440
$262.4K
Cap Rate 7%
$187,457
$187.5K
Cap Rate 9%
$145,800
$145.8K
Market Conditions
NOI Build-Up for 1,080 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
$23.3K $21.60/SF
− Vacancy
−$2.3K −$2.16/SF
EGI
$21.0K $19.44/SF
− OpEx
−$7.9K −$7.29/SF
NOI
$13.1K $12.15/SF
Area
ZIP 33610
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$262,440
Cap Rate 7%
$187,457
Cap Rate 9%
$145,800
Alternative Uses
Best Use
Mixed Use
$187.5K
$164.0K – $218.7K
NOI $13,122 @ 7.0% cap · market cap 4.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$249.1K
$218.0K – $290.6K
NOI $17,436 @ 7.0% cap · market cap 5.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
581
Businesses Nearby
Explore this area
Business Placement
Demographics for 33610, FL
45,218
Population
17,995
Households
2.5
Avg Household Size
34
Median Age
19%
College-Educated
82%
High-School Grad
18.0 sq mi
ZIP Area
2,512
Density / Sq Mi
$49,765
Median Household Income
$34,773
Median Earnings
$1,307
Median Rent
$210,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial zoning allows the property to continue serving as a residence while supporting commercial use.
Where is this mixed-use property located?
The property is located at 3004 E DR MARTIN LUTHER KING JR BOULEVARD Tampa, FL.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 1,080 SF mixed‑use property with commercial zoning; Three‑bedroom, two‑bathroom configuration; Completely renovated property built in 1951
