Midtown Investment
For Sale
$2,150,000
3007 W CYPRESS St, Tampa, FL 33609
Multi-tenant commercial building in a high-growth Tampa submarket.
Property Size6,400 SF
Price / SF$282.89
Days on Market149
Property Features for 3007 W CYPRESS St
General Information
Standard status
Active
Size
6,400 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$18,879
Building Details
Building Size
6,400 SF
Year Built
1985
Listing Agency:
THE SOMERDAY GROUP PL
Listed By:
Alexander Matos · License #3291553
(813) 842-4292
Source:
Elliman
Added: Apr 24
Changed: Aug 14
Last Checked: Sep 18 at 10:35AM
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 THE SOMERDAY GROUP PL
Investment Insights
Based on property information with market context.
This Midtown investment opportunity is strategically located along the highly traveled W. Cypress Street corridor, just minutes from the rapidly expanding Midtown Tampa district. The property features an approximately 7,600+ square foot multi-tenant commercial building positioned within one of Tampa’s most active redevelopment corridors. The property benefits from strong street frontage, excellent visibility, and convenient access to I-275, Kennedy Boulevard, Downtown Tampa, Tampa International Airport, and Midtown Tampa. The surrounding area is characterized by dense residential neighborhoods, strong daytime population, and continued commercial and mixed-use development, supporting long-term tenant demand and rental growth. From an investment standpoint, the asset offers efficient operating expenses, as tenants are individually metered and responsible for their own electrical service. The parking lot was recently resurfaced, reducing near-term capital expenditure concerns. Units 6, 5, and 4 were completely remodeled in 2021 and 2025, providing modernized interiors that support stronger tenant retention and future rental upside. Zoned for commercial use, the property delivers stable in-place income with upside potential through rental growth and long-term corridor appreciation. The location has a bike score of 69, making it bikeable, a walk score of 77, making it very walkable, and a transit score of 34, indicating some transit options.
Key Highlights
- Strategically located in a high‑growth Tampa submarket near the rapidly expanding Midtown Tampa district.
- Multi‑tenant commercial building with stable in‑place income and upside potential.
- Excellent visibility and convenient access to I‑275, Kennedy Boulevard, Downtown Tampa, Tampa International Airport, and Midtown Tampa.
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
$102,600
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
4.77%
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%
$2,052,000
$2.1M
Cap Rate 7%
$1,465,714
$1.5M
Cap Rate 9%
$1,140,000
$1.1M
Market Conditions
NOI Build-Up for 7,600 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
$182.4K $24.00/SF
− Vacancy
−$18.2K −$2.40/SF
EGI
$164.2K $21.60/SF
− OpEx
−$61.6K −$8.10/SF
NOI
$102.6K $13.50/SF
Area
Tampa, FL
Vacancy
10.00%
Lease Rate
$24.00 /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%
$2,052,000
Cap Rate 7%
$1,465,714
Cap Rate 9%
$1,140,000
Alternative Uses
Best Use
Mixed Use
$1.47M
$1.28M – $1.71M
NOI $102,600 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.77M
$1.55M – $2.07M
NOI $123,941 @ 7.0% cap · market cap 5.76%
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
2,013
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Multi-tenant commercial building in a high-growth Tampa submarket.
Where is this mixed-use property located?
The property is located at 3007 W CYPRESS St Tampa, FL.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Strategically located in a high‑growth Tampa submarket near the rapidly expanding Midtown Tampa district.; Multi‑tenant commercial building with stable in‑place income and upside potential.; Excellent visibility and convenient access to I‑275, Kennedy Boulevard, Downtown Tampa, Tampa International Airport, and Midtown Tampa.
