Class A Office
For Sale
$6,200,000
3707 W Cherry Street TAMPA, Tampa, FL 33607
Westshore Center offers renovated office interiors with updated roof, HVAC, ADA restrooms, and LED lighting.
Property Size21,781 SF
Price / SF$284.65
Days on Market74
Property Features for 3707 W Cherry Street TAMPA
General Information
Standard status
Active
Size
21,781 SF
Zoning
CI
Taxes and HOA fees
Annual Taxes
$66,150
Amenities
true
2
Estimated
Trees/Landscaped
Public
33990
330 x 103
0.78
false
Asphalt,Paved
Slab
City Street
21781
1
Building Details
Building Size
21,781 SF
Year Built
1984
Buildings
1
Stories
2
Listing Agency:
The Ross Realty Group Inc
(904) 569-5862
Listed By:
Kelly Regan · License #BK416734
(904) 569-5862
Source:
Movetojacksonville
Added: Jun 17
Changed: Aug 28
Last Checked: Aug 29 at 7:07AM
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 Ross Realty Group Inc
Investment Insights
Based on property information with market context.
Westshore Center Office Building is a renovated office property with significant capital improvements completed since 2020, including a new roof, HVAC, duct work, ADA restrooms, Class A interior upgrades, and LED lighting.
The building is located in the Westshore Business District, just east of N Dale Mabry Highway, and provides convenient drive access to Interstate 275, the Veterans Expressway, downtown Tampa, and Tampa International Airport.
With these recent systems and interior enhancements, the property is positioned as a modern office option within the Westshore area.
The building is located in the Westshore Business District, just east of N Dale Mabry Highway, and provides convenient drive access to Interstate 275, the Veterans Expressway, downtown Tampa, and Tampa International Airport.
With these recent systems and interior enhancements, the property is positioned as a modern office option within the Westshore area.
Key Highlights
- Office building built in 1984 at 3707 W Cherry Street, Tampa, FL 33607
- Owners invested over $1.5 million in renovations since purchasing in 2020
- Renovations include a new roof, new HVAC, and duct work upgrades
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
$296,004
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%
$5,920,080
$5.9M
Cap Rate 7%
$4,228,629
$4.2M
Cap Rate 9%
$3,288,933
$3.3M
Market Conditions
NOI Build-Up for 21,781 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
$522.7K $24.00/SF
− Vacancy
−$128.1K −$5.88/SF
EGI
$394.7K $18.12/SF
− OpEx
−$98.7K −$4.53/SF
NOI
$296.0K $13.59/SF
Area
Tampa, FL
Vacancy
24.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$5,920,080
Cap Rate 7%
$4,228,629
Cap Rate 9%
$3,288,933
Alternative Uses
Best Use
Office B
$4.23M
$3.70M – $4.93M
NOI $296,004 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.07M
$4.44M – $5.92M
NOI $355,205 @ 7.0% cap · market cap 5.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,865
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 Office in Tampa, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Westshore Center offers renovated office interiors with updated roof, HVAC, ADA restrooms, and LED lighting.
Where is this office building located?
The property is located at 3707 W Cherry Street TAMPA Tampa, FL.
What is the asking price?
The asking price for this property is $6,200,000.
What are key features of this property?
This property features: Office building built in 1984 at 3707 W Cherry Street, Tampa, FL 33607; Owners invested over $1.5 million in renovations since purchasing in 2020; Renovations include a new roof, new HVAC, and duct work upgrades
