Versatile Two-Story Office
For Sale
$695,000
Pending
3816 Gunn Hwy, Tampa, FL 33618
Two-story office condominium with flexible space in Tampa's Carrollwood submarket.
Property Size3,000 SF
Days on Market179
Property Features for 3816 Gunn Hwy
General Information
Standard status
Pending
Size
3,000 SF
Taxes and HOA fees
Annual Taxes
$8,909
Listing Agency:
KELLER WILLIAMS TAMPA PROP.
(727) 410-2896
Listed By:
Alexander Lucke · License #3351552
(727) 410-2896
Source:
Exprealty
Added: Feb 26
Changed: Aug 23
Last Checked: Aug 24 at 10:27AM
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 KELLER WILLIAMS TAMPA PROP.
Investment Insights
Based on property information with market context.
Located in the Carrollwood submarket of Tampa, 3816 Gunn Highway is a two-story office condominium within the One Carrollwood Place office complex. Constructed in 1985, the property offers approximately 3,000 square feet of space designed for various professional office uses. A distinguishing feature is the approximately 750-square-foot open storage and operational suite, which includes removed drop ceilings with exposed height, concrete flooring, integrated lighting, and direct restroom access. This space is suitable for product storage, equipment staging, IT infrastructure, archives, light distribution, or service-based operations. The remainder of the building features a mix of private executive offices, conference space, and open work areas across both floors. Floor-to-ceiling window lines provide natural light throughout the space. The two-story configuration allows for departmental separation or potential multi-suite configuration. Situated along Gunn Highway, the property benefits from visibility and access to Dale Mabry Highway, the Veterans Expressway, and the Tampa metro area. Surrounding retail, dining, and service amenities enhance convenience for employees and clients. The property is located in a bikeable area with a bike score of 54, a walkable area with a walk score of 71, and has some transit options with a transit score of 29.
Key Highlights
- Prime location on Gunn Highway with easy access to Dale Mabry and Veterans Expressway.
- Versatile 3,000 SF two‑story office condominium for owner‑users or investors.
- Unique ±750 SF open storage/operational suite with exposed ceilings and concrete floors.
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
$40,770
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
5.87%
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%
$815,400
$815.4K
Cap Rate 7%
$582,429
$582.4K
Cap Rate 9%
$453,000
$453.0K
Market Conditions
NOI Build-Up for 3,000 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
$72.0K $24.00/SF
− Vacancy
−$17.6K −$5.88/SF
EGI
$54.4K $18.12/SF
− OpEx
−$13.6K −$4.53/SF
NOI
$40.8K $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%
$815,400
Cap Rate 7%
$582,429
Cap Rate 9%
$453,000
Alternative Uses
Best Use
Office B
$582.4K
$509.6K – $679.5K
NOI $40,770 @ 7.0% cap · market cap 5.87%
Second Best
Flex RnD
$565.6K
$494.9K – $659.9K
NOI $39,593 @ 7.0% cap · market cap 5.70%
Theoretical Best
Office A
$698.9K
$611.6K – $815.4K
NOI $48,924 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,578
Businesses Nearby
Explore this area
Business Placement
Demographics for 33618, FL
26,474
Population
12,394
Households
2.1
Avg Household Size
45
Median Age
48%
College-Educated
95%
High-School Grad
8.4 sq mi
ZIP Area
3,152
Density / Sq Mi
$79,850
Median Household Income
$50,134
Median Earnings
$1,400
Median Rent
$379,200
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 units - Two-story office condominium with flexible space in Tampa's Carrollwood submarket.
Where is this office units located?
The property is located at 3816 Gunn Hwy Tampa, FL.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Prime location on Gunn Highway with easy access to Dale Mabry and Veterans Expressway.; Versatile 3,000 SF two‑story office condominium for owner‑users or investors.; Unique ±750 SF open storage/operational suite with exposed ceilings and concrete floors.
