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    Tampa Heights Infill Development Site Title is generated by Realmo AI

    408 E PALM AVENUE, Tampa, FL 33602

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    Claim this Listing
    For Sale
    $890,000

    Land - TAMPA, FL

    Property size:
    1,851 SF
    Lot size:
    0.21 Acres
    Price / SF:
    $480/SF
    Added:
    Oct 14, 2025
    Days on Market:
    235
    Last Refresh:
    Jun 5 at 3:06 am

    Property Features for 408 E PALM AVENUE

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    RM-24
    Exterior features
    Fencing
    Fencing
    Fenced
    Standard status
    Active
    APN
    A-13-29-18-4XT-000001-00010.0
    Size
    1,851 SF
    Lot size
    0.21 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    6448.05

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Michele Frasure
    Michele Frasure

    Listing agent Michele Frasure License #3223622

    Listing office EZ CHOICE REALTY 116 E Bloomingdale Ave, Brandon FL, FL

    Listing date Oct 14, 2025

    MLS# TB8437240 Listing URL

    Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime corner infill development site in highly desirable Tampa Heights.
    • RM‑24 zoning allows for potential 4‑unit townhome or multifamily development (subject to verification).
    • Excellent location near Downtown Tampa, Armature Works, and the Riverwalk.
    • Dual frontage (E Palm Ave & Central Ave) provides flexible site orientation and design options.
    • Existing 3BR/2BA residence offers potential interim rental income.
    • Rear alley access enhances layout efficiency and parking design.

    Overview

    This corner infill development site is located in Tampa Heights. The approximately 9,044 square foot parcel has frontage of about 68 feet on E Palm Ave and 133 feet along Central Ave. The RM-24 zoning (24 units per acre) may support a 4-unit townhome or multifamily project, subject to buyer verification and City of Tampa approvals. Rear alley access further enhances layout efficiency and parking design options. The property is located in Flood Zone X (buyer to verify). The site's dimensions and dual frontage provide multiple configuration opportunities for builders seeking efficient unit layouts. An existing approximately 1,851 square foot single-family residence with 3 bedrooms and 2 bathrooms offers potential interim rental income or can be cleared for redevelopment. Additional density or mixed-use potential may be achievable through a Planned Development process, subject to municipal approvals. Tampa Heights is one of Tampa's most active infill submarkets, driven by strong multifamily fundamentals and proximity to Downtown Tampa, Armature Works, and the Riverwalk. The property is located in Hillsborough County, in the postal city of Tampa, Florida, with a postal code of 33602. The lot size is 0.21 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Dental Office Real Estate Agency Spa & Massage Center Hair Salon Nail Salon Building Supply Law Firm Daycare Center Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tampa
    County
    Hillsborough
    State
    Florida
    Longitude
    -82.455517
    Latitude
    27.962527

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    FAQs

    What type of property is this?
    Residential land & home lot - Corner lot in active submarket near Downtown Tampa.
    Where is this residential land & home lot located?
    The property is located at 408 E PALM AVENUE Tampa, FL.
    What is the asking price?
    The asking price for this property is $890,000.
    What are key features of this property?
    This property features: Prime corner infill development site in highly desirable Tampa Heights.; RM‑24 zoning allows for potential 4‑unit townhome or multifamily development (subject to verification).; Excellent location near Downtown Tampa, Armature Works, and the Riverwalk.
    (813) 603-7796
    We can help!
    Listing Contact
    Michele Frasure
    Michele Frasure
    Real Estate License ID: 3223622
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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