Two-Story Flex
New
For Sale
$1,395,000
5021 W NASSAU, Tampa, FL 33607
Vacant commercial building with adaptable interiors, limited warehouse area, and M-AP-1 zoning near Tampa International Airport.
Property Size6,950 SF
Lot Size0.68 Acres
Price / SF$164.66
Days on Market2
Property Features for 5021 W NASSAU
General Information
Standard status
Active
Size
6,950 SF
Lot size
0.68 Acres
Property subtype
Industrial
Zoning
M-AP-1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$19,930
Building Details
Building Size
6,950 SF
Year Built
1978
Buildings
1
Stories
2
Units
1
Construction
metal
Owner Occupied
No
Listing Agency:
RE/MAX REALTEC GROUP INC
(727) 403-5611
Listed By:
Mark Ganier · License #201
(727) 403-5611
Source:
Elliman
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 14 at 6:05AM
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 RE/MAX REALTEC GROUP INC
Investment Insights
Based on property information with market context.
This two-level flex property includes a metal building with drywall interior partitions and a layout formerly configured for communications and radio broadcasting. The existing arrangement provides limited warehouse area alongside commercial interior space, with potential for reconfiguration. The building contains approximately 8,472 square feet, including 6,950 SF heated, on approximately 0.68 acres. Originally constructed in 1978, the property is currently vacant.
Located at 5021 W Nassau in Tampa’s Westshore/Airport submarket, the site is near Tampa International Airport and major regional transportation corridors. The parcel is zoned M-AP-1 and is partially within FEMA Flood Zone AE, a consideration for redevelopment, financing, and insurance review. WalkScore is 53, BikeScore is 54, and TransitScore is 38.
Located at 5021 W Nassau in Tampa’s Westshore/Airport submarket, the site is near Tampa International Airport and major regional transportation corridors. The parcel is zoned M-AP-1 and is partially within FEMA Flood Zone AE, a consideration for redevelopment, financing, and insurance review. WalkScore is 53, BikeScore is 54, and TransitScore is 38.
Key Highlights
- Approximately 8,472 square feet, including 6,950 SF heated
- Approximately 0.68‑acre site in Tampa’s Westshore/Airport submarket
- Two‑story metal building with drywall interior walls
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
$115,134
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
8.25%
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%
$2,302,680
$2.3M
Cap Rate 7%
$1,644,771
$1.6M
Cap Rate 9%
$1,279,267
$1.3M
Market Conditions
NOI Build-Up for 8,472 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
$203.3K $24.00/SF
− Vacancy
−$49.8K −$5.88/SF
EGI
$153.5K $18.12/SF
− OpEx
−$38.4K −$4.53/SF
NOI
$115.1K $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%
$2,302,680
Cap Rate 7%
$1,644,771
Cap Rate 9%
$1,279,267
Alternative Uses
Best Use
Office B
$1.64M
$1.44M – $1.92M
NOI $115,134 @ 7.0% cap · market cap 8.25%
Second Best
Flex RnD
$1.60M
$1.40M – $1.86M
NOI $111,810 @ 7.0% cap · market cap 8.02%
Theoretical Best
Office A
$1.97M
$1.73M – $2.30M
NOI $138,161 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,322
Businesses Nearby
Well-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Vacant commercial building with adaptable interiors, limited warehouse area, and M-AP-1 zoning near Tampa International Airport.
Where is this flex space located?
The property is located at 5021 W NASSAU Tampa, FL.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Approximately 8,472 square feet, including 6,950 SF heated; Approximately 0.68‑acre site in Tampa’s Westshore/Airport submarket; Two‑story metal building with drywall interior walls
