Boutique Multi-Tenant Office
For Sale
Contact for pricing
Pending
600 S Magnolia Ave, Tampa, FL 33606
Three-story, multi-tenant office building with approximately 20,330 RSF, currently 100% leased to 14 tenants.
Property Size20,330 SF
Days on Market160
Property Features for 600 S Magnolia Ave
General Information
Standard status
Pending
Size
20,330 SF
Class
B
Total Parking Spaces
54
Property subtype
Office
Zoning
RO-1 – Residential-Office District
Occupancy
100%
Lease Type
Gross
Investment Type
Stabilized
Building Details
Year Built
1924
Year Renovated
1995
Stories
3
Tenancy
Multi
Listing Agency:
CBRE - Tampa
Listed By:
Paul Carr · License #SL3123881
(206) 271-6682
Source:
Crexi
Added: Apr 2
Changed: Aug 8
Last Checked: Jul 24 at 3:43PM
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 CBRE - Tampa
Investment Insights
Based on property information with market context.
Edgewater is a 3-story boutique office building offering approximately 20,330 rentable square feet, currently 100% leased to 14 tenants. Originally developed circa 1924 as a hotel, the property remains a multi-tenant professional office building and has been exceptionally well-maintained by the current owner.
The property is located at 600 S. Magnolia Ave. and 601 W. De Leon St. in the Hyde Park District within the South Tampa submarket, on approximately 0.78 combined acres. Immediate connectivity to Downtown Tampa is described via Bayshore Blvd.
The current tenant roster is supported by an approximately 1.5 years of W.A.L.T. remaining, providing a stabilized leasing position within a maintained, timeless building design.
The property is located at 600 S. Magnolia Ave. and 601 W. De Leon St. in the Hyde Park District within the South Tampa submarket, on approximately 0.78 combined acres. Immediate connectivity to Downtown Tampa is described via Bayshore Blvd.
The current tenant roster is supported by an approximately 1.5 years of W.A.L.T. remaining, providing a stabilized leasing position within a maintained, timeless building design.
Key Highlights
- 3‑story, multi‑tenant boutique office building totaling ±20,330 rentable SF
- 100% leased to 14 tenants
- W.A.L.T. of approximately 1.5 years remaining
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
$276,285
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
4.76%
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%
$5,525,700
$5.5M
Cap Rate 7%
$3,946,929
$3.9M
Cap Rate 9%
$3,069,833
$3.1M
Market Conditions
NOI Build-Up for 20,330 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
$487.9K $24.00/SF
− Vacancy
−$119.5K −$5.88/SF
EGI
$368.4K $18.12/SF
− OpEx
−$92.1K −$4.53/SF
NOI
$276.3K $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%
$5,525,700
Cap Rate 7%
$3,946,929
Cap Rate 9%
$3,069,833
Alternative Uses
Best Use
Office B
$3.95M
$3.45M – $4.60M
NOI $276,285 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.74M
$4.14M – $5.53M
NOI $331,542 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,719
Businesses Nearby
Explore this area
Business Placement
Demographics for 33606, FL
22,271
Population
10,918
Households
2
Avg Household Size
30
Median Age
77%
College-Educated
98%
High-School Grad
3.3 sq mi
ZIP Area
6,749
Density / Sq Mi
$113,634
Median Household Income
$46,311
Median Earnings
$1,931
Median Rent
$796,000
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 - Three-story, multi-tenant office building with approximately 20,330 RSF, currently 100% leased to 14 tenants.
Where is this office building located?
The property is located at 600 S Magnolia Ave Tampa, FL.
What is the asking price?
The asking price for this property is $5,800,000.
What are key features of this property?
This property features: 3‑story, multi‑tenant boutique office building totaling ±20,330 rentable SF; 100% leased to 14 tenants; W.A.L.T. of approximately 1.5 years remaining
