Fully Leased Freestanding Office
For Sale
$630,000
6708 N ARMENIA Ave, Tampa, FL 33604
Freestanding, fully renovated office building on N. Armenia Avenue with centrally heated and cooled space.
Property Size1,368 SF
Lot Size0.20 Acres
Price / SF$460.53
Days on Market32
Property Features for 6708 N ARMENIA Ave
General Information
Standard status
Active
Size
1,368 SF
Lot size
0.20 Acres
Property subtype
Commercial
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$8,063
Building Details
Building Size
1,368 SF
Year Built
1955
Stories
1
Construction
block constructed
Listing Agency:
Florida Commercial Group
(813) 997-4321
Listed By:
Tina Marie Eloian · License #BK653748
(813) 997-4321
Source:
Elliman
Added: Jul 24
Changed: Aug 23
Last Checked: Aug 23 at 12:24PM
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 Florida Commercial Group
Investment Insights
Based on property information with market context.
Offered for sale on a 0.20-acre lot, this fully leased, freestanding commercial office building totals 1,368 SF. The building is block constructed and features central heating and central cooling, along with a fully renovated interior. A welcoming front entry leads into a versatile layout that can support an office or workstation/showroom setup, with flexibility for dividing the space into additional offices.
The property directly fronts N. Armenia Avenue between Sligh Avenue and W. Hillsborough Avenue along the Egypt Lake–Leto corridor. It is positioned for convenient access to Downtown Tampa, with quick drives to Interstate 275 and the Veterans’ Expressway.
Previously used as a dental lab, the site is designed as a secure, adaptable work environment for an owner-occupant or investor seeking a move-in-ready office presence.
The property directly fronts N. Armenia Avenue between Sligh Avenue and W. Hillsborough Avenue along the Egypt Lake–Leto corridor. It is positioned for convenient access to Downtown Tampa, with quick drives to Interstate 275 and the Veterans’ Expressway.
Previously used as a dental lab, the site is designed as a secure, adaptable work environment for an owner-occupant or investor seeking a move-in-ready office presence.
Key Highlights
- Freestanding 1,368 SF commercial office building on N. Armenia Avenue in Egypt Lake- Leto.
- Direct frontage on N. Armenia Avenue between Sligh Avenue and W. Hillsborough Avenue.
- Located on a 0.20‑acre lot.
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
$19,936
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
3.16%
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%
$398,720
$398.7K
Cap Rate 7%
$284,800
$284.8K
Cap Rate 9%
$221,511
$221.5K
Market Conditions
NOI Build-Up for 1,368 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
$36.1K $26.40/SF
− Vacancy
−$2.9K −$2.11/SF
EGI
$33.2K $24.29/SF
− OpEx
−$13.3K −$9.72/SF
NOI
$19.9K $14.57/SF
Area
Tampa, FL
Vacancy
8.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$398,720
Cap Rate 7%
$284,800
Cap Rate 9%
$221,511
Alternative Uses
Best Use
Healthcare Medical
$284.8K
$249.2K – $332.3K
NOI $19,936 @ 7.0% cap · market cap 3.16%
Second Best
Office B
$265.6K
$232.4K – $309.9K
NOI $18,591 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$318.7K
$278.9K – $371.8K
NOI $22,309 @ 7.0% cap · market cap 3.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
767
Businesses Nearby
Explore this area
Business Placement
Demographics for 33604, FL
39,071
Population
17,053
Households
2.3
Avg Household Size
38
Median Age
26%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
5,209
Density / Sq Mi
$55,988
Median Household Income
$39,537
Median Earnings
$1,326
Median Rent
$264,900
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 - Freestanding, fully renovated office building on N. Armenia Avenue with centrally heated and cooled space.
Where is this office building located?
The property is located at 6708 N ARMENIA Ave Tampa, FL.
What is the asking price?
The asking price for this property is $630,000.
What are key features of this property?
This property features: Freestanding 1,368 SF commercial office building on N. Armenia Avenue in Egypt Lake- Leto.; Direct frontage on N. Armenia Avenue between Sligh Avenue and W. Hillsborough Avenue.; Located on a 0.20‑acre lot.
