Renovated Office Building on
For Sale
$630,000
6708 N Armenia Ave, Tampa, FL 33604
Freestanding, renovated 1,368 SF office building in Tampa, Florida.
Property Size1,368 SF
Lot Size0.20 Acres
Price / SF$460.53
Days on Market191
Property Features for 6708 N Armenia Ave
General Information
Standard status
Active
Size
1,368 SF
Lot size
0.20 Acres
Building Details
Year Built
1955
Listing Agency:
FLORIDA COMMERCIAL GROUP
Listed By:
Tina Marie Eloian · License #653748
(813) 997-4321
Source:
Fulcrum-residential
Added: Mar 26
Changed: Sep 29
Last Checked: Oct 1 at 4:22PM
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.
This is a free-standing 1,368 SF commercial office building for sale located along N. Armenia Avenue in Egypt Lake-Leto. The property is situated on a 0.20 acre lot, directly fronting N. Armenia Avenue, between Sligh Avenue and W. Hillsborough Avenue. Previously used as a dental lab, this block-constructed building is centrally heated and cooled and has been fully renovated. The building features a welcoming front entry and a versatile layout that can be divided for additional offices or set up as an office/workstation or office showroom. The building is well secured. The site is a short commute to Downtown Tampa and is also minutes from Interstate 275 and the Veterans’ Expwy. The property presents possibilities and opportunities for a start-up, relocation site, or an expansion location.
Key Highlights
- Fully Leased Commercial Office Building
- Prime Location on N. Armenia Avenue
- Fully Renovated 1,368 SF Building
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
$18,591
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
2.95%
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%
$371,820
$371.8K
Cap Rate 7%
$265,586
$265.6K
Cap Rate 9%
$206,567
$206.6K
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
$32.8K $24.00/SF
− Vacancy
−$8.0K −$5.88/SF
EGI
$24.8K $18.12/SF
− OpEx
−$6.2K −$4.53/SF
NOI
$18.6K $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%
$371,820
Cap Rate 7%
$265,586
Cap Rate 9%
$206,567
Alternative Uses
Best Use
Office B
$265.6K
$232.4K – $309.9K
NOI $18,591 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
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
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Current Use
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
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Market
Vacancy Rate% for Office in Tampa, FL
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Frequently Asked Questions
What type of property is this?
Office building - Freestanding, renovated 1,368 SF office building in Tampa, Florida.
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: Fully Leased Commercial Office Building; Prime Location on N. Armenia Avenue; Fully Renovated 1,368 SF Building
