Tampa Theatre Office
For Sale
$1,100,000
Pending
707 N FRANKLIN St 6, Tampa, FL 33602
Unique office space in the iconic Tampa Theatre building.
Property Size4,112 SF
Days on Market123
Property Features for 707 N FRANKLIN St 6
General Information
Standard status
Pending
Size
4,112 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$15,690
Building Details
Building Size
4,112 SF
Year Built
1926
Stories
1
Listing Agency:
COMPASS FLORIDA LLC
(813) 230-2447
Listed By:
Cash Ealey · License #3357166
(813) 230-2447
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 3 at 12:00PM
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 COMPASS FLORIDA LLC
Investment Insights
Based on property information with market context.
Located on the 6th floor of the Tampa Theatre building at 707 N Franklin Street in downtown Tampa, this office space combines historical charm with modern design. The interiors feature high ceilings, abundant natural light, and high-end finishes. The layout is designed to promote productivity and offers flexibility to tailor the space. The location provides access to dining, shops, and cultural venues, and is considered a walkable neighborhood. The property has a bike score of 70, indicating it is very bikeable, a walk score of 76, indicating it is very walkable, and a transit score of 49, indicating some transit options are available. The office space is suitable for established firms and growing businesses seeking a distinguished address.
Key Highlights
- Located in the iconic Tampa Theatre building, offering a prestigious and unique office environment.
- Expansive interiors with soaring ceilings and abundant natural light.
- Thoughtfully designed layout promoting productivity and flexibility.
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
$55,882
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
5.08%
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%
$1,117,640
$1.1M
Cap Rate 7%
$798,314
$798.3K
Cap Rate 9%
$620,911
$620.9K
Market Conditions
NOI Build-Up for 4,112 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
$98.7K $24.00/SF
− Vacancy
−$24.2K −$5.88/SF
EGI
$74.5K $18.12/SF
− OpEx
−$18.6K −$4.53/SF
NOI
$55.9K $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%
$1,117,640
Cap Rate 7%
$798,314
Cap Rate 9%
$620,911
Alternative Uses
Best Use
Office B
$798.3K
$698.5K – $931.4K
NOI $55,882 @ 7.0% cap · market cap 5.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$958.0K
$838.2K – $1.12M
NOI $67,058 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,987
Businesses Nearby
Explore this area
Business Placement
Demographics for 33602, FL
19,936
Population
11,972
Households
1.7
Avg Household Size
36
Median Age
61%
College-Educated
92%
High-School Grad
2.6 sq mi
ZIP Area
7,668
Density / Sq Mi
$88,569
Median Household Income
$66,434
Median Earnings
$2,119
Median Rent
$560,400
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 units - Unique office space in the iconic Tampa Theatre building.
Where is this office units located?
The property is located at 707 N FRANKLIN St 6 Tampa, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Located in the iconic Tampa Theatre building, offering a prestigious and unique office environment.; Expansive interiors with soaring ceilings and abundant natural light.; Thoughtfully designed layout promoting productivity and flexibility.
