Waterfront Multifamily Investment
For Sale
Contact for pricing
708 E Hollywood St, Tampa, FL 33604
Eleven-unit waterfront property near Seminole Heights with redevelopment potential.
Property Size9,221 SF
Lot Size0.80 Acres
Price / SF$194.66
Days on Market397
Property Features for 708 E Hollywood St
General Information
Standard status
Active
Size
9,221 SF
Lot size
0.80 Acres
Property subtype
Multifamily
Zoning
R-20
Investment Type
Value Add
Building Details
Year Built
1900
Buildings
4
Stories
2
Units
11
Listing Agency:
Franklin Street Tampa
Listed By:
Eve Lowry · License ##SL3546854
Source:
Crexi
Added: Jul 14, 2025
Changed: Aug 7
Last Checked: Aug 12 at 3:27PM
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 Franklin Street Tampa
Investment Insights
Based on property information with market context.
River Club offers the opportunity to acquire 11 waterfront rental units located along the Hillsborough River in Tampa, FL. The property is situated on a 0.8-acre lot and includes ten 1-bedroom/1-bath units and one 2-bedroom/1-bath unit. On-site amenities include laundry facilities and dedicated parking. The property has future zoning of R-20, which allows for potential redevelopment into up to 16 waterfront units. Additional income may be generated through boat dock rentals. The property is located near the heart of Seminole Heights, surrounded by new developments including apartments, condos, and single-family homes. Residents have convenient access to attractions such as Lowry Park Zoo, Rogers Park Golf Course, and Busch Gardens. The University of South Florida, with an enrollment of nearly 49,000 students, is located 4.3 miles away. Tenants can access local dining options nearby. The property size is 9,221 square feet.
Key Highlights
- Waterfront property on the Hillsborough River
- Redevelopment potential with future R‑20 zoning allowing up to 16 units
- Strong rental income potential with 11 existing units (ten 1‑bed/1‑bath, one 2‑bed/1‑bath)
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
$100,072
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
5.58%
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%
$2,001,440
$2.0M
Cap Rate 7%
$1,429,600
$1.4M
Cap Rate 9%
$1,111,911
$1.1M
Market Conditions
NOI Build-Up for 9,221 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
$195.9K $21.24/SF
− Vacancy
−$13.9K −$1.51/SF
EGI
$181.9K $19.73/SF
− OpEx
−$81.9K −$8.88/SF
NOI
$100.1K $10.85/SF
Area
Tampa, FL
Vacancy
7.10%
Lease Rate
$21.24 /SF/Yr
Expense Ratio
45.00%
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%
$2,001,440
Cap Rate 7%
$1,429,600
Cap Rate 9%
$1,111,911
Alternative Uses
Best Use
Apartment 5plus
$1.43M
$1.25M – $1.67M
NOI $100,072 @ 7.0% cap · market cap 5.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.15M
$1.88M – $2.51M
NOI $150,376 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
896
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Eleven-unit waterfront property near Seminole Heights with redevelopment potential.
Where is this apartment building located?
The property is located at 708 E Hollywood St Tampa, FL.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: Waterfront property on the Hillsborough River; Redevelopment potential with future R‑20 zoning allowing up to 16 units; Strong rental income potential with 11 existing units (ten 1‑bed/1‑bath, one 2‑bed/1‑bath)
