Tampa Commercial Property on
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7102 N Armenia Ave, Tampa, FL 33604
Corner property in Tampa suitable for various commercial uses.
Property Size1,832 SF
Price / SF$326.97
Days on Market748
Property Features for 7102 N Armenia Ave
General Information
Standard status
Active
Size
1,832 SF
Property subtype
Mixed Use, Office, Retail
Zoning
CG
Listing Agency:
Star Bay Realty Corp
Listed By:
Mehul Engineer · License #FL 3462628
Source:
Crexi
Added: Aug 6, 2024
Changed: Aug 23
Last Checked: Aug 23 at 2:37AM
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 Star Bay Realty Corp
Investment Insights
Based on property information with market context.
Located in the heart of Tampa, this property sits on the corner of Cluster Avenue and N Armenia Avenue. The 1,800+ square foot concrete masonry building was previously owner-operated as a veterinary hospital and features a central HVAC system. It includes 7 parking spaces. Zoned PD commercial, the property allows for medical, professional, office, retail, athletics, event, and educational uses. Potential business uses include a restaurant, daycare, or office space. The property is located 17 minutes from Tampa International Airport, 5 minutes from I-275, and 10 minutes from the Veterans Expressway. It is in close proximity to Advent Health Carrollwood, St Joseph’s Hospital, St Joseph’s Women’s, and St Joseph’s Children’s Hospitals. The property benefits from high visibility and is surrounded by both business and residential areas.
Key Highlights
- Prime location in the heart of Tampa at the corner of Cluster Ave and N Armenia Ave.
- PD Commercial Zoning allows for a wide range of uses including medical, professional, office, retail, athletics, event, and educational.
- Solid concrete block construction.
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
$26,697
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
4.46%
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%
$533,940
$533.9K
Cap Rate 7%
$381,386
$381.4K
Cap Rate 9%
$296,633
$296.6K
Market Conditions
NOI Build-Up for 1,832 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
$48.4K $26.40/SF
− Vacancy
−$3.9K −$2.11/SF
EGI
$44.5K $24.29/SF
− OpEx
−$17.8K −$9.72/SF
NOI
$26.7K $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%
$533,940
Cap Rate 7%
$381,386
Cap Rate 9%
$296,633
Alternative Uses
Best Use
Healthcare Medical
$381.4K
$333.7K – $445.0K
NOI $26,697 @ 7.0% cap · market cap 4.46%
Second Best
Office B
$355.7K
$311.2K – $415.0K
NOI $24,897 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$426.8K
$373.5K – $497.9K
NOI $29,876 @ 7.0% cap · market cap 4.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
848
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?
Mixed-use property - Corner property in Tampa suitable for various commercial uses.
Where is this mixed-use property located?
The property is located at 7102 N Armenia Ave Tampa, FL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Prime location in the heart of Tampa at the corner of Cluster Ave and N Armenia Ave.; PD Commercial Zoning allows for a wide range of uses including medical, professional, office, retail, athletics, event, and educational.; Solid concrete block construction.
