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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    12108 56th St Temple Terrace, FL 33617-1686

    • Office buildings
    • 11,890 SF
    • 1.03 lot acres
    OFF-MARKET
    Value Estimations
    $1,265,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-0449564
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Office buildings

    Property Details for 12108 56th St

    Year built
    1987
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.03 lot acres
    Property size
    11,890 SF
    Zone code
    CG
    Property type
    Office buildings
    APN
    T1028191HK000000000001
    APU
    T1028191HK000000000001

    Description

    Palm Plaza, located at 12108 N 56th St, Temple Terrace, FL 33617, offers a diverse range of office spaces ideal for various business needs. This two-story, Class B building, constructed in 1986, encompasses 12,343 square feet and features ten suites, accommodating businesses of all sizes. The property is currently offering 3,000 square feet of vacant space, with units ranging from a minimum of 600 square feet to a maximum contiguous space of 3,000 square feet. The building's diverse subtypes include medical, executive, creative, and traditional office spaces, as well as retail options, making it a versatile location for a variety of tenants. Second-floor units, ranging from 600 to 1200 square feet, each include a private bathroom. The building is well-maintained and professionally managed. Its convenient location near the University of South Florida (USF) provides excellent access to a skilled workforce and a vibrant community. While there is no elevator, the building's two-story design ensures easy accessibility to most units. This property presents a unique opportunity for businesses seeking a well-located, versatile, and well-maintained office space in the thriving Temple Terrace market. The property is situated in Hillsborough County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,425,000
      6.5%
      $1,315,000
      7%
      $1,225,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,226,000
      Market price range: $1.04M - $3.49M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Temple Terrace
    County
    Hillsborough
    State
    Florida
    Longitude
    -82.3943
    Latitude
    28.0575
    CBSA code
    45300
    CBSA name
    TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $23,051
    $335,280
    $885,220
    $1,220,500
    -
    $335,280
    $885,220
    $1,220,500

    Comparable in this City

    • Value Estimation
      $1,130,000
      5,312 SF

      11470 53rd St

      OFFICE BUILDING • 5,312 SF
      11470 53rd St, Temple Terrace, FL 33617-2216
      View Details
    • Value Estimation
      $805,000
      4,018 SF

      215 Bullard Pkwy

      OFFICE BUILDING • 4,018 SF
      215 Bullard Pkwy, Temple Terrace, FL 33617-5511
      View Details
    • Value Estimation by Request
      1,248 SF

      4131 Busch Blvd

      OFFICE BUILDING • 1,248 SF
      4131 Busch Blvd, Tampa, FL 33617-5935
      View Details
    • Value Estimation
      $725,000
      3,365 SF

      9810 56th St

      OFFICE BUILDING • 3,365 SF
      9810 56th St, Temple Terrace, FL 33617-4802
      View Details
    • Value Estimation by Request
      2,624 SF

      7816 56th St

      OFFICE BUILDING • 2,624 SF
      7816 56th St, Tampa, FL 33617-8133
      View Details
    • Value Estimation by Request
      2,123 SF

      6943 Fowler Ave

      OFFICE BUILDING • 2,123 SF
      6943 Fowler Ave, Temple Terrace, FL 33617-1714
      View Details

    Similar Nearby for Sale

    • $2,400,000

      Tampa Office Building For Sale

      Office building for sale located in Tampa, Florida.
      11602 North 51St St, Tampa, FL 33617
      View Details
    • $449,000
      1,898 SF

      Temple Terrace Second-Floor Office Suite

      Second-floor office suite in Temple Terrace, built in 2007.
      13250 N 56Th St, Temple Terrace, FL 33617
      View Details
    • $350,000
      1,515 SF

      Tampa Office Space for Sale

      Prime location, 1515 sq ft, high visibility.
      13220 56Th St, Tampa, FL 33617
      View Details
    • $1,400,000
      1,430 SF

      Profitable Group Home Investment Opportunity

      Turnkey behavioral group home with consistent revenue and expansion potential.
      7128 Wrenwood Cir, Tampa, FL 33617
      View Details
    • $350,000
      0.40 Acres

      Waterfront Lot on Hillsborough River

      Residential land with waterfront views, ideal for building a home.
      E River Hills Dr, Temple Terrace, FL 33617
      View Details
    • $10,000,000
      135,000 SF

      Central Florida Furniture Business

      High-growth, profitable furniture retailer.
      12218 56Th St, Temple Terrace, FL 33617
      View Details

    Similar Nearby for Lease

    • $30,000

      Upscale Office Space For Lease

      Professional office suite in Terrace Oaks, prime Fowler Avenue location.
      6953 E Fowler Ave, Temple Terrace, FL 33617
      View Details
    • $25 SF/Yr
      34,134 SF

      Terrace Ridge Office Suites

      Temple Terrace Office Space Available
      5321 Fowler Ave, Temple Terrace, FL 33617
      View Details
    • $400,000

      Tampa Office Space For Rent

      Office spaces available in Tampa, from 100 to 7000 square feet.
      7402 N 56Th St, Tampa, FL 33617
      View Details
    • $16 SF/Yr
      25,584 SF

      Office/Flex Space in University Park

      25,584 SF office/flex space near USF and Moffitt.
      10770 N 46Th St, Tampa, FL 33617
      View Details
    • Contact for pricing
      1,670 SF

      Retail, Medical, or Office Space

      Retail, medical, or office spaces available near University of South Florida.
      2701-2711 University Square Dr, Tampa, FL 33617
      View Details
    • $22 SF/Yr
      6,230 SF

      Temple Terrace Medical Office Space

      2,128 SF Medical Office for Lease in Florida
      9806 56Th St, Temple Terrace, FL 33617
      View Details
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    Temple Terrace, FL 33617-1686
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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