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

    1221 Dr Martin Luther King Jr Blvd Tampa, FL 33603

    • Office space
    • 708 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-1247475
    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 space

    Property Details for 1221 Dr Martin Luther King Jr Blvd

    Year built
    1920
    Property size
    708 SF
    Property type
    Office space

    Description

    This 708-square-foot creative office building, situated on a 6,750-square-foot lot in Tampa, Florida, presents a unique investment opportunity. Built in 1920, the single-story structure is zoned CG, allowing for versatile commercial uses. Located at 1221 E Dr. Martin Luther King Jr Blvd, this property boasts a prime location with convenient access to major interstates, downtown Tampa, and the Ybor City district. The asking price is $185,000, translating to $261.30 per square foot. The property's historic charm combined with its flexible zoning and desirable location makes it an ideal prospect for adaptive reuse or a personalized commercial space. This is a chance to acquire a piece of Tampa's rich history and capitalize on its vibrant commercial landscape. The property's single-building structure simplifies management and offers immediate occupancy potential. Serious inquiries are encouraged to explore the full potential of this exceptional offering. The address is 1221 E Dr. Martin Luther King Jr Blvd, Tampa, FL 33603.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Tampa
    County
    Hillsborough
    State
    Florida
    Longitude
    -82.445225994916
    Latitude
    27.98145935568

    Comparable in this City

    • $495,000
      1,074 SF

      Prime Location on MLK Jr. Blvd.

      Commercial property with redevelopment potential in a high-traffic location.
      1318 East Dr Martin Luther King Junior Blvd, Tampa, FL 33603
      View Details
    • $650,000
      1,260 SF

      Tampa Office Building For Sale

      Well-maintained office building on a large lot with expansion potential.
      1904 W Waters Ave, Tampa, FL 33603
      View Details
    • Contact for pricing
      2,040 SF

      Tampa Medical Office Building

      Prime Tampa medical office, 2,040 sq ft
      5106 Armenia Ave, Tampa, FL 33603
      View Details
    • $975,000
      2,048 SF

      Turnkey Office Building Near Downtown

      Two-story office building in Seminole Heights, minutes from Downtown Tampa.
      4206 Nebraska Ave, Tampa, FL 33603
      View Details
    • $719,000
      2,416 SF

      Freestanding Building on Hillsborough Avenue

      2,416 SF building on a 14,027 SF lot.
      1515 W Hillsborough Ave, Tampa, FL 33603
      View Details
    • $2,900,000
      12,036 SF

      Tampa Office/Retail Strip Center

      Centrally located office/retail strip center in the heart of Tampa.
      718-722 W Dr Martin Luther King Jr Blvd, Tampa, FL 33603
      View Details

    Similar Nearby for Sale

    • $495,000
      1,074 SF

      Prime Location on MLK Jr. Blvd.

      Commercial property with redevelopment potential in a high-traffic location.
      1318 East Dr Martin Luther King Junior Blvd, Tampa, FL 33603
      View Details
    • $650,000
      1,260 SF

      Tampa Office Building For Sale

      Well-maintained office building on a large lot with expansion potential.
      1904 W Waters Ave, Tampa, FL 33603
      View Details
    • Contact for pricing
      2,040 SF

      Tampa Medical Office Building

      Prime Tampa medical office, 2,040 sq ft
      5106 Armenia Ave, Tampa, FL 33603
      View Details
    • $975,000
      2,048 SF

      Turnkey Office Building Near Downtown

      Two-story office building in Seminole Heights, minutes from Downtown Tampa.
      4206 Nebraska Ave, Tampa, FL 33603
      View Details
    • $719,000
      2,416 SF

      Freestanding Building on Hillsborough Avenue

      2,416 SF building on a 14,027 SF lot.
      1515 W Hillsborough Ave, Tampa, FL 33603
      View Details
    • $2,900,000
      12,036 SF

      Tampa Office/Retail Strip Center

      Centrally located office/retail strip center in the heart of Tampa.
      718-722 W Dr Martin Luther King Jr Blvd, Tampa, FL 33603
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      940 SF

      Modern Seminole Heights Professional Building

      Retail/office suites in a modern building with abundant natural light.
      4007 North Taliaferro Ave, Tampa, FL 33603
      View Details
    • $24 SF/Yr
      1,650 SF

      Renovated Office Space Near Downtown

      Modern, renovated office space with ample parking and natural light.
      120 E Dr Martin Luther King Jr Blvd, Tampa, FL 33603
      View Details
    • $21,600

      Professional Office Space For Rent

      Professional office space with reception area in central location.
      720 W Dr Martin Luther King Jr Blvd, Tampa, FL 33603
      View Details
    • $4,200 /Mo
      1,800 SF

      Updated Office Space in Tampa

      Move-in-ready office space with reception, five offices, and parking.
      4505 N Armenia Ave, Tampa, FL 33603
      View Details
    • $30 SF/Yr
      1,974 SF

      Creative Office Space in Tampa

      Creative/collaborative office space with industrial design in Tampa, Florida.
      6401 N Nebraska Ave, Tampa, FL 33603
      View Details
    • $30 SF/Yr
      1,800 SF

      Medical/Office Space For Rent

      Medical/office space featuring multiple exam rooms and executive office.
      4505 N Armenia Ave, Tampa, FL 33603
      View Details
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    Tampa, FL 33603
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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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