Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1240 Ray Charles Blvd Tampa, FL 33602-3043

    • Office Properties & Spaces
    • 5,199 SF
    OFF-MARKET
    Value Estimations
    $1,100,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-8457592
    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

    • The Reed at ENCORE! / Apartment Complex
    • Hotels / Hotel

    Property Details for 1240 Ray Charles Blvd

    Year built
    2016
    Construction
    CONCRETE
    Property size
    5,199 SF
    Zone code
    PD
    Property type
    Office Properties & Spaces
    APN
    A132918A5Y000000000010
    APU
    A132918A5Y000000000010

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,255,000
      6.5%
      $1,160,000
      7%
      $1,075,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $984,000
      Market price range: $325k - $1.89M

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

    Location Insight

    • Map
    • Local Demand
    City
    Tampa
    County
    Hillsborough
    State
    Florida
    Longitude
    -82.4526
    Latitude
    27.9561
    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
    $4,773
    $100
    $1,025,445
    $1,025,545
    -
    $100
    $1,025,445
    $1,025,545

    Comparable in this City

    • Value Estimation by Request
      12,907 SF

      100 Ashley Dr

      Office space • 12,907 SF
      100 Ashley Dr, Tampa, FL 33602
      View Details
    • Value Estimation by Request
      561 SF

      620 Twiggs St Ste, Unit 200

      CONDOMINIUM OFFICES • 561 SF
      620 Twiggs St Ste, Tampa, FL 33602-3937
      View Details
    • Value Estimation by Request
      304 SF

      620 Twiggs St Ste, Unit 203

      CONDOMINIUM OFFICES • 304 SF
      620 Twiggs St Ste, Tampa, FL 33602-3937
      View Details
    • Value Estimation by Request
      195 SF

      620 Twiggs St Ste, Unit 301

      CONDOMINIUM OFFICES • 195 SF
      620 Twiggs St Ste, Tampa, FL 33602-3929
      View Details
    • Value Estimation
      $2,370,000
      10,741 SF

      290 Meridian Ave, Unit 1

      CONDOMINIUM OFFICES • 10,741 SF
      290 Meridian Ave, Tampa, FL 33602-5603
      View Details
    • Value Estimation
      $1,525,000
      5,417 SF

      119 11th St

      CONDOMINIUM OFFICES • 5,417 SF
      119 11th St, Tampa, FL 33602-4215
      View Details

    Similar Nearby for Sale

    • $895,000
      1,398 SF

      Channelside District Mixed-Use Commercial Condo

      Premier commercial condo in Tampa's vibrant Channelside District.
      101 S 12Th St, Tampa, FL 33602
      View Details
    • $3,800,000
      6,265 SF

      Renovated Tampa Office/Retail Property

      Fully leased office/retail property in prime Tampa location.
      1502-1508 N Nebraska Ave, Tampa, FL 33602
      View Details
    • Contact for pricing
      8,552 SF

      Renovated Office Space in Ybor

      Professional office space for lease in historic Ybor City.
      1718 E 7Th Ave, Tampa, FL 33602
      View Details
    • $415,000
      741 SF

      Class A Office in Channelside

      Premier office space in Tampa's vibrant Channelside District.
      1120 E Kennedy Blvd, Tampa, FL 33602
      View Details
    • Contact for pricing
      22,500 SF

      Prime Tampa CBD Redevelopment Opportunity

      Located in the heart of Tampa's CBD, ideal for redevelopment.
      200 N Pierce St, Tampa, FL 33602
      View Details
    • $3,495,000
      15,941 SF

      Historic Mixed-Use Building in Tampa

      Historic 15,000+ sq ft building in Tampa's developing downtown.
      1007 N Franklin St, Tampa, FL 33602
      View Details

    Similar Nearby for Lease

    • $23 SF/Yr
      757,425 SF

      Tampa City Center Executive Suites

      Prestigious Tampa Office Space Available
      201 Franklin St, Tampa, FL 33602
      View Details
    • Contact for pricing
      387,000 SF

      Tampa Executive Office Space

      Prestigious Tampa Office Suites Available
      100 Ashley Dr, Tampa, FL 33602
      View Details
    • $456 /Mo
      3,137 SF

      Downtown Tampa Executive Office Space

      Prime Downtown Tampa Office, 3137 SF
      501 Jackson St, Tampa, FL 33602
      View Details
    • Contact for pricing
      27,728 SF

      Downtown Tampa Class A Office

      Class A office space in downtown Tampa for lease.
      201 North Franklin St, Tampa, FL 33602
      View Details
    • $56 SF/Yr
      12,907 SF

      Tampa Executive Office Suites

      Prestigious Tampa Office Space Available
      100 Ashley Dr, Tampa, FL 33602
      View Details
    • Contact for pricing
      1,588 SF

      Harbour Island Office Space Available

      Office space for rent with on-site amenities and convenient location.
      777 S Harbour Island Blvd, Tampa, FL 33602
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1240 Ray Charles Blvd
    Tampa, FL 33602-3043
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.