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

    2904 Melburne Blvd Tampa, FL 33605-2457

    • Hotels
    • 62,640 SF
    • 2.14 lot acres
    OFF-MARKET
    Last Sale
    Aug 25, 2021
    $6,500,000
    Value Estimations
    $6,805,000
    Show details
    Cap Rate Potential
    4.5%
    Hotels
    Location Intelligence
    Property ID
    US18-4074157
    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

    • Rodeway Inn Near Ybor City - Casino / Hotel

    Property Details for 2904 Melburne Blvd

    Year built
    1984
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.14 lot acres
    Property size
    62,640 SF
    Zone code
    CG
    Property type
    Hotels
    APN
    A0929194BQ000001000810
    APU
    A0929194BQ000001000810

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,135,000
      ML approach
      $7,085,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,355,000
      6.5%
      $4,945,000
      7%
      $4,590,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,790,000
      Market price range: $7.79M - $14.9M

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

    Location Insight

    • Map
    • Local Demand
    City
    Tampa
    County
    Hillsborough
    State
    Florida
    Longitude
    -82.4033
    Latitude
    27.9699
    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
    $37,599
    $588,895
    $2,331,105
    $2,920,000
    -
    $588,895
    $2,331,105
    $2,920,000

    Comparable in this City

    • Value Estimation by Request
      57,774 SF

      1700 9th Ave

      HOTEL • 57,774 SF
      1700 9th Ave, Tampa, FL 33605-3802
      View Details
    • Value Estimation
      $880,000
      8,612 SF

      1430 7th Ave

      HOTEL • 8,612 SF
      1430 7th Ave, Tampa, FL 33605-3610
      View Details
    • Value Estimation
      $17,790,000
      124,518 SF

      1301 7th Ave

      HOTEL • 124,518 SF
      1301 7th Ave, Tampa, FL 33605-3607
      View Details
    • Value Estimation
      $2,535,000
      37,712 SF

      4955 18th Ave

      HOTEL • 37,712 SF
      4955 18th Ave, Tampa, FL 33605-2407
      View Details
    • Value Estimation
      $1,170,000
      58,680 SF

      4011 Columbus Dr

      HOTEL • 58,680 SF
      4011 Columbus Dr, Tampa, FL 33605-3224
      View Details
    • Value Estimation
      $1,305,000
      21,266 SF

      4530 Columbus Dr

      MOTEL • 21,266 SF
      4530 Columbus Dr, Tampa, FL 33605-3235
      View Details

    Similar Nearby for Sale

    • $9,000,000

      116-Unit Hotel/Apartment Complex For Sale

      116-unit hotel/apartment complex with remodeling and expansion potential.
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    • $650,000
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      Ybor City Office Building

      1,256 SF Office, Prime Location
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    • $1,999,900
      8,534 SF

      Ybor City Executive Office

      8,534 SF Office Building, 6% Cap Rate
      1401 22Nd Ave, Tampa, FL 33605
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    • $246,000
      0.13 Acres

      900 n 22nd Ave

      Restaurants • 5,473 SF
      900 22Nd St, Tampa, FL 33605
      View Details
    • $340,000
      1,000 SF

      Premium Garage Condo Near Downtown

      Garage condo with HVAC, bath, WiFi, and security.
      1111 N 34Th St, Tampa, FL 33605
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    • $950,000

      Tampa Land Investment Opportunity

      Prime land in Tampa/Ybor City, ideal for mixed-use development.
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    Similar Nearby for Lease

    • $20 SF/Yr
      18,000 SF

      Ybor City Creative Office Space

      18,000 SF Creative Office, Flexible Suites
      2109 Palm Ave, Tampa, FL 33605
      View Details
    • $6,600 /Mo
      12,466 SF

      Tampa Executive Office Space

      Historic Tampa Office Suites Available
      1710 19Th St, Tampa, FL 33605
      View Details
    • $30 SF/Yr
      23,400 SF

      Ybor City Commercial Building For Lease

      23,400 SF commercial building in Ybor City available Spring 2021.
      2234 E 7Th Ave, Tampa, FL 33605
      View Details
    • $650 /Mo
      174 SF

      Ybor City Office Suites

      Private office suites available for lease in historic Ybor City.
      1721 E 7Th Ave, Tampa, FL 33605
      View Details
    • $6,000 /Mo

      Tampa Retail/Office Space Available

      Retail and office spaces for rent in Tampa, Florida.
      1624-1630 E 7Th Ave, Tampa, FL 33605
      View Details
    • $1,000 /Mo

      Studio in Historic Ybor City

      Cozy studio near Ybor City with utilities included.
      3407 N Avenida Republica De Cuba, Tampa, FL 33605
      View Details
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    2904 Melburne Blvd
    Tampa, FL 33605-2457
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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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