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

    3218 Azeele St Tampa, FL 33609-3018

    • Medical offices
    • 4,577 SF
    • 0.45 lot acres
    OFF-MARKET
    Last Sale
    Jan 05, 2022
    $1,425,000
    Value Estimations
    $1,245,000
    Show details
    Cap Rate Potential
    5.5%
    Medical offices
    Location Intelligence
    Property ID
    US18-4162568
    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

    • Kramer Leni E MD / Rheumatologist
    • Osteoporosis & Rheumatology Center of Tampa Bay: Jeffrey Miller, MD / Rheumatologist

    Property Details for 3218 Azeele St

    Year built
    1990
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.45 lot acres
    Property size
    4,577 SF
    Zone code
    RO-1
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    A2229183NJ000001000030
    APU
    A2229183NJ000001000030

    Description

    This exceptional 4,217-square-foot medical office building in South Tampa, Florida, presents a unique investment opportunity. Situated on a prime corner lot, this two-story building boasts 18 parking spaces, catering to both staff and clients. The property's RO-1 zoning allows for a variety of uses, making it ideal for a medical spa, doctor's office, salon, or even a bank. Its location within a thriving South Tampa submarket, surrounded by established medical practices including dermatology, primary care, pediatrics, and cosmetic services, ensures high visibility and a built-in customer base. The building benefits from a recently replaced roof (2023) and is currently vacant, offering immediate occupancy. The surrounding area features diverse and vibrant neighborhoods, creating a dense population and consistent foot traffic throughout the week, making it an attractive destination for businesses seeking a strong presence in a desirable location. The single-tenant building offers flexibility and control, with ample space to accommodate a variety of medical or related businesses. This property is ready for immediate occupancy and offers a compelling opportunity for growth and success in a high-demand market. The address is 3218 W Azeele St, Tampa, FL 33609.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,205,000
      ML approach
      $1,265,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,110,000
      6.5%
      $1,025,000
      7%
      $955,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,139,000
      Market price range: $846k - $1.65M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,235,000
      Current use
      OFFICE BUILDING
      $1,570,000
      Change: +27% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $1,190,000
      Change: -4% Conversion: Difficult
      RETAIL STORES
      $1,015,000
      Change: -18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Tampa
    County
    Hillsborough
    State
    Florida
    Longitude
    -82.4969
    Latitude
    27.9408
    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
    $25,552
    $1,048,125
    $265,275
    $1,313,400
    -
    $1,048,125
    $265,275
    $1,313,400

    Comparable in this City

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    • Value Estimation
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      24,262 SF

      2829 De Leon St

      MEDICAL BUILDING • 24,262 SF
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    • Value Estimation by Request
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      403 Habana Ave

      MEDICAL BUILDING • 1,413 SF
      403 Habana Ave, Tampa, FL 33609-4111
      View Details
    • Value Estimation
      $1,035,000
      4,745 SF

      4240 Kennedy Blvd

      MEDICAL BUILDING • 4,745 SF
      4240 Kennedy Blvd, Tampa, FL 33609-2231
      View Details
    • Value Estimation
      $1,130,000
      7,862 SF

      3600 Kennedy Blvd

      MEDICAL BUILDING • 7,862 SF
      3600 Kennedy Blvd, Tampa, FL 33609-2802
      View Details

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    3218 Azeele St
    Tampa, FL 33609-3018
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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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