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

    4115 Spruce St Tampa, FL 33607-2485

    • Office buildings
    • 31,256 SF
    • 1.64 lot acres
    OFF-MARKET
    Last Sale
    Jan 28, 2020
    $5,250,000
    Value Estimations
    $6,300,000
    Show details
    Cap Rate Potential
    5.7%
    Office buildings
    Location Intelligence
    Property ID
    US18-2935011
    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

    • Karen Allen, LMHC / Psychoanalyst / Health Counselor
    • Thriveworks Counseling & Psychiatry Tampa / Marriage Or Relationship Counselor / Psychotherapist
    • Seher Jangda, LMHC / Psychotherapist / Family Counselor
    • Frederick Potter, LMHC / Psychotherapist / Family Counselor
    • Titan Roofing Company / Roofing Contractor

    Property Details for 4115 Spruce St

    Year built
    1975
    Construction
    STEEL FRAME
    Lot size
    1.64 lot acres
    Property size
    31,256 SF
    Zone code
    PD
    Property type
    Office buildings
    APN
    A162918ZZZ000005477500
    APU
    A162918ZZZ000005477500

    Description

    This exceptional 31,256 square foot creative office building, constructed in 1975, is situated at 4115 W. Spruce St. in Tampa, Florida's vibrant Westshore submarket, within Hillsborough County. The property boasts a two-story design and offers multiple tenancy options, with spaces ranging from a minimum of 1,041 square feet to a maximum contiguous space of 4,004 square feet. Currently, 9,816 square feet of space is available for lease. The building enjoys a prime location, less than a mile from International Plaza, and benefits from convenient access via W. Spruce St. and Lois Ave. The property features a well-maintained structure and a diverse mix of established tenants. Ample parking is provided, with a ratio of 4 spaces per 1000 square feet. This location is ideal for businesses seeking a shorter-term lease (one year minimum) or an interim office solution. The building's excellent condition and desirable Westshore address make it an attractive option for a variety of businesses. The property's convenient location and responsive ownership make it a compelling opportunity for businesses seeking a productive and well-located workspace in Tampa's thriving Westshore business district. The zip code is 33607.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $8,000,000
      ML approach
      $8,015,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $7,550,000
      6.5%
      $6,970,000
      7%
      $6,475,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,539,000
      Market price range: $5.29M - $8.53M
      AI Estimate
      $4,057,000
      Market price range: $1.08M - $6.94M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $6,915,000
      Current use
      MEDICAL BUILDING
      $8,450,000
      Change: +22% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $8,130,000
      Change: +18% Conversion: Difficult
      RETAIL STORES
      $6,940,000
      Change: +0% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $6,030,000
      Change: -13% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $5,955,000
      Change: -14% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Tampa
    County
    Hillsborough
    State
    Florida
    Longitude
    -82.5131
    Latitude
    27.9599
    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
    $100,152
    $1,863,855
    $3,154,745
    $5,018,600
    -
    $1,863,855
    $3,154,745
    $5,018,600

    Comparable in this City

    • Value Estimation
      $14,210,000
      77,091 SF

      3507 Frontage Rd

      OFFICE BUILDING (MULTI-STORY) • 77,091 SF
      3507 Frontage Rd, Tampa, FL 33607-1786
      View Details
    • Value Estimation
      $3,555,000
      16,112 SF

      4720 Cypress St

      OFFICE BUILDING • 16,112 SF
      4720 Cypress St, Tampa, FL 33607-3848
      View Details
    • Value Estimation
      $2,265,000
      11,385 SF

      5012 Cypress St

      OFFICE BUILDING • 11,385 SF
      5012 Cypress St, Tampa, FL 33607-3804
      View Details
    • Value Estimation
      $4,370,000
      36,210 SF

      1400 Blvd Boulevard

      OFFICE BUILDING (MULTI-STORY) • 36,210 SF
      1400 Blvd Boulevard, Tampa, FL 33607-5608
      View Details
    • Value Estimation
      $42,585,000
      196,072 SF

      1511 Shr Blvd

      OFFICE BUILDING (MULTI-STORY) • 196,072 SF
      1511 Shr Blvd, Tampa, FL 33607-4543
      View Details
    • Value Estimation
      $1,520,000
      6,345 SF

      4148 Armenia Ave

      OFFICE BUILDING • 6,345 SF
      4148 Armenia Ave, Tampa, FL 33607-6422
      View Details

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    • Contact for pricing
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    Similar Nearby for Lease

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      4,000 SF

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      Class A+ mixed-use development in the heart of Westshore.
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      View Details
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      Tampa Bay Park Office Space

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    4115 Spruce St
    Tampa, FL 33607-2485
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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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