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

    602 Falkenburg Rd Tampa, FL 33619-8045

    • Hotels
    • 43,240 SF
    • 2.18 lot acres
    OFF-MARKET
    Last Sale
    Apr 26, 2021
    $6,533,000
    Value Estimations
    $6,800,000
    Show details
    Cap Rate Potential
    3.1%
    Hotels
    Location Intelligence
    Property ID
    US19-0645139
    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

    • La Quinta Inn & Suites by Wyndham Tampa Brandon West / Motel / Hotel
    • La Quinta Inn & Suites / Hotel

    Property Details for 602 Falkenburg Rd

    Year built
    1986
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.18 lot acres
    Property size
    43,240 SF
    Zone code
    PD
    Property type
    Hotels
    APN
    U202920663000002526900
    APU
    U202920663000002526900

    Description

    This exceptional 101-key La Quinta Inn & Suites, located at 602 S Falkenburg Rd, Tampa, FL 33619, presents a compelling value-add investment opportunity. Built in 1985 and extensively renovated in 2023, this three-story hotel boasts a strong 10.16% cap rate and a substantial NOI of $888,563. The property sits on a 2.18-acre lot and offers convenient access to I-75, placing it within minutes of central Tampa and major attractions such as Busch Gardens Tampa Bay, The Florida Aquarium, and Zoo Tampa at Lowry Park. Its proximity to significant employers like Coca-Cola and Citicorp also makes it attractive to business travelers. The recent renovations included parking lot rehabilitation, swimming pool resurfacing, hallway retexturing and painting, new hallway flooring, elevator modernization, and the installation of new dryers. Guests enjoy amenities such as complimentary daily breakfast, high-speed WiFi, and an outdoor pool. The hotel's strong financial performance, reflected in a 2023 gross revenue of $2,470,383.25 and a 3.54x RRM multiplier, further underscores its investment potential. The asking price is $8,750,000. Its strategic location also benefits from proximity to the Ice Sports Forum, Florida State Fairgrounds, Mid-Florida Credit Union Amphitheatre, Port of Tampa, Tampa Convention Center, and Tampa International Airport. This property offers a rare blend of established performance and significant upside potential. The University of South Florida is also nearby.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,170,000
      ML approach
      $6,975,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $8,571,000
      Market price range: $5.38M - $10.3M

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $7,920,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $11,250,000
      Change: +42% Conversion: Difficult
      RETAIL STORES
      $9,600,000
      Change: +21% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $9,310,000
      Change: +18% Conversion: Difficult
      WAREHOUSE, STORAGE
      $8,405,000
      Change: +6% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Tampa
    County
    Hillsborough
    State
    Florida
    Longitude
    -82.3341
    Latitude
    27.9444
    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
    $97,350
    $636,000
    $4,887,100
    $5,523,100
    -
    $636,000
    $4,887,100
    $5,523,100

    Comparable in this City

    • Value Estimation
      $2,365,000
      53,399 SF

      6202 Dr Martin Luther King Jr Blvd

      HOTEL • 53,399 SF
      6202 Dr Martin Luther King Jr Blvd, Tampa, FL 33619-1077
      View Details
    • Value Estimation
      $10,010,000
      127,830 SF

      10220 Palm Riv Rd

      HOTEL • 127,830 SF
      10220 Palm Riv Rd, Tampa, FL 33619-4400
      View Details
    • Value Estimation
      $2,385,000
      40,217 SF

      9932 Adamo Dr

      HOTEL • 40,217 SF
      9932 Adamo Dr, Tampa, FL 33619-2618
      View Details
    • Value Estimation
      $1,285,000
      26,112 SF

      9942 Adamo Dr

      HOTEL • 26,112 SF
      9942 Adamo Dr, Tampa, FL 33619-2618
      View Details
    • Value Estimation
      $12,000,000
      68,604 SF

      1051 Falkenburg Rd

      HOTEL • 68,604 SF
      1051 Falkenburg Rd, Tampa, FL 33619-8032
      View Details
    • Value Estimation
      $7,915,000
      49,105 SF

      6720 Lakeview Ctr Dr

      HOTEL • 49,105 SF
      6720 Lakeview Ctr Dr, Tampa, FL 33619-1155
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.01 Acres

      Tampa Commercial Land Opportunity

      1 Acre, High-Traffic Location, Buildable
      8501 Causeway Blvd, Tampa, FL 33619
      View Details
    • Contact for pricing
      28,230 SF

      Tampa Industrial Warehouse - 28,230 SF

      Prime East Tampa distribution/manufacturing space.
      1030 86Th St, Tampa, FL 33619
      View Details
    • Contact for pricing
      9.00 Acres

      Tampa Multifamily Land Development

      9 Acres, 238 Units Approved
      8711 Causeway Blvd, Tampa, FL 33619
      View Details
    • Contact for pricing
      30,000 SF

      Tampa Industrial Asset For Sale

      Industrial property for sale in Tampa with highway access.
      6820 E Adamo Dr, Tampa, FL 33619
      View Details
    • $1,000,000
      911 SF

      Tampa Manufacturing Property For Sale

      Manufacturing-zoned property in Tampa with garage and parking.
      2001 S 51St St, Tampa, FL 33619
      View Details
    • $1,500,000

      Tampa Land For Sale

      Land available in Tampa, Florida.
      7201 E 21St Ave, Tampa, FL 33619
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      53,376 SF

      Eastgate Distribution Center: Hillsborough County

      Warehouse Space Available; 15,600 SF
      9842 Currie Davis Dr, Tampa, FL 33619
      View Details
    • $12 SF/Yr
      3,836 SF

      Tampa Office Space For Rent

      Well-maintained office space with on-site amenities and convenient highway access.
      9260 Bay Plaza Blvd, Tampa, FL 33619
      View Details
    • $15 SF/Yr
      358 SF

      Tampa Office Space For Rent

      Office space for rent with convenient highway access.
      9280 Bay Plaza Blvd, Tampa, FL 33619
      View Details
    • Contact for pricing

      Warehouse Distribution Building For Lease

      48,440-square foot warehouse distribution building in Hillsborough County.
      8105 Krauss Blvd #A1, Tampa, FL 33619
      View Details
    • $24 SF/Yr
      2,341 SF

      Three-Story Office Building For Rent

      58,319 SF office building with efficient floor plans.
      10002 Princess Palm Ave, Tampa, FL 33619
      View Details
    • Contact for pricing
      19,200 SF

      Tampa Warehouse/Showroom/Office Space

      Showroom/warehouse/office space with highway access in Tampa, Florida.
      1121 Us Highway 301, Tampa, FL 33619
      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.
    602 Falkenburg Rd
    Tampa, FL 33619-8045
    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.