9340 Florida AveTampa, FL 33612

Property Details for 9340 Florida Ave

Year built

1964

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

2.20 AC

Property size (Sq ft)

27,628 SF

Zone code

CI

Property type

Strip malls

Property subtype

Neighborhood centers

APN

A2428183EM000007000050

APU

A2428183EM000007000050

Description

This exceptional 27,628 square foot shopping center, located at 9340 N Florida Ave in Tampa, Florida, presents a compelling value-add investment opportunity. The property boasts a strong 100% occupancy rate with a loyal tenant roster, many of whom have been in place for over a decade and recently renewed their leases for two to three years. Situated on a 2.2-acre lot in the desirable Northwest Tampa submarket, this Class C retail center benefits from high traffic counts exceeding 24,000 vehicles daily at the nearby intersection of N Florida Ave and W Hamiller Ave N. The center features a desirable tenant mix, including national brands like Papa Johns, Direct General, and Liberty Tax, with a median suite size of 1,782 square feet. The asking price is $3,300,000, representing a current cap rate of 5.82% and a pro-forma cap rate of 5.99%, reflecting below-market rents with significant upside potential. The property offers abundant parking with a ratio exceeding 2.31 spaces per 1,000 rentable square feet and a covered sidewalk along the entire storefront. The Net Operating Income (NOI) is $192,179, projected to increase to $197,676. The property is zoned CI and was built in 1964. This is a rare opportunity to acquire a well-positioned, high-performing retail asset with substantial growth potential in a thriving Tampa market.

• CAP approach

  CAP return

  Valuation

  6%

  $8,199,222

  6.5%

  $7,568,513

  7%

  $7,027,905

• Comparable approach

  Method

  Valuation

  Relative Method

  $12,715,168

  Geo Method

  $12,715,168

• Alternative Use

  Use

  Valuation

  Residential

  $6,384,324

  Hospitality

  $5,848,006

  Educational

  $4,865,472

  Medical

  $5,032,804

  Retail

  $7,568,513

Location Insight

City

Tampa

County

Hillsborough

State

Florida

Latitude

28.0354

Longitude

-82.4601

CBSA code

45300

CBSA name

TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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