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5524 W Cypress St

55,878 SF Office Building Tampa, FL 33607 $11,900,000 ($213/SF) 6.80% Cap Rate

Investment Highlights

  • 3-Yr Lease w/ GSA at 6.8% Cap Rate
  • Highly Desired Westshore Location
  • 3 Acres of Vacant Land
  • 26,087 SF of Class B Office
  • 10 per 1,000 Garage Parking
  • Parcels For Sale Combined or Separate

Executive Summary

This 26,078 SF office property is located in the Westshore Business District, Tampa’s premier office market, just minutes from some of the region’s top shopping, restaurants, and entertainment. The property offers abundant 10 per 1,000 SF parking, outstanding signage and visibility, and convenient access to major highways, as well as Tampa International Airport.
The existing office area is currently leased by the Department of Homeland Security through July 2027 with a one-year extension option potentially extending through July 2028. Located on 3 acres and offered at a 6.8% cap rate, the property has attractive intermediate cash flow with a variety of potential future uses, including redevelopment.
In addition to the existing office building, the site contains approximately 3 acres of vacant land with retention already in place. The land is currently leased on a month-to-month for offsite airport parking. In combination with the office portion, up to 6 acres can be made available for mid-term redevelopment.
The office and land components may be purchased separately ($8.45M and $3.45M, respectively) or in combination ($11.9M). Please see the Offering Memo for additional information.

Financial Summary (Actual - 2023)

Annual Annual Per SF
Gross Rental Income - -
Other Income - -
Vacancy Loss - -
Effective Gross Income - -
Net Operating Income $809,200 $14.48

Financial Summary (Actual - 2023)

Gross Rental Income
Annual -
Annual Per SF -
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual -
Annual Per SF -
Effective Gross Income
Annual -
Annual Per SF -
Net Operating Income
Annual $809,200
Annual Per SF $14.48

Property Facts

Sale Type
Investment or Owner User
Property Type
Office
Building Size
55,878 SF
Building Class
B
Year Built
1998
Price
$11,900,000
Price Per SF
$213
Cap Rate
6.80%
NOI
$809,200
Tenancy
Single
Building Height
1 Story
Typical Floor Size
26,078 SF
Slab To Slab
12’
Building FAR
0.21
Lot Size
5.99 AC
Zoning
M-AP-2 - Building heights restricted to 42-ft. heights due to proximity to the airport
Parking
10 Spaces per 1,000 SF Leased

Amenities

  • 24 Hour Access

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
A-19-29-18-ZZZ-000005-49290.0
Land Assessment
$3,728,911
Improvements Assessment
$3,198,389
Total Assessment
$6,927,300
  • Listing ID: 32996889

  • Date on Market: 8/29/2024

  • Last Updated:

  • Address: 5524 W Cypress St, Tampa, FL 33607

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