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7123 N Armenia Ave
Tampa, FL 33604
Northwest Tampa Strip Center | 100% Occupied · Retail Property For Sale
Investment Highlights
- 100% Occupied Neighborhood Retail Center | Three Tenants All on NNN Leases | Landlord Only Responsible for Roof, Structure and Plumbing
- Both Tenants Currently Have 3% Annual Rental Increases
- Value-Add Opportunity: Current Rents at $18/SF Below Comparable New Lease Rates
- 2,952-SF on +\-0.17 Acre Lot | $53,136 Annual Base Rent
- Upside Potential: Near-term Lease Rollovers Allow for Rent Adjustments to Market
- Located in a Strong Northwest Tampa Market, Armenia Avenue Sees 20,500 Vehicles Per Day | Dense Population With Solid Household Incomes
Executive Summary
Northwest Tampa Strip Center presents a fully occupied neighborhood retail investment in a high-demand corridor of Tampa, Florida. This three-tenant property is secured by NNN leases, minimizing landlord responsibilities to roof, structure, and plumbing only. The asset generates an annual base rent of $53,136 with built-in 3% annual increases for two tenants, providing stable income and predictable growth.
Strategically located on N Armenia Avenue, the property benefits from strong traffic counts of approximately 20,500 vehicles per day and excellent visibility within a dense residential and commercial trade area. The surrounding 3-mile radius boasts a population exceeding 126,500 residents with an average household income of $77,630, supporting long-term retail demand.
This offering provides investors with immediate cash flow and significant upside potential. Current rents at $18 per square foot are below market, creating a value-add opportunity upon lease rollover. With a competitive price point of $736,000 and a 6.27% cap rate, this property is an attractive option for investors seeking a stable, income-producing asset in one of Tampa’s most established submarkets.
Strategically located on N Armenia Avenue, the property benefits from strong traffic counts of approximately 20,500 vehicles per day and excellent visibility within a dense residential and commercial trade area. The surrounding 3-mile radius boasts a population exceeding 126,500 residents with an average household income of $77,630, supporting long-term retail demand.
This offering provides investors with immediate cash flow and significant upside potential. Current rents at $18 per square foot are below market, creating a value-add opportunity upon lease rollover. With a competitive price point of $736,000 and a 6.27% cap rate, this property is an attractive option for investors seeking a stable, income-producing asset in one of Tampa’s most established submarkets.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
2,952 SF
Year Built
1959
Price
$1,007,429 CAD
Price Per SF
$341.27 CAD
Cap Rate
6.27%
NOI
$63,201 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.40
Lot Size
0.17 AC
Zoning
CG - Commercial General
Parking
13 Spaces (4.4 Spaces per 1,000 SF Leased)
Frontage
73’ on Armenia Ave
Amenities
- Signage
- Wheelchair Accessible
Property Taxes
| Parcel Number | A-27-28-18-3G5-000039-00016.0 | Improvements Assessment | $617,715 CAD |
| Land Assessment | $137 CAD | Total Assessment | $617,851 CAD |
Property Taxes
Parcel Number
A-27-28-18-3G5-000039-00016.0
Land Assessment
$137 CAD
Improvements Assessment
$617,715 CAD
Total Assessment
$617,851 CAD
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