$1,040,000
$1,095,000
5.0%For more information regarding the value of a property, please contact us for a free consultation.
502 S MAGNOLIA AVE Tampa, FL 33606
3,085 SqFt
Key Details
Sold Price $1,040,000
Property Type Commercial
Sub Type Office
Listing Status Sold
Purchase Type For Sale
Square Footage 3,085 sqft
Price per Sqft $337
Subdivision Packwood
MLS Listing ID T3236320
Sold Date 08/14/20
Construction Status Inspections
HOA Y/N No
Year Built 1954
Annual Tax Amount $12,497
Lot Size 0.330 Acres
Acres 0.33
Lot Dimensions 116x120
Property Description
This 2,997 SF medical building sits on a rare 14,232 SF buildable corner lot located in the heart of Hyde Park, arguably one of the most sought after areas in Tampa. There is ample parking on site (22+ spaces) meeting the City of Tampa's medical parking requirement of 6 spaces per 1000 SF. The parcel is currently zoned RO-1 (Residential Office) with a 1.0 FAR and, as such, allows for a potential development based upon existing zoning of up to 14,232 SF of Residential or Office use, although parking requirements and overlay requirements may limit the maximum building envelope.
The Future Land Use of RES-50 (Residential - 50 Units per acre) offers additional design and development possibilities for multi-family development. Currently, the site would offer a potential multi-family development of up to 13 units (40 du/ acre) without meeting bonus provisions for the 50 du / acre maximum density) assuming development meets the development guidelines and architectural review within the Hyde Park Historic District.
The scarcity of office, medical, and residential availability in this high demand market allows this property to offer a unique opportunity to design to personal specs as one of the few developable parcels of land in this historic district.
Located in the S. Hyde Park area of Tampa south of Kennedy Boulevard and the Selmon Expressway, offering easy access to all surrounding areas.
Location
State FL
County Hillsborough
Community Packwood
Zoning RO-1
Interior
Cooling Central Air
Exterior
Parking Features 19 to 30 Spaces
Building
Story 1
Foundation Slab
Lot Size Range 1/4 Acre to 21779 Sq. Ft.
Structure Type Block
New Construction false
Construction Status Inspections
Others
Ownership Corporation
Special Listing Condition None
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Bought with BAY STREET COMMERCIAL LLC