Two-Story Mixed-Use
For Sale
Contact for pricing
1242-1268 E Hillsborough Avenue, Tampa, FL 33604
Fully occupied corner property combines ground-floor retail with professional suites above along E. Hillsborough Avenue.
Property Size18,734 SF
Price / SF$224.19
Days on Market119
Property Features for 1242-1268 E Hillsborough Avenue
General Information
Standard status
Active
Size
18,734 SF
Class
B
Total Parking Spaces
64
Property subtype
Retail, Office, Mixed Use
Occupancy
100%
Lease Type
Gross
Investment Type
Stabilized
Net Operating Income
$305,697
Site & Location
Corner Location
Yes
Highway Access
Yes
Additional Details
Office Units
28
Building Details
Year Built
1975
Buildings
2
Stories
2
Units
40
Tenancy
Multi
Listing Agency:
Marcus & Millichap
(813) 387-4746
Listed By:
Christopher Skurka · License #FL SL3567539
Source:
Crexi
Added: May 4
Changed: Aug 29
Last Checked: Aug 29 at 9:00PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap
Investment Insights
Based on property information with market context.
This 18,734-square-foot mixed-use property includes two levels with 12 ground-floor retail spaces and 28 second-floor suites. Built in 1975, the fully occupied center contains 40 spaces and has gross leases in place across both floors. The tenant base is distributed across multiple operators, with no single tenant representing more than 12.7% of GLA.
The property occupies a corner location at 1242-1268 E. Hillsborough Avenue in Tampa, approximately 3.5 miles north of Downtown Tampa, with direct access to I-275. Marquee Square, a 354-unit mixed-income development, is located directly along E. Hillsborough Avenue. The Residences at East End, a 174-unit multifamily project, is scheduled for delivery in December 2026.
Lease expirations provide near-term rollover across the two levels, with WALT of 4.8 and 5.8 months, respectively. The current structure uses gross leases throughout the center.
The property occupies a corner location at 1242-1268 E. Hillsborough Avenue in Tampa, approximately 3.5 miles north of Downtown Tampa, with direct access to I-275. Marquee Square, a 354-unit mixed-income development, is located directly along E. Hillsborough Avenue. The Residences at East End, a 174-unit multifamily project, is scheduled for delivery in December 2026.
Lease expirations provide near-term rollover across the two levels, with WALT of 4.8 and 5.8 months, respectively. The current structure uses gross leases throughout the center.
Key Highlights
- 18,734‑square‑foot mixed‑use property built in 1975
- 40 occupied spaces: 12 ground‑floor retail tenants and 28 second‑floor suite operators
- Two‑story corner property at 1242‑1268 E. Hillsborough Avenue, Tampa, FL 33604
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$254,595
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.06%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,091,900
$5.1M
Cap Rate 7%
$3,637,071
$3.6M
Cap Rate 9%
$2,828,833
$2.8M
Market Conditions
NOI Build-Up for 18,734 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$449.6K $24.00/SF
− Vacancy
−$110.2K −$5.88/SF
EGI
$339.5K $18.12/SF
− OpEx
−$84.9K −$4.53/SF
NOI
$254.6K $13.59/SF
Area
Tampa, FL
Vacancy
24.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,091,900
Cap Rate 7%
$3,637,071
Cap Rate 9%
$2,828,833
Alternative Uses
Best Use
Office B
$3.64M
$3.18M – $4.24M
NOI $254,595 @ 7.0% cap · market cap 6.06%
Second Best
Mixed Use
$3.61M
$3.16M – $4.22M
NOI $252,909 @ 7.0% cap · market cap 6.02%
Theoretical Best
Office A
$4.36M
$3.82M – $5.09M
NOI $305,514 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
28
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,034
Businesses Nearby
Explore this area
Business Placement
Demographics for 33604, FL
39,071
Population
17,053
Households
2.3
Avg Household Size
38
Median Age
26%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
5,209
Density / Sq Mi
$55,988
Median Household Income
$39,537
Median Earnings
$1,326
Median Rent
$264,900
Median Home Value
Market
Vacancy Rate% for Office in Tampa, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully occupied corner property combines ground-floor retail with professional suites above along E. Hillsborough Avenue.
Where is this mixed-use property located?
The property is located at 1242-1268 E Hillsborough Avenue Tampa, FL.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: 18,734‑square‑foot mixed‑use property built in 1975; 40 occupied spaces: 12 ground‑floor retail tenants and 28 second‑floor suite operators; Two‑story corner property at 1242‑1268 E. Hillsborough Avenue, Tampa, FL 33604
