Two-Story Mixed-Use
For Sale
$3,900,000
1248 E Hillsborough Ave, Tampa, FL 33610
Corner-positioned commercial property with retail on the first level and professional suites above.
Property Size18,734 SF
Price / SF$275.21
Days on Market110
Property Features for 1248 E Hillsborough Ave
General Information
Standard status
Active
Size
18,734 SF
Property subtype
Shopping Strip
Occupancy
100%
Net Operating Income
$305,697
Site & Location
Corner Location
Yes
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
7.28%
Office Units
28
Amenities
7.28% Cap Rate on a Fully Occupied Asset — $305,697 in-place NOI across 42 tenants; zero vacant spaces High-Visibility Corner Site | 48,000 VPD | 3.5 Miles to Downtown Tampa
500+ New Apartment Units Delivering on the Corridor — The 354-unit Marquee Square opened September 2025 directly on E. Hillsborough Avenue; a second 174-unit project delivers December 2026
Retail Lease Conversion Upside — Gross to NNN — Ground-floor retail spaces are currently on gross leases; incoming ownership has the ability to selectively transition individual retail tenants to NNN
Building Details
Building Size
18,734 SF
Year Built
1975
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
(813) 387-4774
Listed By:
Chris Skurka · License #License(s): FL: SL3567539
(813) 387-4774
Source:
Marcusmillichap
Added: May 14
Changed: Aug 31
Last Checked: Aug 31 at 12:42PM
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 Chris Skurka
Investment Insights
Based on property information with market context.
This 14,171-square-foot, two-level commercial property was built in 1975 and contains 40 occupied spaces. The configuration includes 12 ground-floor retail spaces and 28 upper-level beauty and professional suites, with gross leases in place across both floors. No individual tenant accounts for more than 12.7% of GLA, providing a diversified occupancy profile.
The property is located at 1248 E Hillsborough Ave in Tampa, approximately 3.5 miles north of Downtown Tampa, with direct access to I-275. It occupies a corner position along E. Hillsborough Avenue and is near Marquee Square, a 354-unit mixed-income development. The Residences at East End, comprising 174 units, is scheduled for delivery in December 2026.
Lease timing offers near-term flexibility, with WALT of 4.8 months for the retail spaces and 5.8 months for the second-floor suites.
The property is located at 1248 E Hillsborough Ave in Tampa, approximately 3.5 miles north of Downtown Tampa, with direct access to I-275. It occupies a corner position along E. Hillsborough Avenue and is near Marquee Square, a 354-unit mixed-income development. The Residences at East End, comprising 174 units, is scheduled for delivery in December 2026.
Lease timing offers near-term flexibility, with WALT of 4.8 months for the retail spaces and 5.8 months for the second-floor suites.
Key Highlights
- 14,171‑square‑foot mixed‑use property built in 1975
- 40 occupied spaces: 12 ground‑floor retail and 28 second‑floor suites
- No single tenant exceeds 12.7% of GLA
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
$172,178
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
4.41%
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%
$3,443,560
$3.4M
Cap Rate 7%
$2,459,686
$2.5M
Cap Rate 9%
$1,913,089
$1.9M
Market Conditions
NOI Build-Up for 14,171 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
$306.1K $21.60/SF
− Vacancy
−$30.6K −$2.16/SF
EGI
$275.5K $19.44/SF
− OpEx
−$103.3K −$7.29/SF
NOI
$172.2K $12.15/SF
Area
ZIP 33610
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$3,443,560
Cap Rate 7%
$2,459,686
Cap Rate 9%
$1,913,089
Alternative Uses
Best Use
Mixed Use
$2.46M
$2.15M – $2.87M
NOI $172,178 @ 7.0% cap · market cap 4.41%
Second Best
Office B
$2.38M
$2.09M – $2.78M
NOI $166,882 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$3.27M
$2.86M – $3.81M
NOI $228,788 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
28
Office units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,137
Businesses Nearby
Explore this area
Business Placement
Demographics for 33610, FL
45,218
Population
17,995
Households
2.5
Avg Household Size
34
Median Age
19%
College-Educated
82%
High-School Grad
18.0 sq mi
ZIP Area
2,512
Density / Sq Mi
$49,765
Median Household Income
$34,773
Median Earnings
$1,307
Median Rent
$210,600
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 - Corner-positioned commercial property with retail on the first level and professional suites above.
Where is this mixed-use property located?
The property is located at 1248 E Hillsborough Ave Tampa, FL.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: 14,171‑square‑foot mixed‑use property built in 1975; 40 occupied spaces: 12 ground‑floor retail and 28 second‑floor suites; No single tenant exceeds 12.7% of GLA
