Freestanding Building on Hillsborough
For Sale
Contact for pricing
1515 W Hillsborough Ave, Tampa, FL
2,416 SF building on a 14,027 SF lot.
Property Size2,416 SF
Lot Size0.36 Acres
Price / SF$297.60
Days on Market260
Property Features for 1515 W Hillsborough Ave
General Information
Standard status
Active
Size
2,416 SF
Lot size
0.36 Acres
Property subtype
OFFICE
Listing Agency:
Bay Street Commercial
(813) 625-2375
Listed By:
Michael Braccia, P.A. · License #SL3033512
(813) 625-2375
Source:
Moodyscre
Added: Nov 25, 2025
Changed: Jul 6
Last Checked: Aug 12 at 11:33AM
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 Bay Street Commercial
Investment Insights
Based on property information with market context.
This 2,416 square foot freestanding building is situated on a 14,027 square foot lot zoned CG (Commercial General). The property is located on West Hillsborough Avenue, east of Rome Avenue, between the Wellswood and Seminole Heights neighborhoods. The site is fully fenced and features an electric security gate, along with 13 parking spaces. Formerly a lab, the building offers retail appeal with storefront glass along Hillsborough Avenue. The interior includes two large open spaces, four private offices, two restrooms, and a break room. A separate storage room is located at the rear of the property. The property also features large, highly visible signage. The traffic count is 56,500 vehicles per day.
Key Highlights
- High traffic count of 56,500 VPD on W. Hillsborough Avenue.
- Excellent retail appeal with storefront glass and large, highly visible signage.
- Located on a 14,027 SF CG (Commercial General) zoned lot.
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
$32,833
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
4.57%
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%
$656,660
$656.7K
Cap Rate 7%
$469,043
$469.0K
Cap Rate 9%
$364,811
$364.8K
Market Conditions
NOI Build-Up for 2,416 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
$58.0K $24.00/SF
− Vacancy
−$14.2K −$5.88/SF
EGI
$43.8K $18.12/SF
− OpEx
−$10.9K −$4.53/SF
NOI
$32.8K $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%
$656,660
Cap Rate 7%
$469,043
Cap Rate 9%
$364,811
Alternative Uses
Best Use
Office B
$469.0K
$410.4K – $547.2K
NOI $32,833 @ 7.0% cap · market cap 4.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$562.9K
$492.5K – $656.7K
NOI $39,400 @ 7.0% cap · market cap 5.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
206
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Tampa, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 2,416 SF building on a 14,027 SF lot.
Where is this office building located?
The property is located at 1515 W Hillsborough Ave Tampa, FL.
What is the asking price?
The asking price for this property is $719,000.
What are key features of this property?
This property features: High traffic count of 56,500 VPD on W. Hillsborough Avenue.; Excellent retail appeal with storefront glass and large, highly visible signage.; Located on a 14,027 SF CG (Commercial General) zoned lot.
