Freestanding Auto Repair
For Sale
$980,000
1942 E HILLSBOROUGH AVENUE, Tampa, FL 33610
Two-story freestanding corner building with office/showroom central air plus core automotive equipment on-site.
Property Size5,080 SF
Price / SF$192.91
Days on Market58
Property Features for 1942 E HILLSBOROUGH AVENUE
General Information
Standard status
Active
Size
5,080 SF
Property subtype
Mixed Use
Additional Details
Business Included
Yes
Amenities
0.17 acres
Additional parcels description:, Parcel Number: A31281947D00000400014.0, Public Survey Range: 19, Public Survey Section: 31, Annual Amount: $7,631, Tax Block: 04, Tax Book Number: 19/36, Legal Description: BEACON HILL LOT 14 & E 11 FT OF LOT 15 & S 1/2 OF CLOSED ALLEY ABUTTING ON N BLOCK 4, Lot: 14, Year: 2025
Office Only, Central Air
Listing ID: MFRTB8528007, Standard Status: Active, MLS Status: Active, Property Subtype: Mixed Use, On market as of 2026-07-10, Special Conditions: None
Built in 1948, Living area units: Square Feet, Construction Materials: Block, Concrete
MLS Area (Major): 33610 - Tampa / East Lake, County/Parish: Hillsborough
Slab
Frontage Type: City Street, Road Surface: Asphalt
Building Details
Year Built
1948
Stories
2
Listing Agency:
TOP SALES REAL ESTATE LLC
(727) 398-7771
Listed By:
Hien Truong · License #3394760
Source:
Miharaandassociates
Added: Jul 10
Changed: Sep 4
Last Checked: Sep 4 at 5:34AM
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 TOP SALES REAL ESTATE LLC
Investment Insights
Based on property information with market context.
This freestanding commercial building is currently operated as a family-owned auto repair shop and has been in business for 15+ years. The property includes a two-floor layout and additional aluminum storage at the rear, with central air serving an office/showroom area. Automotive support equipment is included on-site, such as one car lift, one tire changer machine, one 120-gallon air compressor, and two pallet jacks.
The building is located on a corner along E. Hillsborough Ave at the intersection with 20th Street, in a very high traffic area. It is next to Ewin Technical School.
From an operational standpoint, the combination of an office/showroom and dedicated service equipment supports an automotive service use within a compact, purpose-built footprint.
The building is located on a corner along E. Hillsborough Ave at the intersection with 20th Street, in a very high traffic area. It is next to Ewin Technical School.
From an operational standpoint, the combination of an office/showroom and dedicated service equipment supports an automotive service use within a compact, purpose-built footprint.
Key Highlights
- Freestanding two‑story corner commercial building on E. Hillsborough Ave & 20th Street
- Family‑owned auto repair shop operating 15+ years in a very high traffic area on Hillsborough Ave
- Two‑floor building with additional aluminum storage in the back
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
$58,567
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
5.98%
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%
$1,171,340
$1.2M
Cap Rate 7%
$836,671
$836.7K
Cap Rate 9%
$650,744
$650.7K
Market Conditions
NOI Build-Up for 5,080 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
$91.4K $18.00/SF
− Vacancy
−$7.8K −$1.53/SF
EGI
$83.7K $16.47/SF
− OpEx
−$25.1K −$4.94/SF
NOI
$58.6K $11.53/SF
Area
ZIP 33610
Vacancy
8.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,171,340
Cap Rate 7%
$836,671
Cap Rate 9%
$650,744
Alternative Uses
Best Use
Retail
$836.7K
$732.1K – $976.1K
NOI $58,567 @ 7.0% cap · market cap 5.98%
Second Best
Industrial
$466.6K
$408.3K – $544.4K
NOI $32,663 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,016 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,219
Businesses Nearby
327k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 35%
Superstores 28%
Dining 22%
Apparel 14%
Walmart
Superstores
91,937 visits/mo
0.2 miles
McDonald's
Dining
32,179 visits/mo
0.1 miles
dd's DISCOUNTS
Shops & Services
26,009 visits/mo
0.2 miles
Ross Dress for Less
Apparel
23,756 visits/mo
0.2 miles
Family Dollar
Shops & Services
18,752 visits/mo
0.4 miles
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 Retail in Tampa, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Two-story freestanding corner building with office/showroom central air plus core automotive equipment on-site.
Where is this auto shop located?
The property is located at 1942 E HILLSBOROUGH AVENUE Tampa, FL.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: Freestanding two‑story corner commercial building on E. Hillsborough Ave & 20th Street; Family‑owned auto repair shop operating 15+ years in a very high traffic area on Hillsborough Ave; Two‑floor building with additional aluminum storage in the back
