Hillsborough Mixed Used Center — Sale in Tampa, FL

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Retail Business
  • Location: Tampa, FL 33610
  • Year built: 1975

Photos

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Investment Figures

Cap rate
8.02%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Marcus & Millichap is pleased to present the exclusive listing of Hillsborough Mixed-Use Center, a fully occupied, two-story mixed-use asset situated on a corner location along one of Tampa's highest-trafficked corridors. The property generates $305,697 in in-place NOI across 40 occupied spaces — 12 ground-floor retail tenants and 28 second-floor suite operators — with no single tenant exceeding 12.7% of GLA. Positioned 3.5 miles north of Downtown Tampa with direct I-275 access, the asset sits at the epicenter of one of the city's most active growth corridors. Marquee Square, a 354-unit mixed-income development, recently opened directly along E. Hillsborough Avenue — adding a significant new residential base within walking distance of the subject property. A second multifamily project, The Residences at East End (174 units), is scheduled for delivery in December 2026, further reinforcing near-term population density and retail demand immediately surrounding the site. The broader Seminole Heights submarket has experienced dramatic appreciation, with home prices rising over 41% year-over-year as of early 2025 — driven by limited inventory, proximity to Downtown Tampa, and strong demand from young professionals and families. The neighborhood's continued gentrification and infrastructure investment position this corridor for sustained tenant demand and long-term rent growth. From an investment standpoint, the property offers a two-tier income profile — ground-floor retail averaging $26/SF and second-floor beauty/professional suites averaging $45/SF — with gross leases in place across both levels. Near-term lease expirations (WALT: 4.8 and 5.8 months, respectively) provide incoming ownership the immediate flexibility to restructure individual leases, selectively introduce NNN terms, or mark rents to a rising market. Investment Highlights: • 7.28% Cap Rate on a Fully Occupied Asset — $305,697 in-place NOI across 42 tenants; zero vacant spaces High-Visibility Corner Site

Market Context

This retail in Tampa, FL is listed for sale. It is offered at an approximate 8.0% capitalization rate, a key benchmark for income-producing retail assets. The building dates to 1975. Compare it against other retail listings for sale in Tampa, FL — view the full market.

As of Q4 2025, the Tampa retail market showed a 3.4% vacancy rate, average asking rents near $27.49/SF/yr, and rents up 4.5% year over year. Source: multiple brokerage reports, Q4 2025.

Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Retail market FAQ

Is the Tampa retail market tightening or softening?
Vacancy is around 3.4%, with asking rents rising year over year (Q4 2025).

Estimated Price per SF

$100.60/SF – $731.66/SF

Mid: $304.86/SF

About 8 in 10 recent recorded sales fell within a range this wide around the estimate. An automated estimate, not an appraisal.

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