1797 Hillsborough AveTampa, FL 33603

  • Office properties
  • 1,632 SF
For Sale
$4,000,000 View listing

Property Details for 1797 Hillsborough Ave

Year built
1947
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Lot size
0.87 AC
Property size (Sq ft)
1,632 SF
Zone code
CI
Property type
Office properties
Property subtype
Office buildings
APN
A3528183H0000009000200
APU
A3528183H0000009000200

Description

This exceptional investment opportunity presents a brand-new, 2,503 square foot Starbucks located at 1797 W Hillsborough Ave, Tampa, FL 33603. The property boasts a 10-year net lease with six 5-year renewal options, featuring a corporate guarantee from Starbucks Corporation. The lease includes a 10% rental increase every five years, providing inflation protection and significant NOI growth. Built in 2024, this single-story building sits on a high-traffic thoroughfare with an AADT of 54,500 vehicles. The property benefits from strong demographics, including a population of 14,423 and an average household income of $82,411 within a one-mile radius. The asking price is $4,000,000, yielding a 5.25% cap rate and a current NOI of $210,000. The property is zoned CI - Commercial Intensive, and the landlord responsibilities are limited to roof, structure, parking lot paving, and utility systems. The tenant is responsible for all other maintenance and expenses, including taxes and insurance. This is a low-maintenance, high-return investment in a prime Tampa location, offering significant long-term value and stability. The property's proximity to Tampa International Airport and major roadways further enhances its appeal. This is a rare opportunity to acquire a newly constructed, high-performing asset with a blue-chip tenant in a thriving market.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $467,775
    6.5%
    $431,792
    7%
    $400,950
  • Comparable approach

    Method
    Valuation
    Relative Method
    $298,052
    Geo Method
    $298,052
  • Alternative Use

    Use
    Valuation
    Residential
    $535,422
    Hospitality
    $490,444
    Educational
    $408,044
    Medical
    $422,077
    Retail
    $634,735
1797 Hillsborough Ave, Tampa, Florida

Location Insight

City
Tampa
County
Hillsborough
State
Florida
Latitude
27.9964
Longitude
-82.48
CBSA code
45300
CBSA name
TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$11,964
$373,301
$227,381
$600,682
-
$373,301
$227,381
$600,682

FAQs

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