6301 Memorial HwyTown 'n' Country, FL 33615

Property Details for 6301 Memorial Hwy

Year built

1986

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.87 AC

Property size (Sq ft)

16,341 SF

Zone code

BPO

Property type

Office properties

Property subtype

Office buildings

APN

U0229170FE000000000090

APU

U0229170FE000000000090

Description

This exceptional 17,859-square-foot medical and professional office building in Tampa, Florida, presents a compelling investment opportunity. Located at 6301 Memorial Highway in Town 'n' Country, Hillsborough County (zip code 33615), this single-building property sits on a 0.86-acre lot and boasts a 91% occupancy rate with ten diverse tenants. Built in 1986 and extensively renovated in 2019, the building is exceptionally well-maintained, with a recently replaced roof (2019), and excellent elevator and HVAC systems. The asking price is $2,725,000, representing a compelling $152.58 per square foot and a 6.25% capitalization rate based on a Net Operating Income (NOI) of $170,300. Short-term leases offer significant value-add potential, as current rental rates are priced below market value. The property benefits from its strategic location near major transportation arteries including the airport, Westshore Malls, International Plaza, Veterans Expressway, and I-275, as well as a wealth of amenities such as restaurants, shopping, hotels, golf courses, and beaches. Situated in the highly sought-after Westshore submarket, this building benefits from strong market demand, high asking office rates averaging $37 per square foot (with higher-quality buildings reaching $45 per square foot), and a robust local population exceeding 164,000 residents within a 5-mile radius, boasting an average household income exceeding $88,000. Florida's favorable tax environment, with no state income tax, further enhances the investment appeal. This property offers a rare combination of strong current performance and significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $3,014,196

  6.5%

  $2,782,334

  7%

  $2,583,596

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,984,357

  Geo Method

  $2,984,357

• Alternative Use

  Use

  Valuation

  Residential

  $3,450,095

  Hospitality

  $3,160,268

  Educational

  $2,629,306

  Medical

  $2,719,732

  Retail

  $4,090,032

Location Insight

City

Tampa

County

Hillsborough

State

Florida

Latitude

27.9911

Longitude

-82.5755

CBSA code

45300

CBSA name

TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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