Hillsborough Mixed-Use Center
Hillsborough Mixed-Use Center | 1242–1268 E. Hillsborough Ave | Tampa, FL 33604 $4,200,000
Marketing 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 | 48,000 VPD | 3.5 Miles to Downtown Tampa — Corner parcel with front and rear access, direct I-275 connectivity, and 330,000+ residents within a 5-mile radius
500+ New Apartment Units Delivering on the Corridor — The 354-unit Marquee Square opened September 2025 directly on E. Hillsborough Avenue; a second 174-unit project delivers December 2026 — a direct demand driver for the service-oriented tenant base in place
Submarket Undergoing Active Gentrification — Seminole Heights median home prices hit $600K in early 2025, up 41.2% year-over-year, as young professionals and families continue displacing into the corridor from higher-priced Tampa submarkets
Two-Story Concrete Block Construction on .92 Acres — 1960/1975-built concrete block structure on a nearly one-acre corner site; durable construction
No Concentration Risk Across Either Income Stream — Largest tenant is 12.7% of GLA; 40-tenant rent roll across beauty, food service, insurance, electronics, and professional services means no single vacancy materially impacts cash flow
Retail Lease Conversion Upside — Gross to NNN — Ground-floor retail spaces are currently on gross leases; incoming ownership has the ability to selectively transition individual retail tenants to NNN structures at renewal, reducing expense exposure and increasing net yield over time without disrupting the existing rent roll
Small-Bay Format = Deep Leasing Demand Pool — Tampa's average time to lease hit a 5-year low of 4.3 months with virtually no new small-bay supply delivering; re-leasing risk on this format is among the lowest in the market
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