3,000 sf commercial office 4 sale on busy street in Tampa

[David Weis]

Please note - I am a residential rehabber. I have never done commercial properties. But I have one to offer now. I am helping someone with several residential properties and she has this one commercial property as well. The address is 1930 E. Hillsborough Avenue in Tampa, Florida 33610. Hillsborough Avenue is one of the busiest streets in Tampa. The property does need a total rehab - gut, new plumbing, new electrical, new doors, new flooring, etc. On the back of the building part of the roof is missing and subsequently a small tree has grown up. You will need new roof trusses on the back. But the property is a block structure, on a concrete slab, on a busy street. Right now, it is one open space in the front. But it can be divided into two identical 1,500 sf office spaces. As an experienced rehabber, I would put the cost of rehab at $100K. It might even be less.

Loopnet puts the rent at about $20-$25/SF/YR. I have a friend in Miami and he told me the formula he uses to value a commercial property is: rent / 2 (for expenses) then divided by .15 (cap rate). REMEMBER - this is his formula. Yours may be different. So if the rent is on the low end at $20/SF/YR times 3,000 sf, that equals $60,000. Divided by 2 equals $30,000. Divided by .15 = $200,000 value. of course, you have to consider the cost of rehab and lost rent while the work is being done.

I am asking $125K for the property. I believe it could be resold at about $399K, worse case scenario $299K. Of course, it would be great as a buy and hold. We may possibly rehab it and resell it, but we are very busy right now.

Here is a video of the exterior

Here is a video of the interior

Here is a Costar Report

Here is the Property Appraiser's info on the property

Here are sales within a 3 mile radius (from a commercial appraiser)