Office Space Sold | OCT 2019
Historical report: October 2019. This report covers office sales in Hillsborough County that were publicly recorded when the original report was prepared. These figures do not represent current market conditions or property values.
Hillsborough County Office Sales: October 2019
The original report identified 12 transactions totaling $17,428,700, consisting of eight professional office sales and four medical office sales.
Professional office sales totaled $15,347,700, while medical office sales totaled $2,081,000.
Sales Summary by Property Type
| Reported Metric | Professional Office | Medical Office |
|---|---|---|
| Transactions | 8 | 4 |
| Total Sales Volume | $15,347,700 | $2,081,000 |
| Average Sale Price | $1,918,463 | $520,250 |
| Reported Average Sale Price per SF | $318.73 | $161.39 |
Largest Reported Sale
The largest transaction by dollar amount and the highest reported price per square foot were both at 4304 Boy Scout Boulevard in Tampa.
- Sale price: $8,422,300
- Reported building area: 6,000 square feet
- Year built: 2019
- Land area: 0.56 acres
- Reported sale price per square foot: $1,403.72
This transaction accounted for approximately 48% of the month’s combined reported sales volume. Its unusually high price per square foot also makes it important context when interpreting the professional office average.
Professional Office Sales
The following table reproduces the professional office transactions listed in the original report. Property classifications and prices per square foot follow that report.
On smaller screens, scroll the tables sideways to see all columns.
| Address | City | Building SF | Sale Price | $/SF |
|---|---|---|---|---|
| 3110 W. Azeele St. | Tampa | 1,488 | $388,000 | $260.75 |
| 1452 Bloomingdale Ave. | Valrico | 3,072 | $535,000 | $174.15 |
| 6304 N. Nebraska Ave. | Tampa | 1,655 | $242,500 | $146.53 |
| 11327 Countryway Blvd. | Tampa | 2,680 | $604,000 | $225.37 |
| 10522 S. 39 Hwy. | Lithia | 5,312 | $390,000 | $73.42 |
| 4304 Boy Scout Blvd. | Tampa | 6,000 | $8,422,300 | $1,403.72 |
| 5115 W. Grace St. | Tampa | 876 | $165,900 | $189.38 |
| 710 Oakfield Dr. | Brandon | 60,116 | $4,600,000 | $76.52 |
| Professional Office Sales Total | $15,347,700 | |||
Medical Office Sales
| Address | City | Building SF | Sale Price | $/SF |
|---|---|---|---|---|
| 3105 N. 22nd St. | Tampa | 2,628 | $415,000 | $157.91 |
| 3140 S. Falkenburg Rd., Unit 102 | Riverview | 4,812 | $808,500 | $168.02 |
| 4202 W. Linebaugh Ave. | Tampa | 4,012 | $695,000 | $173.23 |
| 13801 Bruce B. Downs Blvd. | Tampa | 1,110 | $162,500 | $146.40 |
| Medical Office Sales Total | $2,081,000 | |||
The unit identifier for the Bruce B. Downs Boulevard transaction is not fully legible in the supplied report image. The entry retains the building address, reported area, and sale figures without guessing the unit number.
Using Sales Comps to Evaluate Your Property
The Boy Scout Boulevard sale represented nearly half of the month’s reported dollar volume and had a substantially higher price per square foot than the other listed transactions.
Before using an unusual transaction as a comparable, owners should verify the property’s actual use, transaction structure, lease terms, and other circumstances. A classification in a historical report does not establish that it is comparable to a typical office building.
Relevant comparisons also account for location, building size and condition, land area, occupancy, and capital requirements. A countywide average should not be applied directly to an individual property.
Source: Hillsborough County Property Appraiser records, compiled by John Milsaps for the original October 2019 report. Transactions were included according to the dates publicly recorded at the time of the report. Figures may differ from later compilations. Property classifications and prices per square foot follow the original report. The medical office average sale price is corrected to $520,250, consistent with four sales totaling $2,081,000.
Discuss Your Office Property’s Value
Considering selling an office or medical office property in Hillsborough, Pinellas, or Pasco County? Contact John Milsaps to discuss relevant sales and your property’s position in the market.