What Are Apartment Buildings Worth in Hillsborough County, FL?
Apartment buildings in Hillsborough County are trading around $134,000 per unit, based on the recent closed sales I track. On a 24-unit apartment building that is roughly $3,216,000, before adjusting for your actual income and condition. Here is how that number is built and what moves it.
How the number is built
A buyer prices on income. I start with in-place rent, take off vacancy, then rebuild the expenses a lender will underwrite: taxes reset near 80 percent of the new price, insurance on today's replacement cost, management at 10 percent even if you self-manage, plus maintenance and reserves. What is left is net operating income, and at a 7 to 8.5 percent cap that is your value. Older, tighter-run buildings in strong submarkets hold the top of the range.
What moves your number in Hillsborough County
- In-place rents vs market rents.
- Expense load, especially insurance: about $950 a door inland, $1,350 and up on the coast and about $1,500 in South Florida, up from about $400 in 2013, though rates have started coming down.
- Vintage and deferred maintenance.
- Taxes reset at the sale, so today's low tax bill does not carry over.
Hillsborough County apartment sales since 2005
Median recorded sale price per unit for arm's-length sales of apartment buildings with five or more units in Hillsborough County. 1,198 qualifying sales since 1995. From 2019 to 2025 the median moved up 45%, from $91,875 to $133,125 a unit. Since the 2022 rate jump it has moved down 6%.
| Year | Median per unit | Sales |
|---|---|---|
| 2005 | $51,727 | 160 |
| 2010 | $43,750 | 3 (thin) |
| 2015 | $59,888 | 17 |
| 2019 | $91,875 | 38 |
| 2021 | $116,846 | 84 |
| 2022 | $142,262 | 56 |
| 2024 | $148,452 | 40 |
| 2025 | $133,125 | 58 |
Years with fewer than 10 sales swing on a handful of buildings. The recent-comps band at the top of this page is narrower: sales from January 2024 to mid-2025 that I checked building by building for size, so it can differ from the yearly median. The full statewide series is in 30 years of Florida apartment prices.
Hillsborough County rents since COVID
The Zillow Observed Rent Index for Hillsborough County went from $1,357 a month in February 2020 to $1,992 in August 2026, up 47%. Rents are at or near their all-time high. HUD's FY2027 Fair Market Rent for a two-bedroom here is $1,917, up 51% since FY2021. Buyers pay for collected rent, so the gap between your rents and these numbers is part of your value. Every county is compared in Florida rents since COVID and HUD Fair Market Rents for 2027.
Get the full Hillsborough County report
Every year of apartment sales I track in Hillsborough County back to 1995, rents by year since 2015, and HUD's rents for every bedroom size, in one email. It is more than this page shows. I send it to the person who asks, one county at a time.
Your apartment and multifamily broker in Hillsborough County
I am Christopher Minchin, a licensed Florida broker (BK3282270) who sells apartment buildings in Hillsborough County and across Florida. I charge 4%, paid only at closing, I price to survive a buyer's lender, and I answer my own phone at 321-275-KING. What I do as a Florida apartment and multifamily broker, and what it costs.
Questions owners ask me
What is an apartment building worth per unit in Hillsborough County, FL?
Around $134,000 per unit on recent closed sales, though the real number turns on in-place income, expenses, and condition. Run your apartment building through the valuator at theaptking.com for a figure built on your own numbers.
What cap rate do apartment buildings trade at in Hillsborough County?
Roughly 7 to 8.5 percent, depending on vintage, unit mix, and expense load. The value is net operating income divided by that cap rate.
Who is a good apartment and multifamily broker in Hillsborough County, FL?
Look for a licensed Florida broker who sells apartment buildings for a living, prices on income, and puts the fee and term in writing. I am Christopher Minchin, licensed broker BK3282270, and I sell apartment buildings in Hillsborough County at 4%, paid only at closing.
Should I sell my apartment building in Hillsborough County now?
That depends on your basis, your debt, and whether the income supports the price a buyer's lender will underwrite. I price apartment buildings to survive a buyer's lender, not to chase an asking number. Call 321-275-KING and I will walk your numbers with you.
How much have rents gone up in Hillsborough County since COVID?
On the Zillow Observed Rent Index, Hillsborough County rents went from $1,357 a month in February 2020 to $1,992 in August 2026, up 47%. HUD's FY2027 Fair Market Rent for a two-bedroom here is $1,917, up 51% since FY2021.