Investment sales in Tampa Bay.
Multifamily and industrial dispositions across Hillsborough, Pinellas, and Pasco counties.
High Peaks Capital Advisors is a multifamily and industrial investment sales brokerage serving Tampa Bay, Florida. We represent owners of apartment and industrial property across Hillsborough, Pinellas, and Pasco counties on dispositions, valuations, and off-market placement.
Tampa multifamily has repriced harder than any comparable Sun Belt market, with the median sale price per unit falling 23% in 2025. At the same time small-bay industrial in this metro sits at 3.2% vacancy with the strongest rent growth in Florida. These are two opposite markets inside one metropolitan area, and an owner needs to know which one they are in before setting a price expectation.
Multifamily pricing, rents and pipeline: NorthMarq Tampa Multifamily Q1 2026. Industrial: CBRE Tampa Industrial Figures Q1 2026.
Values fell 23% in a single year.
The median Tampa multifamily sale price was $185,400 per unit across full-year 2025, down 23% from 2024. That is a steeper decline than most comparable Sun Belt markets recorded, and it is the first thing an owner considering a sale should know.
We lead with it because the alternative is worse. An owner anchored to a 2022 valuation will spend months in a process that ends in a retrade or a withdrawal. Sellers who reset expectations at the outset transact; sellers who discover this in week eight generally do not.
The supporting picture is consistent. Asking rents fell 1.3% in the first quarter of 2026, the largest quarterly decline since late 2023, and are down 2.9% year over year, among the weakest showings nationally. Cap rates averaged 5.7% across 2025 closings, up from roughly 5.5% through much of 2024.
Tampa's development pipeline expanded 21% year over year to roughly 15,000 units under construction, with full-year deliveries forecast at 9,400. Relief is expected as that is absorbed, but it has not arrived, and the imbalance is expected to persist through at least 2026.
Waiting therefore carries a genuine carrying cost with no certainty of a materially better exit in the near term. That is a different calculus from Orlando, where the pipeline is already shrinking.
There is a real countervailing signal. First-quarter 2026 investment sales volume reached its highest level since 2022, driven by large transactions. Buyers are active again at the reset basis — which is precisely why pricing correctly matters more here than in any other market we cover.
Small-bay is the strongest asset class in Florida.
Tampa industrial overall showed vacancy of 7.3–7.5% in the first quarter of 2026 with availability approaching 10%, and asking rents of $12.69 per square foot growing 3.4% annually.
The small-bay segment is a different market entirely. Vacancy sits at 3.2% with rent growth of 6.5%, leading the state. Tampa has delivered ten million square feet or more of annual warehouse leasing for five consecutive years, and smaller-bay space continues to drive deal volume.
For an owner of small-bay or flex product, the position is close to the inverse of an apartment owner's. Scarcity is on your side, the buyer pool is deep, and the pricing conversation starts from strength.
Elevated insurance costs narrowed the Tampa buyer pool and pushed pricing down on storm-affected assets. Windstorm and flood coverage has been reported in the range of $2,200 to $2,800 per unit annually, though we flag that figure as one we have not been able to confirm against a primary source.
The direction of travel is clear even where the specific numbers are not. Florida's 2022 and 2023 legal reforms eliminated one-way attorney fees and restricted assignment-of-benefits abuse, litigation costs fell, reinsurance moderated, and carriers are re-entering the market. Our Florida market overview sets out what is verified and what is not.
- Tampa
- St. Petersburg
- Clearwater
- Brandon
- Riverview
- Wesley Chapel
- Lutz
- Plant City
- Pinellas Park
- Temple Terrace
Industrial concentrates along the I-4 and I-75 corridors and around Port Tampa Bay, which anchors the metro's logistics function and underpins the small-bay demand described above.
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How much have Tampa apartment values fallen?
The median Tampa multifamily sale price was $185,400 per unit across full-year 2025, down 23% from 2024 — a steeper decline than most comparable Sun Belt markets recorded.
Supporting indicators are consistent: asking rents fell 1.3% in the first quarter of 2026, the largest quarterly drop since late 2023, and are down 2.9% year over year. Cap rates averaged 5.7% across 2025 closings, up from roughly 5.5% in 2024.
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Is 2026 a bad time to sell a Tampa apartment building?
It is a repriced market, which is not the same as a closed one. First-quarter 2026 sales volume reached its highest level since 2022, so buyers are active — at the new basis.
The argument against waiting is that supply has not peaked. The pipeline expanded 21% year over year to roughly 15,000 units under construction, and the imbalance is expected to persist through at least 2026, so holding carries real cost without a certain near-term improvement. The argument for waiting is that absorption should eventually catch up. Which applies depends on your carrying capacity, and we will work through both with you.
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Why is small-bay industrial outperforming everything else in Tampa?
Small-bay industrial in Tampa sits at 3.2% vacancy with 6.5% rent growth, the strongest in Florida, while the overall industrial market shows 7.3–7.5% vacancy and apartment values have fallen sharply.
The driver is structural scarcity. Tampa has sustained ten million square feet or more of annual warehouse leasing for five consecutive years, and smaller-bay space continues to drive deal volume. For an owner of small-bay or flex product, the negotiating position is close to the inverse of an apartment owner's.
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How much does insurance cost per unit on Tampa multifamily?
Windstorm and flood coverage has been reported in the range of $2,200 to $2,800 per unit annually. We flag that figure as unverified against a primary source, and we would not price an asset off it without confirming against your actual policy.
What is well documented is the direction. Florida's 2022 and 2023 legal reforms cut litigation costs, reinsurance has moderated, and carriers are re-entering. Note that most published Florida insurance data covers homeowners rather than commercial or multifamily policies, so the trend carries across more reliably than the specific numbers do.
Sources. Multifamily: NorthMarq Tampa Multifamily Q1 2026 and NorthMarq year-end 2025. Industrial: CBRE Tampa Industrial Figures Q1 2026.
Market figures on this page are drawn from third-party research and public records and are cited to their sources. They are provided for general information, are current only as of the dates indicated, and will change. Nothing here is legal, tax, or investment advice, and nothing here is an offer to sell or a solicitation of an offer to buy any security or service. Regulatory summaries are general descriptions of published law, not a determination of how any statute applies to a specific property — consult counsel before acting.
Every Tampa Bay assignment is led personally by Derek Carroll.
Initial conversations are confidential and obligation-free. If a sale is not the right move, we will tell you that.
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