Investment Opportunity - Offices For Sale

Office for Sale
Catylist Listing ID: 30040829
Property Subtypes: Net Leased, Office Building
Building Size (RSF): 10,534 SF
Gross Building Area: 12,571 SF
Gross Land Area: 45,445 SF
Sale Price: $1,650,000
Unit Price: $156.64 PSF
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: 7.0%
Average Occupancy Rate: 60
Last Updated: 8/9/2017

Overview / Comments

Walter Dickinson of Tampa Bay, Inc. is proud to bring this unique office investment opportunity to market. Occupancy is 60% and comprised of (2) nationally recognized tenants both with 2016 long term lease renewals.

Present vacancy was created by downsizing of an existing tenant. The existing 4,223 vacant square feet provides significant upside opportunity for an investor and/or owner occupant. For example, utilizing a very conservative $8 PSF rental rate for vacant space yields a potential NOI of $149,000 or 9% CAP. Currently, market PSF lease rate is $10 - $12 PSF. Existing leases are triple net.

Additional Details

Nearest MSA: Tampa-St. Petersburg-Clearwater
County: Hillsborough
Tax ID/APN: T-15-28-19-54V-000025-C0000.0
Zoning: CG
Site Description: Office asset is located on 56th Street few blocks south of Fowler Avenue.

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,292 118,946 248,217
Median Age: 35.28 31.39 33.79
Households: 6,447 48,040 98,424


© Copyright Florida Gulfcoast Commercial Association of REALTORS┬« . All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Florida Gulfcoast Commercial Association of REALTORS┬« nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.