info This space is no longer listed on Digsy
View other spaces in this property

or Browse more properties in Tampa

Available For Sale - Retail

7,780 SF | Show Pricing $

AVAILABILITY DETAILS

Size
7,780 SF
Price/SF
Show Pricing $
Listing ID
SA369620
Notes
N. ARMENIA PLAZA IS A 2-BUILDING, CONCRETE BLOCK, RETAIL CENTER LOCATED ON BUSY N. ARMENIA AVE. IN TAMPA, FL . THE PROPERTY CONSISTS OF ONE 3-UNIT RETAIL PLAZA, APPROXIMATELY 5,760 S/F WITH (4,862) GROSSE LEASEABLE S/F. AS WELL AS A FREE STANDING BUILDING DIRECTLY NEXT DOOR Approximately, 1,844 S/F AND (1,700) GROSS LEASEABLE SQUARE FEET. THE PLAZA HAS A PERFECT MIX OF BOTH LONG-TERM AND SHORT-TERM TENANTS. THE SHORT TERM TENANTS, IN PARTICULAR, HAVE UNDER MARKET RENTAL RATES, GIVING THE BUYER MASVIE UPSIDE FOR THE FUTURE.



ARMENIA PLAZA HAS AN IN PLACE CAP RATE OF OVER 8% AND A CASH-ON-CASH RETURN OF OVER 10%! WITH THE ABILITY TO RAISE THE RENTAL RATES INSTANTLY, THE BUYER CAN OBTAIN A CAP RATE OF OVER 10% AND A CASH ON CASH RETURN OF OVER 20% BY YEAR-END 2018!



THIS IS AN AMAZING VALUE-ADD OPPORTUNITY FOR AN INVESTOR LOOKING FOR UNDERVALUED RETAIL IN ONE OF THE BEST LOCATIONS IN TOWN! N. ARMENIA AVE. HAS HISTORICALLY CARRIED A VERY HIGH OCCUPANCY RATE AND WITH THIS PRIME LOCATION AND THE QUALITY OF THE RETAIL UNITS, THIS PROPERTY CAN EASILY BE RENTED QUICKLY.



THE PROPERTY IS IN EXCELLENT CONDITION AND HAS BEEN RECENTLY UPDATED IN 2017 & 2018. ALL ROOFS AND A/C UNITS ARE IN GOOD WORKING CONDITION AND ALMOST ALL HAVE BEEN REPLACED OR UPDATED IN THE PAST 5 YEARS. THE PROPERTY HAS ABLE PARKING WHICH IS IN HIGH DEMAND IN THIS AREA WITH OVER 40 PARKING SPACES ON SITE!
Uses
Retail

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
David Rosenthal, Grimaldi Commercial Realty Corp.