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Available For Sale - Retail

3,672 SF | Show Pricing $

AVAILABILITY DETAILS

Size
3,672 SF
Price/SF
Show Pricing $
Listing ID
SA383525
Notes
THE DREW STREET STRIP CENTER IS LOCATED AT 1993 DREW ST. ON THE HARD CORNER OF DREW ST. AND HERCULES IN BEAUTIFUL CLEARWATER, FL. THIS FANTASTIC CONCRETE BLOCK STRIP CENTER HAS AMAZING FRONTAGE ON BUSY DREW ST. IN DOWNTOWN CLEARWATER, FL. THE PLAZA HAS A TOTAL OF 4 PURE NNN RETAIL TENANTS WITH AMPLE PARKING AND GREAT VISIBILITY!



THE PROPERTY CONSISTS OF LONG-TERM TENANTS WITH EXTREMELY LOW RENTS, MAKING THIS A FANTASTIC INVESTMENT OPPORTUNITY. THE CURRENT RENTAL RATES ARE SEVERELY UNDER MARKET FOR THE AREA AND PROVIDE THE BUYER WITH A FANTASTIC VALUE ADD OPPORTUNITY. IDEALLY, A BUYER COULD PURCHASE THIS STRIP CENTER AND IMMEDIATELY RAISE THE RENTS, WHILE NOT INCURRING EXTRA COSTS FOR EXPENSES, AS THE TENANTS ARE RESPONSIBLE FOR ALL ON- SITE EXPENSES.



THIS UNIQUE STRIP CENTER IS CURRENTLY 100% OCCUPIED. HOWEVER, THERE IS FLEXIBILITY AND OPPORTUNITY TO INCREASE THE RENTS QUICKLY AFTER PURCHASE. BASED ON THE CURRENT RENTS, THE PROPERTY SITS AT A CAP RATE OF ALMOST 8% AND A CASH-ON-CASH RETURN OF OVER 13%. THE BUYER CAN EASILY OBTAIN A CASH-ON-CASH RETURN OF OVER 15% A BY 2021 DUE TO THE GENEROUS SELLER FINANCING TERMS OFFERED AND THE ABILITY TO INSTANTLY INCREASE THE RENTAL RATES AT THE PROPERTY!



BUT WAIT IT GETS BETTER, WITH THE ABILITY TO RAISE BOTH THE RENTAL RATES WITHIN THE FIRST YEAR, THERE IS A CLEAR PATH TO A 8%+ CAP RATE AND A CASH-ON-CASH RETURN OF OVER 15% BY 2021. DUE TO THE AMAZING LOCATION, THIS WILL ONLY RISE OVER TIME AS THE AREA CONTINUES TO ATTRACT TOURISTS FROM ALL OVER THE WORLD! THE TENANTS HAVE ALL OCCUPIED THEIR RESPECTIVE UNITS FOR MULTIPLE YEARS AND HAVE HAD TREMENDOUS SUCCESS IN THIS PARTICULAR LOCATION.



WITH THE RECENT DEVELOPMENT AND INCREASE OF TOURISTS FLOODING THE AREA, THE DEMAND FOR A STORE ON A HARD CORNER IN THIS PARTICULAR LOCATION IN CLEARWATER FLORIDA HAS NEVER BEEN HIGHER! THE PROPERTY ALSO HAS 16 PARKING SPACES FOR TENANTS AND THEIR CUSTOMERS TO COMFORTABLY PARK ON-SITE!



ONE OF THE BIGGEST ADVANTAGES OF INVESTING IN A PROPERTY LIKE THIS IS THE PURE NNN NATURE OF THE LEASES. THE TENANTS ARE RESPONSIBLE FOR ALL EXPENSES AT THE PROPERTY INCLUDING BUT NOT LIMITED TO; PROPERTY TAX, PROPERTY INSURANCE, REPAIR AND MAINTENANCE, MANAGEMENT FEES, WATER, ELECTRIC AND SEWER EXPENSES. THIS CREATES A UNIQUE OPPORTUNITY FOR AN OWNER TO ELIMINATE MOST, IF NOT ALL, OPERATING EXPENSES AND BOOST THEIR OVERALL RETURN ON THIS INVESTMENT.



THE DREW STREET STRIP CENTER IS IN FANTASTIC CONDITION AND HAS BEEN WELL-MAINTAINED BY THE CURRENT OWNER. RECENT RENOVATIONS HAVE ONLY HELPED INCREASE THE VALUE OF THIS ASSET OVER TIME. THE PROPERTY WAS NEWLY PAINTED IN 2015, AND THE ROOF WAS REPLACED IN 2013-2014. ALL ELECTRICAL AND PLUMBING ON-SITE IS IN GOOD WORKING CONDITION.



LASTLY, THE HVAC UNITS ARE IN FANTASTIC CONDITION AS EACH TENANT IS RESPONSIBLE FOR THE MAINTENANCE AND REPLACEMENT OF THEIR RESPECTIVE HVAC SYSTEM PER THEIR CURRENT LEASE. THE AMAZING CONDITION ONLY ADDS TO THE UPSIDE IN THIS RARE VALUE ADD RETAIL CENTER IN ONE OF THE MOST HEAVILY TRAVELED AREAS IN ALL OF FLORIDA!



THIS 4-UNIT RETAIL CENTER IS LOCATED ON THE HARD CORNER OF N. HERCULES AVE. AND DREW ST. IN WORLD FAMOUS CLEARWATER, FL! THE PROPERTY HAS AMAZING FRONTAGE ON ONE OF THE MOST HEAVILY TRAVELED STREETS IN ALL OF CLEARWATER!
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.