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Portfolio of 2 Assets For Sale

Listing was updated on: 08/14/2019
Portfolio of 2 Assets For Sale Portfolio of 2 Assets For Sale Portfolio of 2 Assets For Sale Portfolio of 2 Assets For Sale Portfolio of 2 Assets For Sale Portfolio of 2 Assets For Sale Portfolio of 2 Assets For Sale

Property Overview

Price/Rent PSF $ 750,000.00
Asset Type Retail
Trade Type Sale
SQ. FT. Available 7,780
Date Available 08/14/2019
Additional URL Link
Parking 45
Floors 1
Additional parameters Show
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Description

Location
Located on the Corner of Sligh and N. Armenia in beautiful Seminole Heights!

Sale
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!

Location

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