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WINNERS CIRCLE MEDICAL/PROFESSIONAL OFFICE COMPLEX FOR SALE ON BURCE B. DOWNS. BLVD.
Listing was updated at: 11/27/2018
Property Overview
Price/Rent PSF $ 4,000,000.00
Asset Type Office
Trade Type Sale
SQ. FT. Available 19,057
Date Available 11/27/2018
Additional URL Link
Parking 60
Floors 1
Additional parameters Show
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Description

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WINNERS CIRCLE IS A MEDICAL AND PROFESSIONAL OFFICE BUILDING WITH PRIME FRONTAGE ON BRUCE B. DOWNS BLVD. THE BUILDING CAN BE EASILY ACCESSED FROM BRUCE B. DOWNS, ONE OF THE BUSIEST STREETS IN ALL OF TAMPA. THE PROPERTY IS LOCATED IN A PERFECT LOCATION FOR MEDICAL USE AS MOST OF THE SURROUNDING BUILDINGS ARE USED AS DOCTORS OFFICES OR AS HOSPITALS!

Sale
WINNERS CIRCLE IS A 5-BUILDING OFFICE COMPLEX LOCATED IN TAMPA, FL. THE PROPERTY CONSISTS OF 5 CONCRETE BLOCK BUILDINGS ALL IN GOOD CONDITION WITH MOST HAVING UPDATED ROOFS AND HVAC UNITS. THE VA HAS OCCUPIED OVER 8,000 S/F AT WINNERS CIRCLE SINCE 2002 AND ACCOUNT FOR ALMOST 50% OF THE GROSS LEASEABLE SPACE ON SITE. THE OTHER MAIN TENANT IS A CHIROPRACTOR OFFICE WHICH OCCUPIES APPROXIMATELY 1,242 S/F. THE VA IS ON A FULL-SERVICE LEASE AND EVERY OTHER TENANT IS ON A NNN LEASE. WITH THE NNN AND FULL SERVICES LEASES IN PLACE, THE TENANTS PAY FOR ALL EXPENSES INCLUDING BUT NOT LIMITED TO: UTILITIES, MGMT, TAX, INSURANCE, MAINTENANCE, SEWER, TRASH, AND PEST CONTROL. THE ONLY EXPENSE THE OWNER PAYS FOR WITH THESE NNN LEASES ARE THE CLEANING SERVICES THEY PROVIDE TO THE BUILDING’S TENANTS. THE TENANTS ARE RESPONSIBLE FOR ALL MAINTENANCE AND REPAIRS NECESSARY THAT ARE DEEMED AS REGULAR WEAR AND TEAR ON THE BUILDING. THIS INCLUDES BUT IS NOT LIMITED TO THE ROOF, A/C UNITS AND, THE INTERIOR OF THEIR RESPECTIVE UNITS.

THE PROPERTY HAS APPROXIMATELY 9,376 (M.O.L) SQUARE FEET CURRENTLY RENTED, AND APPROXIMATELY 8,981 (M.O.L) SQUARE FEET CURRENTLY VACANT OR IN LEASE NEGOTIATIONS. THE VALUE ADD OPPORTUNITY FOR THIS PROPERTY IS IMMENSE AS THESE VACANT UNITS CAN EASILY BE RENTED. WITH A LARGE AMOUNT OF VACANCY, A BUYER CAN ACQUIRE THE PROPERTY AND INSTANTLY INCREASE THEIR NET INCOME, WHILE DECREASING THEIR EXPENSES DUE TO THE TRIPLE NET NATURE OF THE LEASES. IN THE FINANCIALS BELOW, YOU WILL SEE THE OWNER IS CURRENTLY RESPONSIBLE FOR THE EXPENSES OF THE VACANT UNITS. ONCE THESE ARE RENTED TO MARKET RATE, THE TENANT WILL BE RESPONSIBLE FOR THOSE EXPENSES WHICH WILL CREATE A LARGE AMOUNT OF INCOME WITH NO EXPENSE TO THE OWNER. THIS IS A RARE VALUE ADD OPPORTUNITY TO ACQUIRE A PROPERTY DESPERATELY IN NEED OF AN OWNER WHO WILL INTENTLY FOCUSES ON RENTING THE UNITS.

WINNERS CIRCLE PRESENTS UPSIDE UNLIKE ANY OTHER PROPERTY CURRENTLY ON THE MARKET. WHEN THE VACANT UNITS ARE LEASED, THERE CAN BE ANYWHERE FROM A $200,000-$500,000 INCREASE IN THE OVERALL NET INCOME. IF THE PROPERTY WAS FULLY RENTED IN THE CURRENT MARKET, THE LIKELY SELLING PRICE WOULD APPROACH $6,000,000. RARELY DOES A PROPERTY OF THIS TYPE, IN SUCH A HIGHLY VAUNTED LOCATION, COME AVAILABLE.
THE PROPERTY CURRENTLY HAS AN OCCUPANCY RATE OF JUST OVER 51%. EVEN WITH 49% OF THE PROPERTY VACANT, WINNERS CIRCLE STILL PRODUCED A 6% IN PLACE CAP RATE FOR 2017. WITH THE ABIILITY FOR THE BUYER TO LEASE THE BUILDING IMMEDATLY, THEY CAN INCRESE THEIR NET OPERATING INCOME TO OVER $417,000 BY YEAR END 2018. WITH TENANTS RENTING THE SPACE ON NNN LEASES, TENNANTS WILL PAY FOR ALL OTHER EXPENSESES AT THE PROPERY. GIVING THE BUYER A CLEAR PATH TO OBTAINING A CAP RATE AND A CASH ON CASH RETURN OF OVER 10% BY YEAR END 2018.
WHILE THIS JUMP IN INCOME AND CAP RATE IS LARGE, IT IS NOT OVERSTATED. BY FILLING UP THE VACANT UNITS, THE VALUE ADD OPPORTUNITY OF THIS DEAL IS SECOND TO NONE ON THE MARKET. EVEN IF THE BUYER WERE ONLY ABLE TO GET THE PROPERTY TO AN OCCUPANCY RATE OF 75% BY THE END OF 2018, THEY WOULD STILL BE ABLE TO OBTAIN A CAP RATE AND CASH ON CASH RETURN OF ALMOST 8%. TO ACQUIRE AN ASSET OF THIS QUIALITY IN THIS LOCATION PRODUCING THIS KIND OF INCOME WITH 49% VACANCY, TRULY ILLISTRASTES THE AMOUNT OF UPISDE THIS ASSET HAS!

PERFECT FOR AN OWNER USER, OR ANY MEDICAL TENANT, IF THE BUYER WERE TO AGGRESSIVELY MARKET AND SHOW THE PROPERTY, IT WILL BE LEASED IN NO TIME.

WITH THE ABILITY TO ACQUIRE A MEDICAL OFFICE COMPLEX SEVERELY UNDERVALUED DUE TO THE CURRENT OCCUPANCY, THE BUYER CAN ALMOST DOUBLE THEIR NET INCOME AND RETURN ON INVESTMENT, IN THE VERY NEAR FUTURE. THE PURCHASE PRICE OF THIS ASSET IS NOT BASED ON A PROFORMA, BUT INSTEAD, THE CURRENT CAP- RATE AND CASH-ON-CASH RETURN THE PROPERTY IS PRODUCING. THEREFORE, A BUYER IS PAYING FAIR MARKET VALUE FOR A PROPERTY WITH UNBELIEVABLE UPSIDE. THERE IS NO OTHER PROPERTY ON MARKET THAT ANYWHERE CLOSE TO THE UPSIDE OR POTENTIAL THAN WINNER CIRCLE!

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