Active

$1,850,000

Features:
  • Bedrooms
  • 0 Bathrooms
  • 5750 sq ft
Overview
  • ID: MFRU8248063
  • Bedrooms:
  • Bathrooms: 0
  • Size: 5750 sq ft
Property Details
Remarks
PRICE REDUCTION! Owner Financing Available With Attractive Terms! Price Reduction. Take advantage of this rare opportunity to own a 6000sf (mol) retail stripcenter in the heart of one of Pinellas County’s most desirable communities, Palm Harbor. This popular stripcenter is located in the Downtown Palm Harbor district on busy hwy alternate 19, close to dozens of thriving businesses which includes restaurants, coffee shops, breweries, retail shops and much more. The Downtown Palm Harbor district is growing rapidly and will soon be the next downtown Dunedin. Barrier to entry into this market is high now and will only be more difficult in the near future. A high income demographic and dense local population with over 20,000 average vehicles per day provides strong support for any retail and/or office in the stripcenter. Capital expenditure includes over $75,000 for a new roof in November 2023, $25,000 for three new AC units in January 2024 and $8,000 for new gutters in June 2019. The property is pristine with excellent maintenance history. There is an HOA in place which manages the common areas, parking lot, trash removal and grounds. See HOA fees in offering memorandum. There is huge upside potential. Increasing the below market base rents and charging triple net fees (which only one of the current tenants pay) will significantly increase income. Increasing triple net fees alone will increase the revenue by almost $33,000 annually. Base rents can be increased accordingly. See proforma attached, with other associated financial, comp and related due diligence documentation. The second floor is currently unfinished. Investment into finishing the second floor of the stripcenter can increase the rentable square footage by approximately 3000 additional square feet. It is buyer’s sole responsibility to confirm with local authorities about regulations, requirements and ability to expand the rentable square footage on the second floor. X500 flood zone only requires minimum flood coverage.
Financial Considerations
Price:
$1,850,000
HOA Fee:
N/A
Tax Amount:
$14319.45
Price per SqFt:
$259.69
Tax Legal Description:
PALM HARBOR ESTATES BLK 48, PT OF LOTS 3, 4, 5 & 6 DESC FROM SW COR LOT 5 FOR POB TH N 250FT TH E 15.82FT TH S 42.37FT TH E 128.18FT TH S 165.27FT TH W 77.82FT TH S 42.37FT TH W 66.18FT TO POB (MAP N02-28-15)
Exterior Features
Lot Size:
27273
Lot Features:
N/A
Waterfront:
No
Parking Spaces:
N/A
Parking:
Parking Spaces - 19 to 30
Roof:
Shingle
Pool:
No
Pool Features:
N/A
Interior Features
Bedrooms:
Bathrooms:
0
Heating:
Heat Pump
Cooling:
Central Air
Appliances:
N/A
Furnished:
No
Floor:
Laminate, Vinyl
Levels:
N/A
Additional Features
Property Sub Type:
Retail
Style:
N/A
Year Built:
2004
Construction Type:
Block
Garage Spaces:
No
Covered Spaces:
N/A
Direction Faces:
N/A
Pets Allowed:
No
Special Condition:
None
Additional Features:
N/A
Additional Features 2:
N/A
Map
  • Address
    1454-1470 ALT 19 #1454-1470
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