Tampa Commercial Real Estate

Transcription

1 Tampa Commercial Broker: Steven Silverman Tel: Busch Blvd Assemblage For Sale Busch Blvd, Tampa, FL Hillsborough County Assemblage of 4 adjacent properties. Priced at $7,800,000. Distressed property. Opportunity for cash buyer to purchase at a discount Combined Land area is 11 acres 5 min to USF; 10 min to downtown Easy access to I-275 Below market opportunity. Additional upside by increasing rents and developing multifamily while existing or new tenants continue to provide income E BUSCH BLVD, 2304 E BUSCH BLVD, 2400 E BUSCH BLVD, 2410 E BUSCH BLVD For more information: Steven Silverman (813) e:steven@tampacommercialrealestate.com Information herein has been obtained from sources deemed reliable. We cannot guarantee accuracy. Subject to change or withdrawal without notice.

2 INDVIDUAL PROPERTIES: MO INCOME PRICE E BUSCH BLVD, TAMPA, FL $ 225,000 Folio # Parking Lot acres Zoning: CG/CG - GENERAL COMMERCIAL Vacant Land E BUSCH BLVD, TAMPA, FL $ 8,000/mo $ 900, acres Bldg 7,466 sf Folio Zoning: RM-24/RM-24 Residential MF Use: Medical Arts - 5 year lease. Leased Gross Lease Tenant Pays $10,000 per mo E BUSCH BLVD, TAMPA, FL $13,000/mo $2,500, acres Bldg 9,000 sf Dollar General Folio: Zoning: CG/CG - GENERAL COMMERCIAL Use: Retail Store Leased to a) Dollar General NNN $10,200/mo b) Cell tower $3,024/mo. Long lease E BUSCH BLVD, TAMPA, FL $30,995/mo $4,000,000 Private School 5.63 Ac Bldg 49,000 sf Folio: ($80/sf) Zoning: RS-60/RS-60 - RESIDENTIAL SINGLE FAMILY Leased by a Charter school. In 7th year. Sprinklered to code. New roof Lease is currently $19,000 per mo $4.56/sf. Payments increase in March 2018 to $30,995/mo. From 2018 annual rent increase is 2.5% At an annual NOI of $623,940 and an 8% Cap rate the value of the income producing components is $7.8 million. The unused Land adds additional value

3 SITE This is an area of renters 15 min 10 min 5 min Median home value in the area is $152,901, compared to a median home value of $207,344 for the U.S. In five years, median value is projected to change by 4.84% annually to $193,653. School 2410 E Busch Dollar General + Cell Tower 2400 E Busch Medical Arts 2410 E Busch

4 WHY THIS PROPERTY HAS UPSIDE POTENTIAL (page 1 of 2) Scenario 1: Buy and hold. Currently the property is producing a cash flow of approx. $50,000/mo. If the property were purchased for an investment with current tenants then: At $9 million Cap Rate is 6.7%. As Tampa continues to grow the value of the property will increase Scenario 2: Retenant - Purchase For Investment and take the opportunity to re-tenant. The Charter school is making regular payments and wants to remain as a tenant. There is considerable upside should the school vacate. The rent that the school will be paying in 2018 will be $30,000 per month. This is only $7.20/sf for a building that is fully sprinklered built to code for a school (higher standards) and has a new roof. The rental income is below market. If this tenant were replaced there would be an opportunity to replace the school with a tenant at a higher rent. The building could be repositioned from the special use to an office use where rents have been increasing. Tampa has been attracting large back office operations and this site offers exceptional parking to attract that type of tenant. Continued next page * Any ideas presented are assumptions and a Buyer should consult with an experienced in real estate attorney

5 WHY THIS PROPERTY HAS UPSIDE POTENTIAL (page 2 of 2) REDEVELOP The properties in the assemblage are a mix of zoning uses that include Commercial General and Residential. One possibility is to convert all or part of the assemblage into high density multi family use. All of the new multi family development in Tampa has been luxury product. There is low vacancy & a lack of supply of middle income multi family in the Tampa market Scenario 3: Redevelop 5 Ac. Maintain the existing tenants in the front properties with the cash flow of $50,000 per month and redevelop the rear 5 acres for multi family Scenario 4: Redevelop 8.8 Ac. Maintain the existing retail tenants in place with a a monthly cash flow of $20,000 per month and redevelop the rear 5 acres plus the school property for multi family. This would yield a developable area of approx. 8.8 acres * Any ideas presented are assumptions and a Buyer should consult with an experienced in real estate attorney