Clearwater Free Standing Medical Office
7,092 SF | Office Building | Clearwater, FL 33764 | $2,890,000 ($408/SF) | 5.33% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $2,890,000
- Property Type
-
Office
- Square Feet
- 7,092 SF
- Price / Square Foot
- $408
Listing Contacts
James Garner
Verified Profile
Robert Freeman
Verified Profile
Jim Shiebler CCIM, CEC
Verified Profile
- Property Info
Property Overview
CBRE is pleased to present an opportunity to acquire a fully occupied, ±7,092 SF single tenant medical office located on Belcher Road, directly off of the busiest east-west corridor in Pinellas County: Gulf-to-Bay Boulevard (State Road 60). This intersection has a combined 69,300 cars passing by each day, and provides easy, direct access for customers and employees alike. With more than 257,000 residents within five (5) miles of the property, this location enjoys close proximity to numerous eateries, shopping options, gas stations, and pharmacies. It is a short distance east of award winning Clearwater Beach, and approximately 15 miles west of Tampa, Florida, making Robson Eye Institute a convenient location to patients all over Tampa Bay.
The asset would be ideal for a 1031-investor seeking a stable, single-tenant asset that is well-maintained with minimal landlord responsibilities, located in a densely populated section of one of the largest cities in Tampa Bay, and Florida. Additionally, the landlord will benefit from massive compounding annual base rent increases of 3%, and the collection of additional revenue from a management and admin fee reimbursement by the tenant for a passive net leased investment that has historically been easily maintained by the landlord directly.
The asset would be ideal for a 1031-investor seeking a stable, single-tenant asset that is well-maintained with minimal landlord responsibilities, located in a densely populated section of one of the largest cities in Tampa Bay, and Florida. Additionally, the landlord will benefit from massive compounding annual base rent increases of 3%, and the collection of additional revenue from a management and admin fee reimbursement by the tenant for a passive net leased investment that has historically been easily maintained by the landlord directly.
Property Details
- Class
- B
- Year Built
- 1989
- Stories
- 1
- Property Subtype
- Medical
- Lot Size (sq. ft)
- 24,829 SF
Highlights
- Strong medical operator
- Minimal Landlord responsibilities
- 5.7 Years Remaining on Lease Term with annual 3% increases
- Low rent per SF - very replaceable at $21.49/SF
- Business model caters to demographics
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