Address: 1454-1470 Alt 19 1454-1470, PALM HARBOR, FL 34683
Description
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 Countys 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 buyers 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.
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 Countys 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 buyers 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.
Features
Building and Construction
Covered Spaces: 0.00
Flooring: Laminate, Vinyl
Living Area: 5750.00
Roof: Shingle
Property Information
Property Condition: Completed
Garage and Parking
Garage Spaces: 0.00
Parking Features: Parking Spaces - 19 to 30
Eco-Communities
Water Source: Public
Utilities
Carport Spaces: 0.00
Cooling: Central Air
Heating: Heat Pump
Road Frontage Type: City Street, Highway
Sewer: Public Sewer
Utilities: Public, Water Connected
Finance and Tax Information
Home Owners Association Fee: 0.00
Net Operating Income: 121993.00
Tax Year: 2023
Other Features
Country: US
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)
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