56th Street Professional Center

Office for Sale
Sale Pending
Catylist Listing ID: 30723312
Property Subtypes: Medical, Office Building
Status: Pending
Building Size (RSF): 16,057 SF
Gross Building Area: 16,675 SF
Sale Price: $2,600,000
Unit Price: $161.92 PSF
Property Use Type: Investment
Building Name: 56th Street Professional Center
Class of Space: Class C
Sale Terms: Undisclosed
Cap Rate: 7.0%
Last Updated: 5/12/2021

Overview / Comments

- 7% CAP Rate
- 9% vacancy rate factored in price
- 4% management fee factored in price
- 53% occupied by credit tenant
- 5 year roof warranty remaining
- Tremendous parking ration 5 per 1000

Foresight Property Services, LLC is pleased to present the 56th Street Professional Center, a strategically located medical office building in the heart of the Temple Terrace area. This Professional Center is centrally located, with great exposure on 56th Street. It has easy access to many large retailers, hospitals, and is very close to the University of South Florida, and to major highways such as I-75 and I-275. The building offers ample parking to accommodate for many business uses, which makes it a great space for any professional services such as medical offices, attorney offices, insurance agencies, etc.

The price of this building includes a 9% vacancy factor as well as a 4% management fee. This Professional Center currently contains six tenants with 53% of the building occupied by credit tenants. The building has been well maintained since its purchase in 2007, and has been institutionally managed since then. The property has a nice mix of tenants mostly medical related. The roof still has a five year warranty remaining on it. This property also offers ample parking with enough spaces to accommodate all needs. Units are also allocated with nice signage on 56th Street.

With currently in-place cash flows, the property is primed for an end-user occupant looking for an investment opportunity into real estate with long-term value. Considering the proposed purchase price is well below replacement cost, the 56th Street Professional Center creates a unique opportunity for a plethora of investment strategies.

Additional Details

Nearest MSA: Tampa-St. Petersburg-Clearwater
County: Hillsborough
Tax ID/APN: 19281554V000000000560T
Zoning: CO, TEMPLE TERRACE
Property Located Between: I-75 and I-275
Property Visibility: Excellent
Highway Access: Close proximity to I-75, I-275, and I-4
Airports: SRQ, PIE, TPA
Total Number of Buildings: 1
Number of Stories: 3
Year Built: 1972
Total Parking Spaces: 75
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 17,018 122,581 259,755
Median Age: 33.86 31.59 33.83
Households: 6,956 48,823 102,618

Contact

Photograph of Listing Agent

Trifon Houvardas

Foresight Property Services
CE-FL Member
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