Massachusetts Ave. Office Complex Investment

Office for Sale
Catylist Listing ID: 30618701
Property Subtypes: Mixed Use, Office Building, Other
Building Size (RSF): 13,972 SF
Gross Building Area: 16,048 SF
Gross Land Area: 1.38 Acres
Sale Price: $1,850,000
Unit Price: $132.41 PSF
Property Use Type: Investment
Class of Space: Class C
Sale Terms: Cash to Seller, Other
Cap Rate: Undisclosed
Last Updated: 3/26/2021

Overview / Comments

The multi-tenant office building is located on Massachusetts Avenue, just south of the Pasco County Government Center on the southwest side of Little Road and Massachusetts Avenue. The site is located just west of Little Road, a major north and south artery. Little Road is a primary commuter route, with traffic volume in excess of 45,000 vehicles per day, on average.

The 1.38 acres, C-2 zoned property has adequate parking including a perpetual easement for additional parking on the property to the west. The property features 250 feet of frontage on Massachusetts Avenue and a large highly prominent pylon sign with tenant names visible to daily traffic of 14,500 vehicles on Massachusetts Avenue in addition to the 46,000 vehicles daily traveling through Little Road intersection, approximately 250 feet to the east of the property.

Structures on the property consists of two free-standing matching buildings, 6,986± rentable square feet each, totaling 13,972± rentable square feet of professional office space. The two office buildings on the property were built in 1980. Their construction is concrete block stucco exterior walls, drywall interior walls, and asphalt/composite shingle roofing. Reroofing of both buildings was completed by November 2018. The property’s septic system including rock drain field, septic tank, lift station, pump and alarm were replaced in 2017. Potable water service is provided by the municipality. Parking areas were resurfaced and walkways replaced within the last 5 years.

The exterior of the property is well-maintained. Building exteriors have been recently painted. Landscaping accents on the property include a variety of mature trees, planting beds with assorted ornamental plants, shrubs and trees offering an attractive pallet of foliage colors and textures throughout the property.

West Pasco County is a rapidly growing region, in both commercial and residential development. Nearest to the Massachusetts Avenue property are significant projects currently underway. Just north on the east side of Little Road, an 114,000 square foot VA Outpatient Clinic is currently under construction. Just west of the property, a residential development on Osteen Road, consisting of 6 buildings with 30 housing units for veterans and special needs residents has been authorized for site work, and another 30 units in the same area is under review.

Additional Details

Nearest MSA: Tampa-St. Petersburg-Clearwater
County: Pasco
Taxing Authority: Pasco County
Tax ID/APN: 02-26-16-0010-01500-0021; 02-26-16-0010-01500-0020
Zoning: C-2
Property Visibility: Excellent
Total Number of Buildings: 2
Number of Stories: 1
Typical SF / Floor: 8,024 SF
Year Built: 1980
Parking Ratio: 4 (per 1000 SF)
Parking Type: Surface
Lot Frontage: 250'
Lot Depth: 240'

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,003 72,895 160,934
Median Age: 48.72 45.1 45.33
Households: 3,185 31,667 70,008
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