Historic Building For Sale on N Florida Ave

Office for Sale
Sale Pending
Catylist Listing ID: 30644851
Property Subtypes: Office Building, Other
Status: Pending
Building Size (RSF): 23,535 SF
Gross Building Area: See Agent
Gross Land Area: 0.33 SF
Sale Price: $2,400,000
Unit Price: $101.98 PSF
In Opportunity Zone? Yes
Property Use Type: Vacant/Owner-User
Class of Space: Class B
Sale Terms: Undisclosed, Cash to Seller
Cap Rate: Undisclosed
Last Updated: 8/5/2021

Overview / Comments

PROPERTY DESCRIPTION AND HISTORY Located at 1514 N. Florida Avenue in booming Tampa Heights, this building was originally constructed in 1926 for Smith Chevrolet Company. In 1928, the property was purchased by George Holtisinger and served as the home of Holtsinger Ford for over thirty years. Based on historical images of the building, it is appears as though the first two floors as well as the roof were originally utilized as showroom space for the dealerships' inventory. It is possible that the third floor was also utilized as a showroom. This suggests that the building originally had an open floor plan. The property was purchased by the Salvation Army in the late 1970's. Salvation Army currently utilizes the first two floors of the property as a homeless shelter. The property consists of a 23,535 sq. ft. building on 0.33 acres (14,375 sq. ft.) with fourteen parking spaces, two stairwells, and two elevators. There are ground floor entry points on the north and south ends of the building. A main stairwell provides access to the roof which offers panoramic views of Downtown Tampa and Tampa Heights. The roof was completely replaced in 2019. The property sits along the proposed route of the street car extension which would provide access to and from Downtown Tampa.

TAMPA HEIGHTS Originally developed in the 1880's, Tampa Heights has seen significant development and redevelopment over the last five to ten years with little sign of slowing down. Less than one mile north of Tampa's downtown, this area continues to be sought after by developers and real estate investors. Recent developments in Tampa Heights include Armature Works (popular public market), Hall on Franklin (popular food hall), Heights Union (300,000 sq. ft. office development with tenants including WeWork and AxoGen), and The Pearl (314-unit apartment complex).

OPPORTUNITY ZONE DESIGNATION This property falls within a designated Opportunity Zone. An Opportunity Zone is a census tract that has been designated as eligible to receive private investments through Opportunity Funds. An Opportunity Fund is a private investment vehicle, certified by the Treasury, to aggregate and deploy capital in Opportunity Zones for certain eligible uses. - Credit: EnterpriseCommunity.org

ZONING - FUTURE LAND USE Commercial Intensive (CI) which allows for uses such as professional/medical office, daycare/school, hotel, self-storage, retail, and restaurant. Multifamily and assisted living are also permitted uses under "special use" approval. Current Future Land Use of Community Commercial - 35 allows for commercial, residential, and mixed-use property uses.

SALE CONSIDERATIONS The Salvation Army will need to maintain occupancy of the first two floors of the building until June 2021 and will require the option to extend occupancy for up to six additional months. Buyers will need to find alternative parking solutions for the property on their own.

OFFERS Offers to be submitted to Jack Koehler. Please contact broker for additional information and to schedule a tour of the building or additional property information.

Additional Details

Nearest MSA: Tampa-St. Petersburg-Clearwater
County: Hillsborough
Tax ID/APN: 1829134YF000001000010A

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 21,877 129,666 283,720
Median Age: 31.3 35.91 36.57
Households: 8,343 53,909 116,122


Photograph of Listing Agent

William A. Eshenbaugh

Eshenbaugh Land Company CE-FL Member
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