Investment Opportunity

Retail-Commercial for Sale
Catylist Listing ID: 30515957
Property Subtypes: Free-Standing Building, Mixed Use, Restaurant, Street Retail, Other
Building Size (RSF): 13,071 SF
Gross Building Area: 14,590 SF
Gross Land Area: 33,715 SF
Sale Price: $5,250,000
Unit Price: $401.65 PSF
Property Use Type: Investment
Building Name: P.S. One
Usable Size (USF): 13,071 SF
Sale Terms: Cash to Seller
Cap Rate: 7.05%
Last Updated: 11/3/2020

Overview / Comments

Great investment opportunity with the possibility of increased development on the property. P.S. ONE, a 100 year old brick schoolhouse, painstakingly redeveloped into a retail/office center including a newly constructed 3,000 SF restaurant with additional 900 SF covered outdoor dining area. This is the best of the old and new, while keeping the character of the original schoolhouse including restored 100 year old heart of pine floors, super wide common halls, gallery space and monumental staircase as well as large ADA compliant wheelchair lift. Excellent signage and visibility from 4th Street North as well as parking for 40+ vehicles. Potentially could allow owner/user to have offices on 2nd floor while profiting from excellent rent roll. It is 100% leased, generating $370,000 in annual income.

Additional Details

Nearest MSA: Tampa-St. Petersburg-Clearwater
County: Pinellas
Tax ID/APN: 17 31 18 43560 001 0010
Zoning: CCT-1
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation
Property Located Between: 11th Ave N and 12th Ave N on east side of 4th St N
Property Visibility: Excellent
Largest Nearby Street: 4th St N
Feet of Frontage: 124
Highway Access: Rt 375 that takes you to Rt 275 is 6 blocks to the south and 4 blocks to the west of the building (approximately 1 mile)
Airports: St Pete/Clearwater and Tampa International
Site Description: This lot has 124' of frontage on the highly travelled 4th St N corridor and is 273' deep, with over 40 parking spaces and excellent visibility.
Area Description: This location is positioned right between downtown and the coveted Historic Old Northeast section of St Pete. With its mixed uses and concepts, it attracts from all areas of St Pete.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 2
Typical SF / Floor: 7,300 SF
Property Condition: Excellent
Year Built: 1928
Year Renovated: 2017
Roof Type: Gable
Construction/Siding: Brick
Exterior Description: Beautiful white painted brick with black accents, a rounded main entrance and brick monument signs.
Total Parking Spaces: 40
Parking Ratio: 3.1 (per 1000 SF)
Parking Type: Surface
Parking Description: There are 40 mixed sized parking spaces in the lot accommodating motorcycles, compacts as well as normal sized cars.
Passenger Elevators: 1
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Engineered System
Interior Description: Beautifully refinished hardwood floors throughout, wide hallways with painted white plaster walls and a grand stairway providing access to the upper floor
Zoning Description: This property/building is fully leased and is located in the CCT-1 zone allowing for a multitude of different uses/concepts.
Lot Frontage: 124'
Lot Depth: 273'
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 20,441 118,537 249,196
Median Age: 45.74 41.55 42.31
Households: 10,927 52,802 109,365

Contact

Photograph of Listing Agent

Edward J (EJ) Barkett

Barkett Realty CE-FL Member
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