Meadowlane Two-Building Office Complex

Office for Sale
Catylist Listing ID: 30753802
Property Subtypes: Office Building
Building Size (RSF): 31,191 SF
Sale Price: $3,900,000
Unit Price: $125.04 PSF
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User
Building Name: Meadowlane
Class of Space: Class C
Usable Size (USF): 5,264 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/13/2021

Overview / Comments

Meadowlane Office Center consists of two buildings totaling 31,191 Sq.Ft. The main building is a two-story that was constructed in 1993 and is 27,923 sf. Approximately 23,000 sf of that building was completely renovated in 2014 with beautiful, upgraded professional office finishes. There is an elevator to access the space on the second floor, which is comprised of conference rooms, perimeter offices and open workspace. The first floor has an inviting reception area, very large break room, private offices, open work areas and has a generator to serve as backup for the main office building. That space is currently occupied by a tenant whose lease is expiring the end of October, but most of their employees are working remotely. They would like to stay, but only with the opportunity to downsize their square footage. Based on the upscale, uniqueness of this building, it is an excellent opportunity for an owner/occupant but could also serve as a good investment with a renegotiated lease or a replacement tenant(s). The second building is approximately 3,361 sf and is occupied by a tenant that will renew annually. This building was built in 1979 and has consistently been well maintained. This offering encompasses more than an entire city block. In addition to the buildings, there are two large, marked parking lots which provide ample parking required for a facility this size.

Beautiful Office Buildings include:

5652 Meadowlane Street:

-27,370 sf main building constructed in1993 and renovated in 2014 to tenant’s specifications
-5,264 sf is in shell condition to allow a buyer to finish the space to suit their needs
-Many upgrades, including a generator and lots of windows to view the park-like setting

5642 Meadowlane Street:

-3,361 sf built in 1979 and currently occupied by a tenant
-Surrounded by parking and building has an older, medical floor plan

Zoning-Office (or many other uses that could be approved by City Development Review Committee)
Property is located in an opportunity zone
Parking ratio of 6 per 1,000 sf

Additional Details

Nearest MSA: Tampa-St. Petersburg-Clearwater
County: Pasco
Tax ID/APN: 08-26-16-0240-00100-0090
Zoning: PMF
Total Number of Buildings: 2
Year Built: 1993
Year Renovated: 2014
Parking Ratio: 6 (per 1000 SF)
Parking Type: Surface
Passenger Elevators: 1

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 13,304 85,822 161,838
Median Age: 45.96 45.09 44.46
Households: 6,258 38,204 69,457

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