West Bay Drive Investment Property

Retail-Commercial for Sale
Catylist Listing ID: 30655034
Property Subtypes: Free-Standing Building, Street Retail
Building Size (RSF): 6,879 SF
Gross Building Area: 7,393 SF
Gross Land Area: 11,118 SF
Sale Price: $1,000,000
Unit Price: $145.37 PSF
In Opportunity Zone? Yes
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 7.6%
Average Occupancy Rate: 100
Last Updated: 10/8/2021

Overview / Comments

This offering is a very well located two-building investment opportunity.
Next door to Walgreen's (with cross-access) and directly across from a Publix-anchored shopping center, this is a great place to do business!
Both buildings are in good repair.
904 W Bay has 4,195 gross SF (3,807 AC'd SF) and is leased to a home furnishings retailer (contact listing agent for lease details).
910 W Bay has 3,198 gross SF (672 SF in 2nd floor storage space and a total of 3,072 AC'd SF). This building was just (3rd Q 2021) leased to a convenience store / smoke shop on a 5-year term.
Room for upside growth in cash flow.
Property would make sense for an investor or a user to occupy one building and collect rent from the other!

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $9,946 (Annual)
Gross Operating Income $92,568 (Annual)
Net Operating Income $76,022 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Tampa-St. Petersburg-Clearwater
County: Pinellas
Taxing Authority: City of Largo
Tax ID/APN: Two parcels: 15 29 33 74844 001 0110 and 15 29 33 74844 001 0120
Zoning: WEST BAY DRIVE COMMUNITY REDEVELOPMENT DISTRICT (WBD-CRD)
Retail Clientele: General
Property Visibility: Excellent
Feet of Frontage: 106
Traffic/Vehicle Count: 20,000
Site Description: Fully improved street retail property. Parcel is entirely buildings and paved areas for drives and parking.
Area Description: Suburban location on a major E/W commuter route. West Bay Dr. extends to the Belleair Causeway which is a primary access point for the Pinellas County beach communities of Belleair Beach and Indian Rocks Beach. Amidst a mix of national and local retailers.
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Number of Stories: 1
Property Condition: Good
Year Built: 1965
Year Renovated: 2020
Roof Type: Flat
Construction/Siding: Block
Exterior Description: Storefront windows, driveway and parking between the buildings.
Total Parking Spaces: 13
Parking Type: Surface
Parking Description: 13 spaces on-site, plus public lot with 9 spaces just west of the property. Site connects via an open paved alley with the Walgreen's parking lot to the east.
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Interior Description: 904 is a typical home furnishing retail interior. 910 is being transformed into a convenience store / smoke shop with appeal to twenty-somethings. Bright colors inside and out, lots of neon, etc.
Zoning Description: Within the West Bay Drive Redevelopment District.
Lot Frontage: 106
Lot Depth: 104
Water Service: Municipal
Sewer Type: Municipal
Legal Description: RIDGE CREST SUB BLK 1, LOTS 11 and 12.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 16,861 120,834 264,468
Median Age: 47.31 48.24 46.21
Households: 8,416 56,368 119,238

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