A VALUE ADD Investment opportunity with a 7.0% CAP rate and just under 2 years left on the existing lease. Current rent at $10.30 psf is well below market and when the lease expires (no tenant options to extend) in April of 2021 you can boost your return by obtaining a higher rental rate that more closely matches the market, around $12 psf currently. This is a triple net lease with tenant, Crave It Fitness, paying all pass-through expenses (condo fees, real estate taxes, etc.) in addition to the base rent of $19,879 per year. Lease also includes a provision that lease can be terminated upon sale of the property, so your buyer may have the tenant vacate with 30-days notice if desired. The property is located in Preserve Plaza, a 16-unit retail/office strip center in San Carlos with great visibility to US 41/S Tamiami Trail.
Retail-Commercial: Street Retail, Retail-Commercial: Condominium
Electric, Phone Line, Sewer, Trash Removal, Water
|Price Reduced from $290,000 to $285,000|
|Price Reduced from $295,000 to $290,000|
SWFL Properties, LLC.
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