1454-1470 ALT 19 #1454-1470 Active Save Request In-Person Tour Request Virtual Tour
Palm Harbor,FL 34683
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
Square Footage 5,750 sqft
Price per Sqft $382
Subdivision Palm Harbor Estates
MLS Listing ID U8248063
Condo Fees $3,190
HOA Y/N No
Originating Board Stellar MLS
Year Built 2004
Annual Tax Amount $14,319
Lot Size 0.630 Acres
Acres 0.63
Property Description
Owner Financing Available With Attractive Terms! Price Reduction. Take advantage of this rare opportunity to own a 6000sf (mol) retail stripcenter in the heart of one of Pinellas County’s most desirable communities, Palm Harbor. This popular stripcenter is located in the Downtown Palm Harbor district on busy hwy alternate 19, close to dozens of thriving businesses which includes restaurants, coffee shops, breweries, retail shops and much more. The Downtown Palm Harbor district is growing rapidly and will soon be the next downtown Dunedin. Barrier to entry into this market is high now and will only be more difficult in the near future. A high income demographic and dense local population with over 20,000 average vehicles per day provides strong support for any retail and/or office in the stripcenter. Capital expenditure includes over $75,000 for a new roof in November 2023, $25,000 for three new AC units in January 2024 and $8,000 for new gutters in June 2019. The property is pristine with excellent maintenance history. There is an HOA in place which manages the common areas, parking lot, trash removal and grounds. See HOA fees in offering memorandum.
There is huge upside potential. Increasing the below market base rents and charging triple net fees (which only one of the current tenants pay) will significantly increase income. Increasing triple net fees alone will increase the revenue by almost $33,000 annually. Base rents can be increased accordingly. See proforma attached, with other associated financial, comp and related due diligence documentation.
The second floor is currently unfinished. Investment into finishing the second floor of the stripcenter can increase the rentable square footage by approximately 3000 additional square feet. It is buyer’s sole responsibility to confirm with local authorities about regulations, requirements and ability to expand the rentable square footage on the second floor. X500 flood zone only requires minimum flood coverage.
Location
State FL
County Pinellas
Community Palm Harbor Estates
Zoning C-1
Interior
Heating Heat Pump
Cooling Central Air
Flooring Laminate,Vinyl
Exterior
Garage Parking Spaces - 19 to 30
Community Features Sidewalks
Utilities Available Public,Water Connected
Waterfront false
Roof Type Shingle
Building
Story 1
Foundation Slab
Lot Size Range 1/2 to less than 1
Sewer Public Sewer
Water Public
Structure Type Block
New Construction false
Others
Ownership Corporation
Monthly Total Fees $531
Special Listing Condition None