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4911 E Broadway Avenue

Tampa, FL 33605
  • $3,000,000
  • STATUS: Active
  • ON SITE: 137 Days
  • MLS #: T3353530
UPDATED: 12 min ago
$3,000,000
  • 0
    BEDS
  • 2.12
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 19,875
    SQFT
  • $151
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1965
County:

School Ratings & Info

Description

Perfect Owner-User/Value-Add Retail Strip Center with Mixed Use! Per owner: Projected NOI $230,000... with ARV of $3.289M, that's a CAP RATE of 7%! Current CAP Rate about 4.5% with NOI at $130K (IF) at $3M listing price (repairs in process to delver restaurant as vanilla shell). Perfect for an owner-user with a value-add possibility to stabilize asset and create additional income producing revenue to increase cash flow ongoing and/or temporarily until a complete future redevelopment project is completed, if desired. This property is a unique mixed-use retail strip center/restaurant/office space/multi-family/light industrial and vacant commercial/outside storage, with an excellent location near I-4 access, and I-4 & I-275 corridor! Property boasts about 23,000 sq ft on over 2 Acres. Zoned Industrial General (IG), the property includes four 2-bedroom 1 bath efficiency apartments currently leased up at $850/month each with room for increases with current 7-month leases with a month-to-month evection clause for landlord with a 30-day notice. Property consists of three separate parcels, all owned by a corporation in good standing. The corporation can convey with sale if desired for potential tax basis savings benefits because the real estate is the only thing owned by corporation. The other potential benefit of purchasing the corporation with the real estate is an established low-cost lease for extra parking with bank next door, which could also create an additional approximate .50 acres of land, to the 2.12 acres currently owned by the corporation. Ask about details of the added value of tax savings benefits of personal property interests of the purchase of the corporation and the established lease included with the bank to possibly convey with sale. Owner is currently remodeling both the prior restaurant and the convenience store that is vacant on the east side of property. Restaurant was a 30-year prior tenant that did very well there but retired during COVID shut-down. Owner is having that unit completely remodeled to deliver as vanilla shell with hood installed and all electrical and plumbing updated for new tenant to assume buildout to specifications. The space next door to the restaurant was a convenience store and also a long-term tenant for landlord. That space could also be leased as an additional larger space for restaurant, a stand-alone separate store/office use, and/or partial additional space for restaurant combined with retail space use as well. Surrounding properties are mostly industrial or general commercial with railroad and public transit nearby, Checkers restaurant on the corner, McDonalds across the street, and Wachovia Bank next door (also the established parking lease).Asking $3.289M after renovations complete or make offer in current condition now!

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© 2022 My Florida Regional MLS DBA Stellar MLS. All rights reserved. All listings displayed pursuant to IDX. All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. Listing information is provided for consumers personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. Data last updated 2022-06-28T14:43:33.383.
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4911 E Broadway Avenue Tampa, FL 33605

  • Price: $3,000,000
  • Status: Active
  • On Site: 137 Days
  • Updated: 12 min ago
  • MLS #: T3353530
0
Beds
0
Baths
0
½ Baths
2.12
Acres
19,875
SQFT
$151
$/SQFT
1965
Built
Neighborhood:
Bryans W G Sub
County:
Hillsborough
Area:
Tampa / Ybor City
Property Description
Perfect Owner-User/Value-Add Retail Strip Center with Mixed Use! Per owner: Projected NOI $230,000... with ARV of $3.289M, that's a CAP RATE of 7%! Current CAP Rate about 4.5% with NOI at $130K (IF) at $3M listing price (repairs in process to delver restaurant as vanilla shell). Perfect for an owner-user with a value-add possibility to stabilize asset and create additional income producing revenue to increase cash flow ongoing and/or temporarily until a complete future redevelopment project is completed, if desired. This property is a unique mixed-use retail strip center/restaurant/office space/multi-family/light industrial and vacant commercial/outside storage, with an excellent location near I-4 access, and I-4 & I-275 corridor! Property boasts about 23,000 sq ft on over 2 Acres. Zoned Industrial General (IG), the property includes four 2-bedroom 1 bath efficiency apartments currently leased up at $850/month each with room for increases with current 7-month leases with a month-to-month evection clause for landlord with a 30-day notice. Property consists of three separate parcels, all owned by a corporation in good standing. The corporation can convey with sale if desired for potential tax basis savings benefits because the real estate is the only thing owned by corporation. The other potential benefit of purchasing the corporation with the real estate is an established low-cost lease for extra parking with bank next door, which could also create an additional approximate .50 acres of land, to the 2.12 acres currently owned by the corporation. Ask about details of the added value of tax savings benefits of personal property interests of the purchase of the corporation and the established lease included with the bank to possibly convey with sale. Owner is currently remodeling both the prior restaurant and the convenience store that is vacant on the east side of property. Restaurant was a 30-year prior tenant that did very well there but retired during COVID shut-down. Owner is having that unit completely remodeled to deliver as vanilla shell with hood installed and all electrical and plumbing updated for new tenant to assume buildout to specifications. The space next door to the restaurant was a convenience store and also a long-term tenant for landlord. That space could also be leased as an additional larger space for restaurant, a stand-alone separate store/office use, and/or partial additional space for restaurant combined with retail space use as well. Surrounding properties are mostly industrial or general commercial with railroad and public transit nearby, Checkers restaurant on the corner, McDonalds across the street, and Wachovia Bank next door (also the established parking lease).Asking $3.289M after renovations complete or make offer in current condition now!
Exterior Features

Adjoining Property CommercialIndustrialMulti-FamilyProfessional OfficeVacant Construction Materials BlockConcreteOtherStucco Covered Spaces 0 Fencing Fenced Foundation Details Slab Front Footage 100 Lot Features Central Business DistrictIndustrial ParkNear Public TransitNear Railroad Siding Open Parking YN No Other Structures Garage(S)Storage Parking Features Over 30 Spaces Road Frontage Ft 125 Road Frontage Type City StreetDivided HighwayMain Throrughfare Road Surface Type PavedAsphalt Roof ConcreteMetalOther Water Access Yn No Water Extras Yn No Water View Yn No Waterfront Feet Total 0 Waterfront Yn No

Interior Features

Building Area Total 23000 Cooling Central AirZoned Cooling YN Yes Heating CentralCentral BuildingElectricZoned Heating YN Yes Levels Multi/Split Office Retail Space Sq Ft 20675 Stories Total 2

Property Features

Easements East Side Electric 110 Volts220 VoltsSeparate Meters Flood Zone Code X Listing Terms CashConventional New Construction Yn No Ownership Corporation Projected Completion Date 6/30/2022 4:00:00 AM Property Condition Under Renovation Property Sub Type Mixed Use Realtor Info Brochure AvailableCurrently LeasedDocs AvailableSurvey AvailableZoning - Grandfathered In Required Remarks One Or More Photo(S) Has Been Virtually Staged. Space Type Relet Special Listing Conditions None Tax Annual Amount 12315.72 Total Annual Fees 0 Total Monthly Fees 0 Use Code Inc1 Zoning Ig


Listing information © 2022 My Florida Regional MLS DBA Stellar MLS..
Listing provided courtesy of Florida Commercial Group.



© 2022 My Florida Regional MLS DBA Stellar MLS. All rights reserved. All listings displayed pursuant to IDX. All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. Listing information is provided for consumers personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. Data last updated 2022-06-28T14:43:33.383.
 
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