|Gross Leasable Area (GLA)||3,209|
|Price Per Square Foot (GLA)||$409.79|
|Lot Size||.56 acres|
Marcus & Millichap is pleased to announce the sale of this 3,209-square foot freestanding Amscot Financial located in Dunedin, Florida (Tampa Bay MSA). The property lies on Main Street in downtown Dunedin with a daily traffic count in excess of 29,500. The property is well located just 2.5 miles west of U.S. 19 and the Westfield Countryside Mall. The Westfield Countryside Mall serves over 9 million customers every year with anchor stores including Dillard’s, JCPenney, Macy’s and Sears. The mall also houses an upscale Countryside Cobb-12 Cinema, non-NHL sized ice rink, and other well-known retailers such as Whole Foods Market, Nordstrom Rack, Red Robin, and PF Chang’s among others. The subject property also sits just one mile east of the Gulf of Mexico beaches. The property caters to the local residents and businesses with an average household income of $56,395. The property, ideally located on Main Street, is immediately surrounded by strong retail tenants such as Dollar Tree, Bealls Outlet, Save-A-Lot, BB&T Bank, Walgreens, Dunkin Donuts, Winn-Dixie, CVS, Walmart Neighborhood Market, Publix, Tire Kingdom, Regions Bank, and KFC among others.
Amscot Financial has five years remaining on the newly executed extension to their current lease with three additional five-year options. There are ten percent rent increases throughout the onset of each option period. An investor can expect a stable 7.76% return over the next 5 years on this management free net-lease opportunity. If an investor were to seek financing, they could likely get into the deal for just $400,000 and, based on current financing terms available, yield an attractive 11.67% return on their cash. That return would jump to over 14% with the next option period and rental increase.
The city of Dunedin is home to several beaches, including Dunedin Causeway, Honeymoon Island, and Caladesi Island State Park, which is consistently rated among the best beaches in the world. Dunedin is one of the few open waterfront communities from Sarasota to Cedar Key where buildings do not completely obscure the view of the Intracoastal Waterway and the Gulf of Mexico. The downtown business district is notable for its absence of large commercial signage and has become home to many local small businesses in the close knit community. The Pinellas Trail, a 39-mile-long bicycle and pedestrian trail that traverses all of Pinellas County, bisects downtown Dunedin. Since 1977, Dunedin is the spring training home of the Toronto Blue Jays, as well as the class-A Dunedin Blue Jays of the Florida State League.