|Gross Leasable Area (GLA)||3,940|
|Price Per Square Foot (GLA)||$196.45|
|Lot Size||0.48 Acres|
This is a 3,940-square foot Havoline Xpress Lube and Pelican Car Wash located in Palm Harbor, Florida (Tampa MSA). The property sits on Alternate 19 which acts as the secondary throughway for Pinellas County. Alternate 19 runs parallel to US Highway 19 and goes from Tarpon Springs all the way down to south St. Petersburg. The property is ideally located one-half mile north of a Winn Dixie anchored center and 0.8 miles south of Palm Harbor University High School (PHUHS), which serves over 2,475 students.
Palm Harbor is located 30 minutes from Tampa, with 61,868 people living within three miles of the subject property and an average household income of $75,989. The asset is subject to a double-net lease with approximately nine years remaining on Havoline Xpress Lube and the same term remaining on the lease with Pelican Car Wash. The rent will increase on Pelican Car Wash by two percent annually. This asset is best suited for an investor looking for a passive investment with low management responsibilities.
This property is being sold as a portfolio along with the Havoline Xpress Lube and Pelican Car Wash at 2620 Drew Street in Clearwater, Florida. The combined offering price and cap rate are $1,262,450 and 9.08 percent, respectively.