|Gross Leasable Area (GLA)||5,457|
|Price Per Square Foot (GLA)||$109.95|
|Lot Size||.37 Acres|
Marcus & Millichap is pleased to have sold this Midas leased automotive center which is currently being subleased to Charlie’s Car Care. With more than four years remaining on Midas’ lease term, an investor has the opportunity to collect over $300,000 in cash flow prior to the lease expiration.
The property is located off busy State Road 60 and one block east of the five point intersection where Highland Avenue, Gulf to Bay Boulevard and Court Street meet. The favorable location acts as the main route to Tampa and the local beaches with a traffic count over 48,000 cars a day.
Clearwater is a highly dense residential community with more than 239,000 people living within five miles of the property.
The asset is subject to a 20-year absolute net-lease with more than four years remaining. The rent increases twice over the next four years and allows an investor to capitalize on nearly half of their investment before the initial lease term expires. Large returns and no landlord responsibilities makes this opportunity attractive.