Midas – Clearwater, FL

Midas – Clearwater, FL

Midas – Clearwater, FL
1519 Gulf to Bay Boulevard
Clearwater, FL 33755

$600,000

Cap Rate 11.60%
Gross Leasable Area (GLA) 5,457
Price Per Square Foot (GLA) $109.95
Year Built 1960
Lot Size .37 Acres
  • Average Traffic Count of 48,000 Cars a Day
  • Absolute Net-Lease (No Landlord Responsibilities)
  • Corporate Guarantee
  • 239,247 People Within Five Miles
  • Replaceable Rental Rate
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Confidentiality and Buyer Registration Agreement

Marcus & Millichap Real Estate Investment Brokerage Company (“Broker”) has been asked to serve in the capacity of exclusive agent for the (“Seller”) regarding the potential sale of the properties known as: Midas – Clearwater, FL (the "Property").

To receive financials and other vital data please read, sign and return this completed Confidentiality Agreement to Broker. The property information has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information that prospective Buyers may need or desire. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property.

By accepting the financial reports and market data, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney’s fees, collectively “Claims”) arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney’s fees and court costs which James Medefind or Marcus & Millichap REIS may be incurred with respect to any claims for other real estate commissions, broker’s fees or finder’s fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

The Financial Reports and market data, except such information that is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the property information, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the information or any of the contents to any other entity (except to outside advisors retained by you, if necessary for you determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the information or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

No employee of Seller or at the subject property is to be contacted without the written approval of the agent and doing so would be a violation of this confidentiality agreement.

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.

For More Information, Please Contact:

James Medefind

Senior Associate
813-387-4788
james.Medefind@marcusmillichap.com