|Gross Leasable Area (GLA)|
|Price Per Square Foot (GLA)|
|Lot Size||0.88 Acres|
Marcus & Millichap is pleased to exclusively represent this communication tower in Lake Placid, Florida. The tower is leased to the State of Florida on a brand new 10 year lease with one 10-year option to renew. Also included in the sale is a 1,597-square foot vacant building, formerly a Florida Highway Patrol station.
The communication tower currently generates revenue from the State of Florida Department of Management Services. The state has the right to sublease the tower. Revenue generated from the sublease entitles the landlord to percentage rent equal to 15 percent of the gross revenue, in addition to the minimum rent of $7,200 per year. Annual three percent increases are in place for the minimum rent.
The vacant Highway Patrol Station provides additional upside to the landlord and potential for a double digit cash on cash return.
Lake Placid is located in the heart of Florida. It’s 75 miles west of the Atlantic Ocean, 75 miles east of the Gulf of Mexico and 80 miles south of Walt Disney World. Lake Placid is home to 27 freshwater lakes making this a dream destination for top freshwater fishermen. Multiple fish tournaments are held each year in Lake Placid. Adjacent to the subject property is Florida Hospital, serving all of Highlands County.