Retail•Strip Center•For Sale

THE DREW STREET STRIP CENTER FOR SALE

1993 DREW STREET, Clearwater, Florida 33765

Sale Price $800,000
Zoning STS/RETAIL
Bldg Type Multi-Tenant
Status Existing
Year Built 1964
Year Renovated 2018
Stories 1
Vacancy 100%
Gross Bldg 3,672 SqFt
RBA 3,224 SqFt
Land Area .24 Acres
Improvements 4-UNIT PURE NNN RETAIL CENTER FOR SALE, 100% OCCUPIED AND IN FANTASTIC CONDITION!
Market CLEARWATER
Sub-Market CLEARWATER BEACH
THE DREW STREET STRIP CENTER IS LOCATED AT 1993 DREW ST. ON THE HARD CORNER OF DREW ST. AND HERCULES IN BEAUTIFUL CLEARWATER, FL. THIS FANTASTIC CONCRETE BLOCK STRIP CENTER HAS AMAZING FRONTAGE ON BUSY DREW ST. IN DOWNTOWN CLEARWATER, FL. THE PLAZA HAS A TOTAL OF 4 PURE NNN RETAIL TENANTS WITH AMPLE PARKING AND GREAT VISIBILITY! THE PROPERTY CONSISTS OF LONG-TERM TENANTS WITH EXTREMELY LOW RENTS, MAKING THIS A FANTASTIC INVESTMENT OPPORTUNITY. THE CURRENT RENTAL RATES ARE SEVERELY UNDER MARKET FOR THE AREA AND PROVIDE THE BUYER WITH A FANTASTIC VALUE ADD OPPORTUNITY. IDEALLY, A BUYER COULD PURCHASE THIS STRIP CENTER AND IMMEDIATELY RAISE THE RENTS, WHILE NOT INCURRING EXTRA COSTS FOR EXPENSES, AS THE TENANTS ARE RESPONSIBLE FOR ALL ON- SITE EXPENSES. THIS UNIQUE STRIP CENTER IS CURRENTLY 100% OCCUPIED. HOWEVER, THERE IS FLEXIBILITY AND OPPORTUNITY TO INCREASE THE RENTS QUICKLY AFTER PURCHASE. BASED ON THE CURRENT RENTS, THE PROPERTY SITS AT A CAP RATE OF ALMOST 8% AND A CASH-ON-CASH RETURN OF OVER 13%. THE BUYER CAN EASILY OBTAIN A CASH-ON-CASH RETURN OF OVER 15% A BY 2021 DUE TO THE GENEROUS SELLER FINANCING TERMS OFFERED AND THE ABILITY TO INSTANTLY INCREASE THE RENTAL RATES AT THE PROPERTY! BUT WAIT IT GETS BETTER, WITH THE ABILITY TO RAISE BOTH THE RENTAL RATES WITHIN THE FIRST YEAR, THERE IS A CLEAR PATH TO A 8%+ CAP RATE AND A CASH-ON-CASH RETURN OF OVER 15% BY 2021. DUE TO THE AMAZING LOCATION, THIS WILL ONLY RISE OVER TIME AS THE AREA CONTINUES TO ATTRACT TOURISTS FROM ALL OVER THE WORLD! THE TENANTS HAVE ALL OCCUPIED THEIR RESPECTIVE UNITS FOR MULTIPLE YEARS AND HAVE HAD TREMENDOUS SUCCESS IN THIS PARTICULAR LOCATION. WITH THE RECENT DEVELOPMENT AND INCREASE OF TOURISTS FLOODING THE AREA, THE DEMAND FOR A STORE ON A HARD CORNER IN THIS PARTICULAR LOCATION IN CLEARWATER FLORIDA HAS NEVER BEEN HIGHER! THE PROPERTY ALSO HAS 16 PARKING SPACES FOR TENANTS AND THEIR CUSTOMERS TO COMFORTABLY PARK ON-SITE! ONE OF THE BIGGEST ADVANTAGES OF INVESTING IN A PROPERTY LIKE THIS IS THE PURE NNN NATURE OF THE LEASES. THE TENANTS ARE RESPONSIBLE FOR ALL EXPENSES AT THE PROPERTY INCLUDING BUT NOT LIMITED TO; PROPERTY TAX, PROPERTY INSURANCE, REPAIR AND MAINTENANCE, MANAGEMENT FEES, WATER, ELECTRIC AND SEWER EXPENSES. THIS CREATES A UNIQUE OPPORTUNITY FOR AN OWNER TO ELIMINATE MOST, IF NOT ALL, OPERATING EXPENSES AND BOOST THEIR OVERALL RETURN ON THIS INVESTMENT. THE DREW STREET STRIP CENTER IS IN FANTASTIC CONDITION AND HAS BEEN WELL-MAINTAINED BY THE CURRENT OWNER. RECENT RENOVATIONS HAVE ONLY HELPED INCREASE THE VALUE OF THIS ASSET OVER TIME. THE PROPERTY WAS NEWLY PAINTED IN 2015, AND THE ROOF WAS REPLACED IN 2013-2014. ALL ELECTRICAL AND PLUMBING ON-SITE IS IN GOOD WORKING CONDITION. LASTLY, THE HVAC UNITS ARE IN FANTASTIC CONDITION AS EACH TENANT IS RESPONSIBLE FOR THE MAINTENANCE AND REPLACEMENT OF THEIR RESPECTIVE HVAC SYSTEM PER THEIR CURRENT LEASE. THE AMAZING CONDITION ONLY ADDS TO THE UPSIDE IN THIS RARE VALUE ADD RETAIL CENTER IN ONE OF THE MOST HEAVILY TRAVELED AREAS IN ALL OF FLORIDA! THIS 4-UNIT RETAIL CENTER IS LOCATED ON THE HARD CORNER OF N. HERCULES AVE. AND DREW ST. IN WORLD FAMOUS CLEARWATER, FL! THE PROPERTY HAS AMAZING FRONTAGE ON ONE OF THE MOST HEAVILY TRAVELED STREETS IN ALL OF CLEARWATER! THIS 4 UNIT RETAIL CENTER IS LOCATED ON THE HARD CORNER OF N. HERCULES AVE. AND DREW ST. IN WORLD FAMOUS CLEARWATER, FL! THE PROPERTY HAS AMAZING FRONTAGE ON ONE OF THE MOST HEAVILY TRAVELED STREETS IN ALL OF CLEARWATER!
  • 4-UNIT 100% OCCUPIED STRIP CENTER IN CLEARWATER, FL.
  • SELLER FINANCING AVAILABLE!
  • APPROXIMATE SELLER FINANCING TERMS:
  • 30%-50% DOWN!
  • 6.5%-5.5% FIXED IR!
  • INTEREST ONLY PAYMENTS!
  • 3-YEAR BALLOON!
  • AMAZING FRONTAGE ON ONE OF THE MOST HEAVILY TRAVELED STREETS IN ALL OF CLEARWATER, FL!
  • 8% CAP RATE!
  • 13% + CASH-ON-CASH RETURN!
  • ABILITY TO INCREASE RENTAL RATES AND OBTAIN A CASHON-CASH RETURN OF OVER 17%!
  • EXTREMELY LOW RENTAL RATES IN-PLACE GIVING THE BUYER MASSIVE UPSIDE!
  • PURE NNN LEASES IN-PLACE!
  • THE TENANT IS RESPONSIBLE FOR ALL PROPERTY OPERATING EXPENSES!
  • LONG-TERM TENANTS WITH SUCCESSFUL BUSINESSES!
  • THE PROPERTY IS IN EXCELLENT CONDITION AND HAS BEEN WELL-MAINTAINED BY THE SELLER!
  • 16+ PARKING SPACES FOR THE TENANTS AND THEIR CUSTOMERS TO USE!
2/19/2020 8:29:53 PM 3/23/2020 3:18:23 PM
David Rosenthal
Associate
Grimaldi Commercial Realty Corp
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