Key West Center
2706 U.S. 19 Alternate, Dunedin, Florida 34698
Commercial
Retail
$6,195,000 ($97.94 /SqFt)
4.49 Acres
he Key West Center located in Palm Harbor Florida was built to bring that southernmost point atmosphere to our area. The many diverse tenants enjoy the unique architecture along with the perfect demographics for a blended Center. It is located on the southeast corner of Alderman Road and Alternate US Highway 19 – two of the main roadways in Palm Harbor. The metal roofing not only gives the Key West look, but it also is long lasting and provides a parapet wall to hide the air conditioners. Many of the second and third floor suites have balconies for the tenants to enjoy on the perfect Florida days. The 100+ suites range from 150 sqft Executive offices, to multi-room Mini- Suites, to full sized professional offices. The suites along the parking areas are perfect for a service business or any retail. There is approximately 63,355 sqft of net rentable space (NRS) in the three buildings combined. The mix of tenants ranges from nearly every kind of professional, service industries, as well as restaurants that are balanced. Some are breakfast and lunch while others are dinner and evening establishments. The diverse range of tenant business provides an economic stability not normally found in commercial real estate. With the largest tenant taking up 10% of the NRS, the risk of tenant turnover is greatly reduced. The range of suite sizes also works for tenants to move within the center to larger spaces as their business grows, and likewise they can move to smaller suites as their careers start to fade and they are not ready or willing to work from home. The Center generates approximately $1,000,000 per year in revenues at 80% RSF occupancy. The costs are steady at nearly $400,000 per year. This produces a NOI of approximately $600,000. The listing price of $6,195,000 is over a 9% CAP rate. This Center is perfect for the owner-operator type of real estate investor. Come see why some of the tenants have called the Key West Center home for more than 20 years. Non-disclosure agreement required before release of financial information.
  •   Charles Puccini   •   cpuccini@cap-realty.com    •   (727) 376-4900    •   (727) 776-8769