|Transaction Type: Sale|
|Address: 1202 E Busch Blvd, Tampa, FL 33612|
|Property size: 12,377 SF|
|Lot size: 0.69 Acres|
This retail shopping center is currently 100% leased by long term Tenants - a laundromat, convenient store, cell phone store and beauty supply store. The current net Income is $88,022 or a 7.37% cap rate. There is a value add opportunity since the largest Tenant, the beauty supply store, is paying about 44% under market rents. This property has been self-managed for years so there is no management company on this project. The Tenants pay for electric, water, real estate taxes, real estate insurance and the cost to maintain all HVAC systems. The roof was replaced in 2011. Property was just repainted and parking lot was just resurfaced in summer 2018. This property is located 10 minutes from Downtown Tampa and 15 minutes from Tampa International Airport, just 1/4 mile east of Interstate 275. Within 1 mile, there are over 6,200 households and 18,000 people, making this one of the most dense neighborhoods in all of Tampa, Florida. Downtown Tampa has a $3 billion development plan backed by Microsoft's Bill Gates and the Lightning's Jeff Vinik. The development will include 3,500 condominiums and apartments, two hotels with 650 rooms in total, and one million square feet of mixed-use retail threaded between 13 acres of public space.