offering price offering memorandum for sale $3,999,000 › d2 › nsmjcwbteuxzliov... · offering...
TRANSCRIPT
Offering Memorandum
For Sale
Offering Price
$3,999,000.00
Daniel NelsonCommercial InvestmentLicensed Broker Realtor®
813-323-3353 | [email protected]
Commercial Real Estate Division4175 Woodlands PkwyPalm Harbor, FL 34685
Re-Development Opportunity
40351 US Hwy 19 North
Tarpon Spring FL 34689
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner
or the Property. All financial projections and information are provided for general reference purposes only. Neither the Owner or REMAX Realtec Group,
nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this
Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible
purchase of the real property.
RE/MAX is pleased to present to you the OfferingMemorandum of a 11.28 acres site with a combination ofProfessional Office Building and Professional BusinessWarehouse, Totaling 104,250 GF located in Tarpon Springs,Florida
Daniel NelsonCommercial InvestmentLicensed Broker Realtor®
813-323-3353 | [email protected]
Commercial Real Estate Division4175 Woodlands PkwyPalm Harbor, FL 34685
Re-Development Opportunity
40351 US Hwy 19 North
Tarpon Spring FL 34689
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner
or the Property. All financial projections and information are provided for general reference purposes only. Neither the Owner or REMAX Realtec Group.
nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this
Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible
purchase of the real property.
PROPERTY DESCRIPTION & KEY HIGHLIGHTS
KEY PROPERTY HIGHLIGHTS
• Built in 1987
• Professional Office /Business Warehouse
• Rentable Building Area 104,250 SF
• 2- Two Story Office Buildings
• 1 – One story Professional Warehouse
• 11.28 Acres
• Zoned CG - General Office Bldg - multi-story
office building
• Parcel ID 18-27-16-89424-000-0134
and 18-27-16-89424-000-0160
Tarpon Lake Center is a Class C professional office/business
warehouse, owner user/investment opportunity located in Tarpon
Springs, Florida. The property consist of three buildings located on
11.28 acres of land that has plenty of surrounding parking. There are
2- two story office buildings and a one-story business warehouse
building. The 41,150 GF of professional office configurations range
from 450 to 3,600 useable sq.ft. in size. The 18,980 GF of
professional office configurations range from 2,145 to 7,700 useable
sq.ft. in size. The one-story business warehouse building of 44,120
GF business office/warehouse configurations range from 1,000 to
5,000 useable sq.ft. in size, totaling 104,250 gross square feet. The
buildings were constructed in 1987 with concrete block, steel trusses
and corrugated metal roof. The owner user and/or investor has the
ability to re- develop the property and/or modernize the office
building capitalizing on current market rents, increasing the
potential income stream. The property is situated on US Highway
North adjacent to Pinellas County’s Anderson Park and Recreation
Area and Salmon Bay access to Tarpon Lake. Easy access on US
Highway 19 North with ample ingress and egress. Tarpon Lakes
Center represents an investment opportunity in a high-growth
submarket with flexible ownership structure to operate as an
Investor/Owner User or re-develop the entire property for a stabilize
up and coming investment.
PROPERTY DESCRIPTION
Re-Development Opportunity
40351 US Hwy 19 North
Tarpon Spring FL 34689
Daniel NelsonCommercial InvestmentLicensed Broker Realtor®
813-323-3353 | [email protected]
Commercial Real Estate Division4175 Woodlands PkwyPalm Harbor, FL 34685
Re-Development Opportunity
40351 US Hwy 19 North
Tarpon Spring FL 34689
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner
or the Property. All financial projections and information are provided for general reference purposes only. Neither the Owner or REMAX Realtec Group,
nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this
Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible
purchase of the real property.
RE/MAX is pleased to present to you the Offering Memorandum for a 6 unit Medical Office Building located in Port Richey, Florida.
Daniel NelsonCommercial InvestmentLicensed Broker Realtor®
813-323-3353 | [email protected]
Commercial Real Estate Division4175 Woodlands PkwyPalm Harbor, FL 34685
Re-Development Opportunity
40351 US Hwy 19 North
Tarpon Spring FL 34689
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner
or the Property. All financial projections and information are provided for general reference purposes only. Neither the Owner or REMAX Realtec Group,
nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this
Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible
purchase of the real property.
RE/MAX is pleased to present to you the Offering Memorandum for a 6 unit Medical Office Building located in Port Richey, Florida.
Daniel NelsonCommercial InvestmentLicensed Broker Realtor®
813-323-3353 | [email protected]
Commercial Real Estate Division4175 Woodlands PkwyPalm Harbor, FL 34685
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner
or the Property. All financial projections and information are provided for general reference purposes only. Neither the Owner or REMAX Realtec Group,
nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this
Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible
purchase of the real property.
RE/MAX is pleased to present to you the Offering Memorandum for a 6 unit Medical Office Building located in Port Richey, Florida.
Re-Development Opportunity
40351 US Hwy 19 North
Tarpon Spring FL 34689
Daniel NelsonCommercial InvestmentLicensed Broker Realtor®
813-323-3353 | [email protected]
Commercial Real Estate Division4175 Woodlands PkwyPalm Harbor, FL 34685
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner
or the Property. All financial projections and information are provided for general reference purposes only. Neither the Owner or REMAX Realtec Group,
nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this
Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible
purchase of the real property.
Re-Development Opportunity
40351 US Hwy 19 North
Tarpon Spring FL 34689
Daniel NelsonCommercial InvestmentLicensed Broker Realtor®
813-323-3353 | [email protected]
Commercial Real Estate Division4175 Woodlands PkwyPalm Harbor, FL 34685
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner
or the Property. All financial projections and information are provided for general reference purposes only. Neither the Owner or REMAX Realtec Group,
nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this
Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible
purchase of the real property.
Re-Development Opportunity
40351 US Hwy 19 North
Tarpon Spring FL 34689
41,150 SF Business Warehouse Building-South East Section view
41,150 SF Business Warehouse Building-North East Section view
Daniel NelsonCommercial InvestmentLicensed Broker Realtor®
813-323-3353 | [email protected]
Commercial Real Estate Division4175 Woodlands PkwyPalm Harbor, FL 34685
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner
or the Property. All financial projections and information are provided for general reference purposes only. Neither the Owner or REMAX Realtec Group,
nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this
Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible
purchase of the real property.
Re-Development Opportunity
40351 US Hwy 19 North
Tarpon Spring FL 34689
41,150 SF Business Warehouse Building-South West Section view
41,150 SF Business Warehouse Building-North West Section view
18,980 SF Office Building
Daniel NelsonCommercial InvestmentLicensed Broker Realtor®
813-323-3353 | [email protected]
Commercial Real Estate Division4175 Woodlands PkwyPalm Harbor, FL 34685
4620 N. Habana Blvd
Tampa, FL 33614
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner
or the Property. All financial projections and information are provided for general reference purposes only. Neither the Owner or REMAX Realtec Group,
nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this
Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible
purchase of the real property.
Re-Development Opportunity
40351 US Hwy 19 North
Tarpon Spring FL 34689
Existing Pylon Sign New Pylon Sign Design Option
Daniel NelsonCommercial InvestmentLicensed Broker Realtor®
813-323-3353 | [email protected]
Commercial Real Estate Division4175 Woodlands PkwyPalm Harbor, FL 34685
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner
or the Property. All financial projections and information are provided for general reference purposes only. Neither the Owner or REMAX Realtec Group,
nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this
Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible
purchase of the real property.
Re-Development Opportunity
40351 US Hwy 19 North
Tarpon Spring FL 34689
DEMOGRAPHIC SUMMERY
WHY TARON SPRINGS?
Tarpon Springs is not just a great place to visit, but also wonderful location to put down permanent roots and business. There are several reasons why people relocate to this area:
➢ First Class healthcare facilities
➢ Excellent education institutions
➢ Close proximity to the Tampa/St. Petersburg areas
➢ Walkable environment
➢ The area caters to families and retirees
MAJOR EMPLOYERS➢ Helen Ellis Memorial Hospi1al
➢ SI.Lukes Cataract & Laser Institute
➢ The Westin Innisbrook Resort
➢ ABC Packaging Machine Corporation
➢ Acme Sponge & Chamois Company
➢ Stamas Yachts
➢ Hawkins Construction
➢ Tarpon Stainless Fabricators
➢ NuWaveSpaControls
Daniel NelsonCommercial InvestmentLicensed Broker Realtor®
813-323-3353 | [email protected]
Commercial Real Estate Division4175 Woodlands PkwyPalm Harbor, FL 34685
4620 N. Habana Blvd
Tampa, FL 33614
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner
or the Property. All financial projections and information are provided for general reference purposes only. Neither the Owner or REMAX Realtec Group,
nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this
Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible
purchase of the real property.
RADIUS FROM PROPERTY 1 MILE 3 MILE S MILE
POPULATION
2021Projection 6,199 5S,571 118,916
2016 Estimate 5,895 52.673 114,030
HOUSEHOLDS
2021 Projection 2.669 23.915 50.254
2016 Estimate 2,546 22,794 48.441
Owner Occupied 63.3% 7:J.2% 75.6%
Renter Occupied 367% 26.7% 24.4%
INCOME
2016 Average HH Income $51,754 $58,057 $73,610
2016 Median HH Income $33,710 $ 39,574 $31.347
Re-Development Opportunity
40351 US Hwy 19 North
Tarpon Spring FL 34689
Daniel NelsonCommercial InvestmentLicensed Broker Realtor®
813-323-3353 | [email protected]
Commercial Real Estate Division4175 Woodlands PkwyPalm Harbor, FL 34685
4620 N. Habana Blvd
Tampa, FL 33614
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner
or the Property. All financial projections and information are provided for general reference purposes only. Neither the Owner or REMAX Realtec Group,
nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this
Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible
purchase of the real property.
Re-Development Opportunity
40351 US Hwy 19 North
Tarpon Spring FL 34689
Daniel NelsonCommercial InvestmentLicensed Broker Realtor®
813-323-3353 | [email protected]
Commercial Real Estate Division4175 Woodlands PkwyPalm Harbor, FL 34685
Re-Development Opportunity
40351 US Hwy 19 North
Tarpon Spring FL 34689
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner
or the Property. All financial projections and information are provided for general reference purposes only. Neither the Owner or REMAX Realtec Group,
nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this
Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible
purchase of the real property.
RE/MAX is pleased to present to you the Offering Memorandum for a 6 unit Medical Office Building located in Port Richey, Florida.
Daniel NelsonCommercial InvestmentLicensed Broker Realtor®
813-323-3353 | [email protected]
Commercial Real Estate Division4175 Woodlands PkwyPalm Harbor, FL 34685
4620 N. Habana Blvd
Tampa, FL 33614
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner
or the Property. All financial projections and information are provided for general reference purposes only. Neither the Owner or REMAX Realtec Group,
nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this
Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible
purchase of the real property.
in Port Richey, Florida.
Re-Development Opportunity
40351 US Hwy 19 North
Tarpon Spring FL 34689
The current blended office vacancy is approx. 50.21%, identified as follows;
➢ 61 % vacancy of the 33,300 usable sq.ft. Professional Office➢ 44 % vacancy of the 17,645 usable sq.ft. Professional Office➢ 21 % vacancy of the 43,375 usable sq.ft. Business Warehouse
Current Financial Conditions
RE/MAX RealTec Group Current Rent Roll
4175 Woodlands Pkwy
Palm Harbor, Florida 34685 Professional Office Building Daniel Nelson
Cell 813-323-3353 40351 US Highway 19 N. Tarpon Springs
Total Monthly Rent $31,716.34
Total Annual Rent $380,596.08
***Operating expenses are part of current the current lease rates. Utilities ColumnTenants are responsible for their respective utilities. Sales tax not included in mathamatics below.
Bldg VacancyYear
BuiltSQ.FT Unit Type
Average
Sq.Ft. Rate
Average
Operating
Expense
Total Gross
Sq.Ft. CollectedMarket Rent
Monthly
Electricity
Monthly
UtilitiesTotal Annual Rent
1 1987 13,050 Office 7.96 1.75 9.71 $10,564.48 Extra Included $126,773.76
1 61% 20,250 Office $0.00 $0.00
33,300 Total
2 1987 9,945 Office 6.00 1.60 7.60 $4,876.69 Extra Included $58,520.28
2 44% 7,700 Office $0.00 $0.00
17,645 Total
3 1987 34,375 Warehouse 3.91 1.87 5.79 $16,275.17 Extra Included $195,302.04
3 21% 9,000 Warehouse $0.00 $0.00
43,375 Total
Total Monthly Rent $31,716.34
Total Annual Rent $380,596.08
Daniel NelsonCommercial InvestmentLicensed Broker Realtor®
813-323-3353 | [email protected]
Commercial Real Estate Division4175 Woodlands PkwyPalm Harbor, FL 34685
4620 N. Habana Blvd
Tampa, FL 33614
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner
or the Property. All financial projections and information are provided for general reference purposes only. Neither the Owner or REMAX Realtec Group,
nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this
Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible
purchase of the real property.
in Port Richey, Florida.
Re-Development Opportunity
40351 US Hwy 19 North
Tarpon Spring FL 34689
RE/MAX RealTec Group Current Operating Expense 4175 Woodlands Pkwy
Palm Harbor, Florida 34685 Professional Office Building Daniel Nelson
Cell 813-323-3353 40351 US Highway 19 N. Tarpon Springs
Annual Rental Income-Current $380,596.08
Fixed Expenses (2017)
Property Taxes $45,276.62
General Liability Insurance $33,760.02
Building/Tenent Improvements $31,046.69
others $3,769.74
Total $113,853.07
Variable Expenses
Property Mgmt Fees (3%) $12,777.96
Repairs and Maintenance
Water/Sewer
Trash
Electric
Combined Operating Expenses $143,577.66
Total $156,355.62
Total Operating Expenses $270,208.69
Estimated Net Income $110,387.39
**Note: Total Operating Expenses does include an amount for annual repairs.
The current expenses are costing approx. 270,208.89 allocated to 55,125 useable sq.ft. The Owner collected approx. $1.74 per sq.ft. in expenses which is a short fall of approx. 1.43 per sq.ft. The shortfall expense deficit is adjusted in the projected rent roll. The expense allocation is as follows;
➢ $1.75 of expenses applied to 13,050 usable sq.ft. of Professional Office➢ $1.60 of expenses applied to 7,700 usable sq.ft. of Professional Office➢ $1.87 of expenses applied to 34,375 usable sq.ft. of Business Warehouse
Current Financial Conditions
Daniel NelsonCommercial InvestmentLicensed Broker Realtor®
813-323-3353 | [email protected]
Commercial Real Estate Division4175 Woodlands PkwyPalm Harbor, FL 34685
4620 N. Habana Blvd
Tampa, FL 33614
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner
or the Property. All financial projections and information are provided for general reference purposes only. Neither the Owner or REMAX Realtec Group,
nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this
Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible
purchase of the real property.
in Port Richey, Florida.
Re-Development Opportunity
40351 US Hwy 19 North
Tarpon Spring FL 34689
Highlighted in green is the base line. The current cap rate is 2.83%. 71% of annual income is allocated to expenses. At the current level simply increasing rents by 5% or 10 % revealsa 3.32% cap rate or 3.81 cap rate, respectively.
Implementing a strategy to attract additional Tenants and keeping current rental rates unchanged is key for a successful investment..
Current Financial Conditions
RE/MAX RealTec Group Current Rents + NOI + Cap Rate Calculations
4175 Woodlands Pkwy Palm
Harbor, Florida 34685 Professional Office Building Daniel Nelson
Cell 813-323-3353 40351 US Highway 19 N. Tarpon Springs
Purchase Price $3,900,000.00
Annual Rental Income $380,596.08
Other Income (Late Fee, etc)
Total Operating Income $270,208.69
Net Operating Income $110,387.39
Cap Rate 2.83%
Projected Annual Rental Income $380,596.08
Potential Increase 5% $399,625.88
Potential Increase 10% $418,655.69
Projected Rental Income Projected Rental Income (5% Increase) Projected Rental Income (10% Increase)
Operating Expences % Total Operating ExpencesNOI Cap Rate NOI Cap Rate NOI Cap Rate
81% $308,268.30 $72,327.78 1.85% $91,357.59 2.34% $110,387.39 2.83%
76% $289,238.49 $91,357.59 2.34% $110,387.39 2.83% $129,417.19 3.32%
71% $270,208.69 $110,387.39 2.83% $129,417.19 3.32% $148,447.00 3.81%
61% $232,149.08 $148,447.00 3.81% $167,476.80 4.29% $186,506.61 4.78%
***All Data is Based on Projected Rent Roll and Current/Future Expense Estimates
Daniel NelsonCommercial InvestmentLicensed Broker Realtor®
813-323-3353 | [email protected]
Commercial Real Estate Division4175 Woodlands PkwyPalm Harbor, FL 34685
4620 N. Habana Blvd
Tampa, FL 33614
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner
or the Property. All financial projections and information are provided for general reference purposes only. Neither the Owner or REMAX Realtec Group,
nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this
Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible
purchase of the real property.
in Port Richey, Florida.
Re-Development Opportunity
40351 US Hwy 19 North
Tarpon Spring FL 34689
The projected income is based on increasing Tenancy at the current rental rate and collectingthe 1.43 per sq.ft. of expense deficit. In addition, maintaining a 10% vacancy industry standardis applied.
Projected Financial Conditions
RE/MAX RealTec Group Projected Rent Roll
4175 Woodlands Pkwy
Palm Harbor, Florida 34685 Professional Office Building Daniel Nelson
Cell 813-323-3353 40351 US Highway 19 N. Tarpon Springs
Total Monthly Rent $63,237.58
Total Annual Rent $758,850.96
***Utilities ColumnTenants are responsible for their respective utilities. Sales tax not included.
Bldg VacancyYear
BuiltSQ.FT Unit Type
Average
Sq.Ft. Rate
Operatiing
Expense
Increase
Adjusted
Average Sq.Ft.
Rate
Market RentMonthly
Electricity
Monthly
UtilitiesTotal Annual Rent
1 1987 29,970 Office 9.71 1.43 11.14 $27,814.31 Extra Included $333,771.71
1 10% 3,330 Office $0.00 $0.00
33,300 Total
2 1987 15,881 Office 7.60 1.43 9.03 $11,945.92 Extra Included $143,351.06
2 10% 1,765 Office $0.00 $0.00
17,645 Total
3 1987 39,038 Warehouse 5.79 1.43 7.22 $23,477.35 Extra Included $281,728.19
3 10% 4,338 Warehouse $0.00 $0.00
43,375 Total
Total Monthly Rent $63,237.58
Total Annual Rent $758,850.96
Daniel NelsonCommercial InvestmentLicensed Broker Realtor®
813-323-3353 | [email protected]
Commercial Real Estate Division4175 Woodlands PkwyPalm Harbor, FL 34685
4620 N. Habana Blvd
Tampa, FL 33614
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner
or the Property. All financial projections and information are provided for general reference purposes only. Neither the Owner or REMAX Realtec Group,
nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this
Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible
purchase of the real property.
in Port Richey, Florida.
Re-Development Opportunity
40351 US Hwy 19 North
Tarpon Spring FL 34689
The design concept is indented to provide a modernized open office esthetics as a strategy to attract new Tenants. The main components to the economical renovation are;➢ Remove stucco walls and banding around structural columns, parapet, stairways and halls.➢ Replace windows and doors to typical storefront environment keeping all lintels in place. ➢ Create glass feature around existing stairways and create a new parapet roof facade.➢ Artistic multi paint color enhances the modern look and re-asphalt all parking areas.➢ Warehouse Business office remains the same, only painting.
Projected Financial Conditions
RE/MAX RealTec Group Projected Operating Expense 4175 Woodlands Pkwy
Palm Harbor, Florida 34685 Professional Office Building Daniel Nelson
Cell 813-323-3353 40351 US Highway 19 N. Tarpon Springs
Annual Rental Income-Current $758,850.96
Fixed Expenses (2017)
Property Taxes $45,276.62
General Liability Insurance $33,760.02
Building/Tenent Improvements $31,046.69
others $3,769.74
Total $113,853.07
Variable Expenses
Property Mgmt Fees (3%) $12,777.96
Repairs and Maintenance
Water/Sewer
Trash Anticipated Operating Expenses Increase 51,076.08
Combined Operating Expenses $143,577.66
Total $207,431.70
Total Operating Expenses $321,284.77
Estimated Net Income $437,566.19
**Note: Total Operating Expenses does include an amount for annual repairs.
Daniel NelsonCommercial InvestmentLicensed Broker Realtor®
813-323-3353 | [email protected]
Commercial Real Estate Division4175 Woodlands PkwyPalm Harbor, FL 34685
4620 N. Habana Blvd
Tampa, FL 33614
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner
or the Property. All financial projections and information are provided for general reference purposes only. Neither the Owner or REMAX Realtec Group,
nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this
Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible
purchase of the real property.
in Port Richey, Florida.
Re-Development Opportunity
40351 US Hwy 19 North
Tarpon Spring FL 34689
An initial investment to achieve curb appeal can increase Tenancy, addressing the current office vacancy. A conservative income approach, maintains the current market rent structure with a slight adjustment for the actual common area maintenance cost, however developing a product that is esthetically pleasing for a Tenant to business out of. Obtaining a 90% Tenancy goal increases the cap rate to 11.22%, highlighted in the green baseline. Increasing the NOI by 5% or 10% and reducing expenses by 10%, provides for a 14.14 % or 15.11% cap rate, respectively.
Projected Financial Conditions
RE/MAX RealTec Group Projected Rents + NOI + Cap Rate Calculations
4175 Woodlands Pkwy Palm
Harbor, Florida 34685 Professional Office Building Daniel Nelson
Cell 813-323-3353 40351 US Highway 19 N. Tarpon Springs
Purchase Price $3,900,000.00
Annual Rental Income $758,823.98
Other Income (Late Fee, etc)
Total Operating Income $321,284.77
Net Operating Income $437,539.21
Cap Rate 11.22%
Projected Annual Rental Income $758,823.98
Potential Increase 5% $796,765.18
Potential Increase 10% $834,706.38
Projected Rental Income Projected Rental Income (5% Increase) Projected Rental Income (10% Increase)
Operating Expences % Total Operating ExpencesNOI Cap Rate NOI Cap Rate NOI Cap Rate
52% $397,167.17 $361,656.81 9.27% $399,598.01 10.25% $437,539.21 11.22%
47% $359,225.97 $399,598.01 10.25% $437,539.21 11.22% $475,480.41 12.19%
42% $321,284.77 $437,539.21 11.22% $475,480.41 12.19% $513,421.61 13.16%
32% $245,402.37 $513,421.61 13.16% $551,362.81 14.14% $589,304.01 15.11%
***All Data is Based on Projected Rent Roll and Current/Future Expense Estimates