100% Occupied Center in Tampa Bay MSA
102 Flagship Drive, Lutz, FL, USA Map
Listing Price $2,942,786
| Status | Active |
| Lease Type | N/A |
| Property Type | Retail |
| CAP Rate | 7.25% |
| GLA (Sq. Ft.) | 16,268 |
| NOI | $213,352 |
| Increases | 3% Annually |
| State (BOR) | FL |
| Broker of Record | Ryan Nee |
| License # (BOR) | BK3154667 |
| % of Rent Stabilized Units | 100 |
| # of Units | 16 |
Investment Highlights
- Subject is a Prime 16,268 Square-Foot Retail Center on
a 1.37-Acre Lot with Ample Parking, Pylon Signage, Easy
Ingress/Egress, and Located on the Main Thoroughfare into
Tampa Bay - Subject is 100% Leased and Has Modified Gross Leases with
3% Annual Increases for Each Tenant - Subject is Only 12 Miles from Downtown Tampa Bay, with a
Metropolitan Statistical Area Population of About 2.9 Million
Residents - Florida is One of Nine Income-Tax Free States
- Well Established Retail Corridor | Nearby National Retailers
Include: Winn Dixie, Dunkin’, Pizza Hut, McDonald’s,
Walgreens, Chase Bank, Publix, and Many Others - Affluent Community with an Average Household Income of
Over $105,000 within Five Miles of the Subject Asset, as of
2021 - Robust Traffic Counts on US Highway 41 (41,319 Vehicles
Per Day) Running From Miami Florida to the Upper
Penninsula of Michigan (Source: LandVision, CoStar, 2022) - Subject is 16 Miles from JD Powers #1 Airport in North
America, Tampa International Airport, Serving 18 Million
Passengers Annually (www.tampaairport.com) - Parks and Outdoor Recreational Facilities Nearby Include:
Hillsborough River State Park, Busch Gardens, TPC Tampa
Bay, and 100s of Miles of Beaches in the Tampa-St, Pete
Areas - The Anchor Restaurant Tenant is Occupying 39% of the
Building and Paying 32% of the Total Rental Income. This
Tenant Started Leasing at this Location in 1999 and is Very
Established. They Recently Improved Their Signage and
did a Total Renovation of Their Space Showing Long Term
Commitment to the Location - The Center has Online Resistant, Easily Replaceable Tenants
Serving the Community Directly: Barber, Toddler Care, Music
School, Beauty salon, Caterer, Massage, Tattoo, Church, etc - Over $300,000 of Capital Improvements
Over the Last Five Years, Including:
• 2017 – New 10 Foot Dumpster Corral
• 2017 – Tree Removals
• 2018 – Installation of Outdoor LED Lights
• 2018 – 15 Camera Security System
• 2019 – Electric Updates
• 2019 – Pylon Sign Upgrade with LED Lights
• 2019 – Parking Lot Repaving, Seal Coating
• 2019 – 15 New HVAC Roof Units
• 2020 – New Silicone Roof 50 Year Warranty
• 2020 – Renovation of the Units
• 2022 – 1 New HVAC Roof Unit
