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6425 - 6441 US Highway 19 - Vanderbilt Square, New Port Richey, FL

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6425 - 6441 US Highway 19 - Vanderbilt Square

New Port Richey, FL 34652-2235 - Pasco County Submarket

(924.9 KB)

Property Type:Retail Sub Type:Storefront Status:Existing , Renov April 2008 Year Built:1974
Building Size:46,804 SF Land Area:3.96 AC (172,498 SF)
For Sale Price:$3,350,000 Price/SF:$71.58
Cap Rate:7.77 %
Parking:Free Surface spaces are available; Ratio of 3.59/1,000 SF Anchor Tenants:Harbor Freight Tools
Features:Freeway Visibility, Pylon Sign

Vanderbilt Square is located on busy US Highway 19, which is just north of the Main Street. Excellent pylon signage on US Highway 19. Completely renovated in 2006, the building features Mediterranean style exterior, great visibility and abundant parking.

High traffic counts.

Traffic counts on US Highway 19 (65,000 ACD)

3-mile Avg. population: 61,428
3-mile Avg. HH Income: $50,044
3-mile Avg. Age: 45.53

Sale Notes:
Marcus & Millichap is pleased to present for sale Vanderbilt Square, a 46,804-square foot shopping center anchored by Harbor Freight Tools. Vanderbilt Square is located in New Port Richey, Florida and is part of the Tampa Bay MSA.

Vanderbilt Square is in pristine condition, with no deferred maintenance. The current owner recently added a new roof with 20-year manufacturer' s warranty, new paint, and completed upgrades to the façade. The next owner can expect a low maintenance investment.

Vanderbilt Square is currently 89 percent occupied by a long-term tenant base. Harbor Freight Tools has been in occupancy at the center for more than 10 years and in 2014 signed a 10-year lease extension. Monster Mini Golf has been open for more than 10 years and Dollar Plus more than 7 years. The remaining vacancies include a 3,800-square foot restaurant and 1,000 square foot store front retail unit, allowing potential upside for the next owner.

Vanderbilt Square is ideally positioned with nearly 250 feet of frontage on US 19, the main north-south thoroughfare that travels along the west coast of Florida. More than 72,500 cars travel US 19 every day making it one of the busiest highways in Pasco County and a main retail artery for the region.

New Port Richey is located approximately 45 minutes north of Tampa, Florida along the Gulf of Mexico and is an affordable suburb for families and retirees. The average household income within a 3-mile radius of Vanderbilt Square is $46,320 and the median age is 49.5 years. These demographics are ideal for the existing tenant base and is attractive for both national and regional retailers. Located in Pasco County, which is experiencing a 2.5 percent increase in population year over year, Vanderbilt Square is well positioned for above average growth and appreciation in rents and real estate values.

Marcus & Millichap, Inc.
James Medefind
(813) 387-4788

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