2874 Providence Lakes Blvd - Restaurant FOR SALE


Brandon, FL 33511
$3,390,538 USD
727-452-6864
2874 Providence Lakes Blvd, Brandon, FL for Sale
$3,390,538 USD
Restaurant - FOR SALE
1/5
null | 6.5% Cap Rate

2874 Providence Lakes Blvd
Brandon, FL 33511


HIGHLIGHTS

  • Reimbursements recover more than 100% of operating expenses due to 15% admin fees provided by both leases
  • Both tenants carry repair and replacement of their own HVAC, removing the capital line that most erodes small-shop NOI
  • A new 10-year lease takes just over half the building off the rollover schedule for a full hold period
  • World of Beer has occupied the center for over 13 years of their 15 year initial term
  • Placer.ai ranks the store in the top 20% of World of Beer locations nationwide by visits per square foot, supporting renewal probability
  • The Brandon trade area grew at 2-times the national rate since 2010

OVERVIEW

RIPCO Real Estate is pleased to offer for sale 2874 Providence Lakes Boulevard, a 6,715 SF, two-tenant retail building shadow anchored by Costco Wholesale in Brandon, Florida. Both tenants hold NNN leases, reimbursing taxes, insurance and CAM and carrying their own HVAC repair and replacement, which leaves the Landlord roof and structure alone. KidsPark signed a new 10-year lease through October 2036, World of Beer has operated in the balance of the building since 2013, and both leases are personally guaranteed. Reimbursements are billed with a 15% administrative fee on CAM. World of Beer’s lease expires May 2028 with one remaining renewal option with a 12% rent increase. World of Beer’s rent is roughly ~40% below market, increasing the likelihood of World of Beer’s renewal while giving the Landlord the ability to increase rents to market upon lease expiration. A Walmart Supercenter, Starbucks, Truist Bank, Jersey Mike’s and AT&T occupy the surrounding parcels. The I-75 interchange at the Selmon Expressway sits within a half mile. Population within one mile is 15,151, with an average household income of $98,305. The offering delivers a fully occupied, management-light NNN income stream inside an anchored regional corridor, with a genuine repricing point on half the building later in the hold.

FOR SALE DETAILS

PRICE

$3,390,538 USD

PRICE/SF

$505 USD /SF

CAP RATE

6.5%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Restaurant

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2006

SPRINKLERS

-

PARKING SPACES

27

LAND DETAILS

LAND ACRES

1.09 AC

LAND SF

47,480 SF

ZONING

PD

APN/PARCEL ID

072304-0513

ASK ABOUT THIS PROPERTY

Ari RaviRIPCO Real EstateMore Info
727-452-6864

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Ari RaviRIPCO Real EstateMore Info
727-452-6864

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.