32491 US Highway 19 N - Bank FOR SALE


Palm Harbor, FL 34684
$4,595,000 USD
727-460-2201
32491 US Highway 19 N, Palm Harbor, FL for Sale
$4,595,000 USD
Bank - FOR SALE
1/16
null | 5.35% Cap Rate

32491 US Highway 19 N
Palm Harbor, FL 34684


OVERVIEW

This unique investment opportunity is 100% occupied by PNC Bank, a national credit Tenant with more than 2,300 branch locations nationwide with a market cap of over $75 billion dollars. The Bank facility was originally constructed in 2007, with Bank Atlantic as the initial Tenant which was subsequently purchased by PNC Bank in 2011. Tenant has occupied the Premises for 19 years and has exercised their renewal option early. The existing CAP rate of 5.36% has a dramatic increase to 5.9% within 12 months as a result of a 10% Net Rental Income increase. With renewals, the internal rate of return over the next ten years is approximately 7.98%. The Property is located on the southeast hard corner at the major signalized intersection of U.S. Highway 19 and State Road 584 (Tampa Road), and maintains ingress / egress access directly onto both roadway systems. U.S. Highway 19 is Pinellas County’s major north/south commercial corridor.

FOR SALE DETAILS

PRICE

$4,595,000 USD

PRICE/SF

$744 USD /SF

CAP RATE

5.35%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Bank

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2007

SPRINKLERS

-

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.9 AC

LAND SF

39,335 SF

ZONING

CP-1

APN/PARCEL ID

07-28-16-00000-130-0300

ASK ABOUT THIS PROPERTY

John QuattrockiTHE BOARDWALK COMPANYMore Info
727-460-2201

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John QuattrockiTHE BOARDWALK COMPANYMore Info
727-460-2201

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