401 Corbett St - Medical FOR SALE


Clearwater, FL 33756- South Clearwater
$5,000,000 USD
727-212-8917
401 Corbett St, Clearwater, FL for Sale
$5,000,000 USD
Medical - FOR SALE
1/6
null | 5.94% Cap Rate

401 Corbett St
Clearwater, FL 33756
South Clearwater


HIGHLIGHTS

  • The property has a diverse tenant mix and staggered lease terms, limiting rollover risk
  • 10 of the 14 tenants have no options remaining, giving an investor near-term control of the rent roll and full flexibility to negotiate renewals
  • 7 vacant units allows an investor to immediately increase cash flow at the property by leasing up spaces, increasing gross rents by approximately 50%
  • The property is located adjacent to BayCare’s Morton Plant Hospital, a 687-bed facility with more than 50,000 patients annually
  • The asset is located off S Ft Harrison Avenue which has an AADT of 17,500
  • The center is located in Pinellas County, the most densely populated county in the state of Florida

OVERVIEW

RIPCO Real Estate is pleased to offer for sale Powell Professional Center, a four-story, 46,464 SF medical/office building located near the intersection of Corbett St and S Ft Harrison Ave in Clearwater, FL. The property is currently 68.9% occupied by 14 tenants with 7 vacant units. In addition to the vacant units, 10 of the 14 tenants have no options remaining, giving an investor near-term control of the rent roll and full flexibility to negotiate renewals, reset expense base years, and remix the tenancy at rollover. Powell Professional Center is located adjacent to BayCare’s Morton Plant Hospital, a 687-bed facility with more than 50,000 patients annually. This stretch of S Ft Harrison Ave where the property is located has an AADT of 17,500. Within 3 miles of Powell Professional Center, there is a population of 86,333 and an average household income of $103,259. The asset is an attractive opportunity for investors looking for a value-add office asset with lease-up opportunity, 10 of the 14 tenants without any options remaining, and located adjacent to Morton Plant Hospital, driving demand for medical users in the area.

FOR SALE DETAILS

PRICE

$5,000,000 USD

PRICE/SF

$108 USD /SF

CAP RATE

5.94%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Powell Professional Center

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

4

BUILDING CLASS

B

YEAR BUILT

1985

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.06 AC

LAND SF

89,734 SF

ZONING

Office

APN/PARCEL ID

21-29-15-06462-025-0060,21-29-15-06462-025-0090

ASK ABOUT THIS PROPERTY

Jaclyn BlairRIPCO Real EstateMore Info
727-212-8917

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Jaclyn BlairRIPCO Real EstateMore Info
727-212-8917

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