For Sale
$13,800,000

495 Brady RdTarpon Springs, FL 34689

Class A Industrial Park, High Occupancy

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a stabilized, Class A industrial park in Tarpon Springs, Florida. The property comprises three modern, single-story buildings totaling 72,000 square feet, each featuring 24,000 square feet of net rentable space. Currently boasting 100% occupancy with 33 tenants across 32 units, the park offers a strong current NOI of $609,175 and a 4.41% cap rate. Significant value-add potential exists due to a low weighted average lease term (WALT), with numerous leases up for renegotiation in the near future, projecting a pro-forma NOI of $914,000 and a 6.62% pro-forma cap rate. The park features 34 loading docks and 24-foot ceiling heights. Built in 2023, the buildings showcase a blend of masonry and metal construction, demonstrating exceptional storm resilience, having withstood recent hurricanes without damage. The property also includes a man-made pond, enhancing its aesthetic appeal. Further expansion opportunities exist with pre-approved plans for an additional 20,250-square-foot building and nearly 100,000 square feet of adjacent land available for development. This fee-simple offering is priced at $13,800,000, representing a price per square foot of $191.67. The property's prime location in the rapidly growing Southwest Florida market, coupled with its high-quality construction and significant upside potential, makes it an attractive investment.

Highlights

  • $13,800,000 asking price for a stabilized, value-add industrial investment.
  • 72,000 square feet of Class A industrial space with 33 tenants in a multi-tenant gross lease structure.
  • 100% occupancy with a current NOI of $609,175 and a pro-forma NOI of $914,000, resulting in a 4.41% current cap rate and a 6.62% pro-forma cap rate.
  • Three modern, 24,000 SF multi-bay buildings, constructed in 2023, featuring 34 loading docks and 24-foot ceiling heights.
  • Located in Tarpon Springs, Florida, offering significant value-add potential due to upcoming lease renegotiations and a low weighted average lease term (WALT).
  • Pre-approved plans for a 20,250 SF expansion and additional land available for development totaling nearly 100,000 SF.

Property Details for 495 Brady Rd

Property type
Industrial properties, Manufacturing properties
Square Feet
72,000 SF
Class
A
Year Built
2023
Buildings
3
Stories
1
Units
32

Location Insight

City
Tarpon Springs
County
Pinellas
State
Florida
Latitude
28.1672357
Longitude
-82.7665493
495 Brady Rd, Tarpon Springs, Florida

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495 Brady Rd
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