8027 Congress StPort Richey, FL 34668

Property Details for 8027 Congress St

Year built

1996

Lot size

2.21 AC

Property size (Sq ft)

34,560 SF

Property type

Self storage facilities

Description

This exceptional investment opportunity presents a fully occupied (100% occupancy as of September 17, 2024) boat and RV storage facility located at 8027 Congress St, Port Richey, FL 34668. The property, encompassing 2.21 acres, features two single-story buildings totaling 34,560 square feet, with 15,750 square feet of net rentable space and 72 units. Built in 1996, this facility boasts secure covered storage, gated access, 24/7 video surveillance, and well-lit grounds, ensuring tenant safety and peace of mind. Currently operating at a 5.25% cap rate and a NOI of $104,538, the property offers significant value-add potential. The current below-market rents and the opportunity to implement electricity charges present a clear path to increase revenue, projected to boost the NOI to $129,892 and the cap rate to 6.53%. The property's strong performance is further supported by consistent revenue growth over the past three years, driven by limited competition and increasing demand in the area. Its strategic location, 1.1 miles from the Gulf of Mexico and 15 miles from Weeki Wachee Springs State Park (a popular tourist attraction drawing over 500,000 visitors annually), enhances its appeal and potential for continued growth. The asking price is $1,990,000, or $27,639 per unit. This property is zoned C-2 General Commercial.

Location Insight

City

Port Richey

County

Pasco

State

Florida

Latitude

28.2739

Longitude

-82.7081

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