9385 56Th StTemple Terrace, FL 33617

Property Details for 9385 56Th St

Year built

1960

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Property size (Sq ft)

27,253 SF

Zone code

AR

Property type

Office properties

Property subtype

Other office properties

APN

T222819C8W000000001000

APU

T222819C8W000000001000

Description

This exceptional 14,395-square-foot retail condo, located at 9385 N 56th St, Temple Terrace, FL 33617, presents a compelling investment opportunity. The property, built in 1960 and extensively renovated in 2022, boasts a 91% occupancy rate with NNN lease structures, minimizing owner involvement. The anchor tenant, Bank of America, occupies the space and is a top performer within the Tampa Bay Metropolitan Area, ranking 6th in deposits. Recent renovations included a new roof, HVAC system upgrades, repaved parking lot, and a complete second-floor remodel featuring new flooring, updated HVAC, fresh paint, a renovated break room, new lighting, and ceiling tiles. The condo association, controlling over 50% of the votes, maintains the building's structure, roof, common areas, parking, landscaping, and janitorial services, with associated fees reimbursed through Additional Rent. This turnkey investment offers a stable income stream and significant upside potential in a prime Hillsborough County location. The property's strong tenant and recent renovations make it an attractive option for discerning investors seeking a low-maintenance, high-return investment.

• CAP approach

  CAP return

  Valuation

  6%

  $5,501,995

  6.5%

  $5,078,764

  7%

  $4,715,996

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,977,216

  Geo Method

  $4,977,216

• Alternative Use

  Use

  Valuation

  Residential

  $6,297,668

  Hospitality

  $5,768,630

  Educational

  $4,799,432

  Medical

  $4,964,492

  Retail

  $7,465,784

Location Insight

City

Temple Terrace

County

Hillsborough

State

Florida

Latitude

28.0357

Longitude

-82.3931

CBSA code

45300

CBSA name

TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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