5344 16Th StSt. Petersburg, FL 33703

Property Details for 5344 16Th St

Year built

1962

Construction

CONCRETE BLOCKS

Lot size

0.38 AC

Property size (Sq ft)

6,160 SF

Property type

Retail properties

Property subtype

Auto shops

APN

01-31-16-58356-000-0630

APU

13116583560000630

Description

This exceptional investment opportunity presents a 6,316 square foot Tire Kingdom located at 5344 16th St N, St. Petersburg, FL 33703, Pinellas County. The property, built in 1962 on a 0.49-acre lot, boasts a strong Net Lease (NNN) structure with a credit-rated tenant. The current lease, expiring November 30, 2029, offers a remaining term of five years with a 10% rent increase at each option period. The current NOI is $70,922, with a pro-forma NOI of $78,014, reflecting a current cap rate of 2.40% and a pro-forma cap rate of 2.64%. The asking price is $2,950,000, translating to $467.07 per square foot and $83.16 per square foot for land value. The property has been 100% occupied since January 1, 1989, and benefits from the financial strength of Mavis Discount Tire, the guarantor of the lease. This presents a compelling opportunity for passive income generation with significant upside potential for future rent increases. The property's location in St. Petersburg, Florida, offers excellent visibility and access to a thriving market. This is a single-tenant, retail auto shop investment with a proven track record of success.

• CAP approach

  CAP return

  Valuation

  6%

  $2,071,257

  6.5%

  $1,911,929

  7%

  $1,775,363

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,913,100

  Geo Method

  $1,913,100

• Alternative Use

  Use

  Valuation

  Residential

  $1,612,784

  Hospitality

  $1,477,301

  Educational

  $1,229,097

  Medical

  $1,271,368

  Retail

  $1,911,929

Location Insight

City

Saint Petersburg

County

Pinellas

State

Florida

Latitude

27.8207

Longitude

-82.6553

CBSA code

45300

CBSA name

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

Property Tax & Assessments

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