2683 Roosevelt BlvdLargo, FL 33760

Property Details for 2683 Roosevelt Blvd

Year built

2005

Construction

CONCRETE BLOCKS

Lot size

2.60 AC

Property size (Sq ft)

12,274 SF

Property type

Retail properties

Property subtype

Strip malls

APN

32-29-16-70362-300-0301

APU

322916703623000301

Description

This exceptional Class A, 12,250 square foot shopping center in Clearwater, Florida presents a compelling investment opportunity. Boasting a 100% occupancy rate with seven tenants, this stabilized property generates a strong NOI of $378,921, representing a 6.55% cap rate at an asking price of $5,775,000 ($471.43/SF). Built in 2005 on a 2.6-acre lot, the single-story building benefits from a prime location on Roosevelt Boulevard in Largo, experiencing high traffic volume exceeding 40,000 vehicles daily, and proximity to major retailers like Walmart, Publix, and more. The property features a weighted average lease term of 4.85 years, with all tenants on NNN leases, ensuring consistent income streams. Built-in rent bumps provide organic NOI growth, further enhancing the investment's long-term value. This multi-tenant retail center offers a secure and profitable investment with significant upside potential. The property's strong tenant base, favorable lease terms, and prime location make it an attractive acquisition for discerning investors seeking a stable, high-performing asset in a thriving market. The seven tenants have a history dating back to the early 2000s, demonstrating the property's enduring appeal and market strength. The average rental rate within the center is $29.7 per square foot.

• CAP approach

  CAP return

  Valuation

  6%

  $3,517,403

  6.5%

  $3,246,834

  7%

  $3,014,917

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,411,013

  Geo Method

  $3,411,013

• Alternative Use

  Use

  Valuation

  Residential

  $2,738,826

  Hospitality

  $2,508,750

  Educational

  $2,087,250

  Medical

  $2,159,034

  Retail

  $3,246,834

Location Insight

City

Clearwater

County

Pinellas

State

Florida

Latitude

27.9157

Longitude

-82.7253

CBSA code

45300

CBSA name

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

Property Tax & Assessments

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