12161 Cortez BlvdBrooksville, FL 34613

Property Details for 12161 Cortez Blvd

Year built

1990

Construction

CONCRETE

Lot size

0.94 AC

Property size (Sq ft)

6,515 SF

Property type

Retail properties

Property subtype

Auto shops

APN

R29-222-18-3780-0000-0010

APU

R2922218378000000010

Description

This fee-simple retail investment opportunity presents a 5,936 square foot Tire Kingdom in Brooksville, Florida. The property, built in 1990 and situated on a 0.94-acre lot, boasts a strong location on Cortez Boulevard, a major retail thoroughfare with over 44,000 vehicles passing daily. The 15-year lease, commencing May 1, 2017, and expiring April 30, 2032, has approximately 7.4 years remaining, with four 5-year options. Rent increases of 10% are built in for May 2027 and the start of each option period, providing inflation protection and NOI growth. The lease is a NNN (Net, Net, Net) agreement with a corporate guarantee, minimizing landlord responsibilities. The property features 19 parking spaces and is zoned for Highway Commercial District (C-2). The current NOI is $94,600, resulting in a 6.30% cap rate, and the asking price is $1,502,000 ($253.03/sq ft). The property benefits from its proximity to Coastal Landing, a dominant power center with over 5.7 million annual visitors, and other major retailers including Walmart, Sam's Club, and Ross. The 5-mile trade area has over 89,700 residents and 22,800 daytime employees, with average household incomes of $81,137. This presents a compelling investment opportunity due to its strong tenant, favorable lease terms, and prime location within a thriving retail corridor. The property's APN is R29-222-18-3780-0000-0010.

• CAP approach

  CAP return

  Valuation

  6%

  $1,799,481

  6.5%

  $1,661,060

  7%

  $1,542,412

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,998,383

  Geo Method

  $2,998,383

• Alternative Use

  Use

  Valuation

  Residential

  $1,401,166

  Hospitality

  $1,283,460

  Educational

  $1,067,824

  Medical

  $1,104,548

  Retail

  $1,661,060

Location Insight

City

Brooksville

County

Hernando

State

Florida

Latitude

28.5342

Longitude

-82.5237

CBSA code

45300

CBSA name

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

Property Tax & Assessments

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