• Year Built: 1986
33920 US Hwy 19 North is a mixed-use property for lease in Palm Harbor, FL.
Fantastic opportunity to own a high quality 63,700 SF Mid Rise Office Building in one of Tampa Bayís most populated and stable areas that has a daytime work population of over 21,000 employees (3 mile radius).
Harbor Park is located at a signalized intersection and provides tenants with excellent exposure and visibility through a prominent monument sign located directly on US 19. There is no other mid-rise office property along US 19 in Palm Harbor that offers the access, exposure and amenities that Harbor Park Office Center offers its tenants. Amenities include an abundance of supporting retail, banking and restaurants all within walking distance of the Property.
The Harbor Park Office Center is well maintained and currently 65% leased to quality long term tenants. This stable asset has maintained a 90-95% occupancy level over the past 10 years due to its location, the quality of the asset and the limited competition from similar product types within the immediate area.
The current owner is selling the property for estate planning purposes and would like to close the sale by July/August of this year. This asset represents an excellent opportunity for an experienced investor to acquire a property at below replacement cost and to add value through the lease up of the current vacancy.
The acquisition price of $5,750,000 ($90.27 PSF) combined with the sellerís guarantee of a 10% return to the investor during the initial 12 months of ownership will allow an investor to lease the asset at market rates, thereby continuing the excellent performance and returns that this asset has generated over the years.
While our pro-forma calls for a lease up period of 2 years, we believe the market will respond at a much faster pace and the property could reach stabilization within 12 months. As evidenced by a Net Operating Income of $767,251 for 2012 and an average annual NOI of $745,264 over the last 9 years (2004-2012), this investment opportunity offers the upside that investors are looking for in today's market.
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- Ed Killmer, agent and Rofo Pro