1100 North 50th Street is an industrial property for lease in Tampa, FL.
Marcus & Millichap is pleased to offer this multi-building warehouse opportunity in Tampa, Florida. Comprised of four 9,920-square foot buildings, this investment consists of 39,680-square feet. It is located in Hillsborough County, in the Greater Tampa Bay market, home to a total population of 1,292,000 as of 2013 and 171,186 within a five mile radius. With the location in the heart of East Tampa, the economic development is a major draw for new business and an increased labor pool.
The property is currently leased by 24 different tenants. The tenant's leases range from month-to-month to three years. Units range from 1,000 to 2,000 square feet. Most units are open warehouse with some having a small office buildout. Each unit also has a man door in the front and a grade level overhead door. This property has historically retained very stable occupancy.
This portfolio represents a rare industrial investment opportunity with all the elements that one would look for: stable occupancy with high tenant demand. Current NOI is $186,768, which is a 9.26 CAP rate.
The location is on a North 50th Street with 150 feet of frontage. There is excellent visibility and signage with an average annual daily traffic count of 36,000 as of 2013. The property is in close proximity to major roadways such as the Selmon Expressway, I-4, I-75, I-275, Highway 301, and is less than 30 minutes from the Tampa International Airport.
Offering memorandum will be sent upon receiving a confidentiality agreement.
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