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Key Details
Property Type Commercial
Sub Type Business
Listing Status Active
Purchase Type For Sale
Square Footage 6,960 sqft
Price per Sqft $391
Subdivision Cheryl Pearson Rep
MLS Listing ID TB8440006
Construction Status Completed
HOA Y/N No
Year Built 1957
Annual Tax Amount $9,267
Lot Size 0.420 Acres
Acres 0.42
Property Sub-Type Business
Source Stellar MLS
Property Description
The plaza recently underwent a complete interior and exterior renovation of all units; there is no deferred maintenance whatsoever, on a building that is solidly built. This includes A/C units, new roof (2023), new exterior paint, new exterior lighting, new fencing, new landscaping and more. The pylon sign has been completely rewired with new lighting, and all panels have been replaced. Interior improvements include all 5 units being completely redone, to include lighting, flooring (restored terrazzo in a majority of units), ADA bathrooms, and more. All leases include annual escalations. Each unit has their own, dedicated, private outdoor space as well!
The tenant mix is highly desirable, and includes lifestyle tenants (aesthetician, hair care, florists) as well as a multi unit, statewide operator of iron infusion centers as a co anchor. The businesses within the plaza are some of the most popular in their field throughout the city, with loyal followings and strong organic marketing. All tenants have outstanding Google and Yelp reviews-all are 5 out 5 stars, with hundreds of reviews each!
Per the Wall Street Journal (10/30/23) strip malls are currently the hottest asset class in commercial real estate, with a less than 5% vacancy rate nationally. The Hillside Center presents a chance for an investor to purchase turnkey, fully rented and renovated, pride of ownership asset with excellent cash flow. Upside potential can be achieved through built in escalation of rents from all tenants, and renegotiations when leases are up. Half of the building is currently NNN; leases that are expiring can be transferred to NNN to achieve the most instantaneous NOI growth. Additionally, due to the rare CCS-1 zoning, there is the potential long term for redevelopment of the entire site.
Location
State FL
County Pinellas
Community Cheryl Pearson Rep
Area 33703 - St Pete
Zoning CCS-1
Direction N
Interior
Cooling Central Air
Exterior
Roof Type Built-Up
Building
Lot Description Corner Lot, City Limits, Near Public Transit, Sidewalk
Story 1
Foundation Slab
Lot Size Range 1/4 to less than 1/2
Structure Type Block,Concrete,Stucco
New Construction false
Construction Status Completed
Others
Ownership Sole Proprietor
Special Listing Condition None
