This Office Property is Off-Market.

690 E Highway 50
Clermont, FL 34711 ·

13,091 SF · Office For Sale

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Bank Of America - Clermont

Price N/A Occupancy 56%
Building Size 13,091 SF Building Class B
Property Type Office Tenancy Multiple
Property Sub-type Office Building APN / Parcel ID 30-22-26-04-00-00-01-4101
Property Use Type Investment
Listing ID: 17996475 Date Created: 01/25/2013 Last Updated: 04/19/2013

Description

The Property consists of a Bank of America anchored, two story 13,091 rentable square foot multi-tenant office building including an additional motor bank structure. Current occupancy is 55.79% or 7,304 square feet, and is leased to one tenant, Bank of America. Bank of America occupies the entire first floor of the building and the drive thru teller structure. Bank of America recently signed a new five year lease which includes seven (7), five year renewal periods. The Lease is a true NNN lease structure in which tenant pays for its proportionate share of all operating expenses.

This investment presents investors with an opportunity to purchase a well located, major bank anchored office building with a significant discount-to-replacement cost. The Property' s in-place tenancy provides significant stabile cash flow but also offers the investors the opportunity to create additional value through aggressive lease-up of remaining available space (5,787 square feet) and capitalize on steadily appreciating market rents and conditions / to take advantage returning economic conditions and increase value with an aggressive lease-up to stabilization strategy.

The Property is located within the City of Clermont and county of Lake County Florida, one quarter mile west of the major intersection of U.S. Highway 27 and State Road 50. Clermont is considered an Orlando suburb and bedroom community and currently has a population of 29,358.

The property sits at the fully lighted intersection on the northwest corner of State Road 50 and Bloxam Avenue. The building is accessible via several entrances, one being off State Road 50, one off Bloxam Avenue, and two off Almond Street bordering the Property to the north. The property has easy and convenient access to US Highway 27 one quarter mile to the east which leads north and south through Florida. The Florida Turnpike and the 408 East-West Expressway are six miles away leading to downtown Orlando which is 22 miles the east.

Research

690 E Highway 50, Clermont, FL 34711 (Lake County)

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