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14041 N Florida Ave 2,372 SF Retail Building Tampa, FL 33613 $1,794,194 ($756.41/SF) 6.20% Cap Rate
Investment Highlights
- Maxa Ride recently signed a 5-year lease with +3% rental increases annually, increasing cash flow and hedging against inflation
- The property was fully renovated in 2022, reducing the likelihood of capital expenses at the property
- The dealership is located on the eastside of N Florida Ave, one of the primary north-south thoroughfares in Tampa with an AADT of 24,000
- Absolute NNN lease provides stabilized cash flow with no Landlord responsibilities
- Lease includes three, 3-year renewal options each with annual rent increases
- The property sits within a dominant automotive corridor featuring 19 nearby dealerships, offering exceptional visibility & access to consumer traffic
Executive Summary
RIPCO Real Estate is pleased to offer for sale 14041 N Florida Avenue, a two-building, ±2,372 SF car dealership located on the east side of N Florida Avenue in Tampa,
FL. The property was recently leased to Maxa Ride on a 5-year, Absolute NNN lease with +3% annual rent increases throughout the lease term providing a hedge against
inflation. The property was fully renovated in 2022 and contains a paved site with ample parking for automotive inventory. Centrally located along North Florida Avenue
with an AADT of 24,000, the property sits within a dominant automotive corridor featuring 19 nearby dealerships, offering exceptional visibility and access to strong
consumer traffic. Within 3 miles of 14041 N Florida Avenue, there is a population of 114,440 and an average household income of $76,141.
The asset would be an attractive opportunity for investors looking for no landlord responsibilities, a newly-renovated commercial property, significant parking area for
holding inventory, and located adjacent to I-275, one of the primary north-south thoroughfares in the Tampa MSA with 140,000 AADT.
FL. The property was recently leased to Maxa Ride on a 5-year, Absolute NNN lease with +3% annual rent increases throughout the lease term providing a hedge against
inflation. The property was fully renovated in 2022 and contains a paved site with ample parking for automotive inventory. Centrally located along North Florida Avenue
with an AADT of 24,000, the property sits within a dominant automotive corridor featuring 19 nearby dealerships, offering exceptional visibility and access to strong
consumer traffic. Within 3 miles of 14041 N Florida Avenue, there is a population of 114,440 and an average household income of $76,141.
The asset would be an attractive opportunity for investors looking for no landlord responsibilities, a newly-renovated commercial property, significant parking area for
holding inventory, and located adjacent to I-275, one of the primary north-south thoroughfares in the Tampa MSA with 140,000 AADT.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Auto Dealership
Building Size
2,372 SF
Building Class
C
Year Built/Renovated
1971/2022
Price
$1,794,194
Price Per SF
$756.41
Cap Rate
6.20%
NOI
$111,240
Tenancy
Single
Building Height
1 Story
Building FAR
0.12
Lot Size
0.44 AC
Zoning
CG - Commercial General
Parking
60 Spaces (25.3 Spaces per 1,000 SF Leased)
Frontage
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | U-01-28-18-0TD-000011-00002.5 | Improvements Assessment | $250,660 |
| Land Assessment | $278,440 | Total Assessment | $529,100 |
Property Taxes
Parcel Number
U-01-28-18-0TD-000011-00002.5
Land Assessment
$278,440
Improvements Assessment
$250,660
Total Assessment
$529,100
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