The USPS has occupied the property since 1992, with a new lease signed in 2005 to coincide with a retail addition and renovation to the existing structure. The lease has a 25-year base term with 13+ years remaining. The rental rate remains flat throughout the balance of the term, with no early termination options available to the tenant.
The Landlord's responsibilities include upkeep of the roof and structure, plus insurance for the building. Tenant pays all other operating expenses for the property, including insurance for the building's contents, real estate taxes, and all other maintenance of the property except the roof and structure.
With over 13 years remaining on the lease and minimal owner maintenance requirements, this property offers investors reliable long-term income from a government entity.
The property is located in St. Petersburg, FL, the largest city in the most densely populated county in the State of Florida (Pinellas). The population within a 3-mile radius tops 100,000, while the 5-mile radius includes 209,255 residents, with a projected 5-year growth rate of 3.87%.
