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21202 Mariner Pl 6,950 SF 100% Leased Retail Building Lutz, FL 33549 $2,100,000 ($302.16/SF) 6.71% Cap Rate
Investment Highlights
- Located at the signalized intersection of US Highway 41 and State Road 54
- Positioned along State Road 54, Pasco County’s primary east-west commercial corridor
- Hungry Howie’s and Pinch A Penny have each occupied the property for over twenty (20) years
- Over ±200 feet of frontage, multiple points of ingress/egress, and cross-access with CVS enhance accessibility
- 100% leased neighborhood retail center occupied by a diversified mix of service-oriented tenants operating under NNN leases
- Weighted average lease term remaining of approximately ±2.7 years
Executive Summary
RIPCO Real Estate is pleased to offer for sale Mariner Plaza, a ±6,950 SF, four-tenant neighborhood retail center located at the signalized intersection of US Highway 41 and State Road 54 in Lutz, Florida. The property is 100% occupied by Pinch A Penny, Hungry Howie’s, Mimino Food Market, and The Compassionate Clinic, all operating under NNN lease structures with expense reimbursement provisions that minimize landlord responsibilities.
The asset benefits from combined traffic counts exceeding ±98,000 vehicles per day, over ±200 feet of frontage and cross-access with CVS. Within a three-mile radius, the
population exceeds 47,022 with an average household income of approximately $147,033. Pasco County is one of Florida’s fastest-growing counties, with projected population
growth exceeding 11% through 2030.
Mariner Plaza represents an attractive investment opportunity for investors seeking stable cash flow with value-add potential. The property’s lease rollover profile provides future mark-to-market leasing opportunities, while recent ownership capital improvements reduce near-term capital expenditure requirements.
The asset benefits from combined traffic counts exceeding ±98,000 vehicles per day, over ±200 feet of frontage and cross-access with CVS. Within a three-mile radius, the
population exceeds 47,022 with an average household income of approximately $147,033. Pasco County is one of Florida’s fastest-growing counties, with projected population
growth exceeding 11% through 2030.
Mariner Plaza represents an attractive investment opportunity for investors seeking stable cash flow with value-add potential. The property’s lease rollover profile provides future mark-to-market leasing opportunities, while recent ownership capital improvements reduce near-term capital expenditure requirements.
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Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
6,950 SF
Building Class
B
Year Built
1985
Price
$2,100,000
Price Per SF
$302.16
Cap Rate
6.71%
NOI
$140,942
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Zoning
C2 - C2 - Commercial General - Pasco County
Parking
26 Spaces (3.74 Spaces per 1,000 SF Leased)
Amenities
- Dedicated Turn Lane
- Freeway Visibility
- Air Conditioning
Fairly walkable
40/100
Very drivable
80/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 25-26-18-0000-05700-0020 | Improvements Assessment | $313,804 |
| Land Assessment | $306,777 | Total Assessment | $620,581 |
Property Taxes
Parcel Number
25-26-18-0000-05700-0020
Land Assessment
$306,777
Improvements Assessment
$313,804
Total Assessment
$620,581
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