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Coachman Plaza 2198 Coachman Rd NE 20,240 SF 100% Leased Retail Building Clearwater, FL 33765 $3,390,000 ($167.49/SF) 6.78% Cap Rate
INVESTMENT HIGHLIGHTS
- Fully Occupied – Fully leased strip center delivering immediate income, with upside potential to increase value over time.
- Low Price/SF Basis – The property is coming to market priced well below replacement cost at $167.49 PSF
- Low Vacancy Market – Located in one of Florida’s densest retail markets, with a current vacancy rate of just 3.6%
- Below Market Rents – Average gross rents of $16.98/SF offer upside potential to align with market, increasing income and property value.
- Ample Parking – Coachman Plaza houses 98 parking spaces, reflecting a parking ratio of 4.84 spaces per 1,000 square feet of leasable area.
- Short Term/Gross Leases – With a weighted average lease term of 1.86 years, these leases offer upside potential through conversion to a NNN structure
EXECUTIVE SUMMARY
Broker of Record
Kyle Matthews
License # CQ1066435 (FL)
Matthews Real Estate Investment Services, Inc
1600 West End, Ste. 1500 Nashville, TN 37203
(866) 889-0550
Kyle Matthews
License # CQ1066435 (FL)
Matthews Real Estate Investment Services, Inc
1600 West End, Ste. 1500 Nashville, TN 37203
(866) 889-0550
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Building Size
20,240 SF
Building Class
C
Year Built/Renovated
1979/1993
Price
$3,390,000
Price Per SF
$167.49
Cap Rate
6.78%
NOI
$229,766
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.27
Lot Size
1.70 AC
Zoning
C, Clearwater
Parking
50 Spaces (2.47 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Pylon Sign
- Signage
- Signalized Intersection
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 12-29-15-70182-400-1602 | Improvements Assessment | $1,249,221 |
| Land Assessment | $750,779 | Total Assessment | $2,000,000 |
PROPERTY TAXES
Parcel Number
12-29-15-70182-400-1602
Land Assessment
$750,779
Improvements Assessment
$1,249,221
Total Assessment
$2,000,000
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Coachman Plaza | 2198 Coachman Rd NE
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