32491 US Highway 19 N 6,174 SF Retail Building Palm Harbor, FL 34684 $4,595,000 ($744.25/SF) 5.35% Cap Rate

This unique investment opportunity is 100% occupied by PNC Bank, a national credit Tenant with more than 2,300 branch locations nationwide with a market cap of over $75 billion dollars. The Bank facility was originally constructed in 2007, with Bank Atlantic as the initial Tenant which was subsequently purchased by PNC Bank in 2011. Tenant has occupied the Premises for 19 years and has exercised their renewal option early.
The existing CAP rate of 5.36% has a dramatic increase to 5.9% within 12 months as a result of a 10% Net Rental Income increase. With renewals, the internal rate of return over the next ten years is approximately 7.98%.
The Property is located on the southeast hard corner at the major signalized intersection of U.S. Highway 19 and State Road 584 (Tampa Road), and maintains ingress / egress access directly onto both roadway systems. U.S. Highway 19 is Pinellas County’s major north/south commercial corridor.