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Powell Professional Center 401 Corbett St 464,464 SF 84% Leased Office Building Clearwater, FL 33756 $5,000,000 ($10.77/SF) 5.94% Cap Rate
Investment Highlights
- The property has a diverse tenant mix and staggered lease terms, limiting rollover risk
- 7 vacant units allows an investor to immediately increase cash flow at the property by leasing up spaces, increasing gross rents by approximately 50%
- The asset is located off S Ft Harrison Avenue which has an AADT of 17,500
- 10 of the 14 tenants have no options remaining, giving an investor near-term control of the rent roll and full flexibility to negotiate renewals
- The property is located adjacent to BayCare’s Morton Plant Hospital, a 687-bed facility with more than 50,000 patients annually
- The center is located in Pinellas County, the most densely populated county in the state of Florida
Executive Summary
RIPCO Real Estate is pleased to offer for sale Powell Professional Center, a four-story, 46,464 SF medical/office building located near the intersection of Corbett St and S Ft
Harrison Ave in Clearwater, FL. The property is currently 68.9% occupied by 14 tenants with 7 vacant units. In addition to the vacant units, 10 of the 14 tenants have no options
remaining, giving an investor near-term control of the rent roll and full flexibility to negotiate renewals, reset expense base years, and remix the tenancy at rollover. Powell Professional Center is located adjacent to BayCare’s Morton Plant Hospital, a 687-bed facility with more than 50,000 patients annually. This stretch of S Ft Harrison Ave where the property is located has an AADT of 17,500. Within 3 miles of Powell Professional Center, there is a population of 86,333 and an average household income of $103,259.
The asset is an attractive opportunity for investors looking for a value-add office asset with lease-up opportunity, 10 of the 14 tenants without any options remaining, and located adjacent to Morton Plant Hospital, driving demand for medical users in the area.
Harrison Ave in Clearwater, FL. The property is currently 68.9% occupied by 14 tenants with 7 vacant units. In addition to the vacant units, 10 of the 14 tenants have no options
remaining, giving an investor near-term control of the rent roll and full flexibility to negotiate renewals, reset expense base years, and remix the tenancy at rollover. Powell Professional Center is located adjacent to BayCare’s Morton Plant Hospital, a 687-bed facility with more than 50,000 patients annually. This stretch of S Ft Harrison Ave where the property is located has an AADT of 17,500. Within 3 miles of Powell Professional Center, there is a population of 86,333 and an average household income of $103,259.
The asset is an attractive opportunity for investors looking for a value-add office asset with lease-up opportunity, 10 of the 14 tenants without any options remaining, and located adjacent to Morton Plant Hospital, driving demand for medical users in the area.
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Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
464,464 SF
Building Class
B
Year Built
1985
Price
$5,000,000
Price Per SF
$10.77
Cap Rate
5.94%
NOI
$297,202
Percent Leased
84%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
116,116 SF
Slab To Slab
12’
Building FAR
5.18
Lot Size
2.06 AC
Zoning
Office - Office (City of Clearwater)
Space Availability
- Space
- Size
- Space Use
- Build-Out
- Available
- 2nd Fl-Ste 240
- 2,800 SF
- Office
- Full Build-Out
- Now
Medical Office
- 4th Fl-Ste 410
- 4,428 SF
- Office
- Full Build-Out
- Now
Medical Office
Medical Office
| Space | Size | Space Use | Build-Out | Available |
| 2nd Fl-Ste 240 | 2,800 SF | Office | Full Build-Out | Now |
| 3rd Fl-Ste 320 | 1,545 SF | Office/Medical | Full Build-Out | 30 Days |
| 4th Fl-Ste 410 | 4,428 SF | Office | Full Build-Out | Now |
| 4th Fl-Ste 450 | 2,685 SF | Office/Medical | Full Build-Out | 30 Days |
| 4th Fl-Ste 460 | 2,364 SF | Office | Full Build-Out | 30 Days |
2nd Fl-Ste 240
| Size |
| 2,800 SF |
| Space Use |
| Office |
| Build-Out |
| Full Build-Out |
| Available |
| Now |
3rd Fl-Ste 320
| Size |
| 1,545 SF |
| Space Use |
| Office/Medical |
| Build-Out |
| Full Build-Out |
| Available |
| 30 Days |
4th Fl-Ste 410
| Size |
| 4,428 SF |
| Space Use |
| Office |
| Build-Out |
| Full Build-Out |
| Available |
| Now |
4th Fl-Ste 450
| Size |
| 2,685 SF |
| Space Use |
| Office/Medical |
| Build-Out |
| Full Build-Out |
| Available |
| 30 Days |
4th Fl-Ste 460
| Size |
| 2,364 SF |
| Space Use |
| Office |
| Build-Out |
| Full Build-Out |
| Available |
| 30 Days |
3rd Fl-Ste 320
| Size | 1,545 SF |
| Space Use | Office/Medical |
| Build-Out | Full Build-Out |
| Available | 30 Days |
Medical Office
4th Fl-Ste 450
| Size | 2,685 SF |
| Space Use | Office/Medical |
| Build-Out | Full Build-Out |
| Available | 30 Days |
Medical Office
4th Fl-Ste 460
| Size | 2,364 SF |
| Space Use | Office |
| Build-Out | Full Build-Out |
| Available | 30 Days |
Medical Office
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Moderately walkable
60/100
Moderately drivable
60/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 21-29-15-06462-025-0060 | Improvements Assessment | $4,267,955 |
| Land Assessment | $467,045 | Total Assessment | $4,735,000 |
Property Taxes
Parcel Number
21-29-15-06462-025-0060
Land Assessment
$467,045
Improvements Assessment
$4,267,955
Total Assessment
$4,735,000
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Powell Professional Center | 401 Corbett St
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