5118 N 56th St
Tampa, FL 33610
Tampa Executive Center · Office Property For Sale

Avesta Executive Center is a ±38,352 SF office building located at 5118 North 56th Street in Tampa, Florida. The property, situated on 3.04 acres, consists of a two-story office building, constructed in 1975 and renovated in 2012. In September 2019, the property will become 56.1% occupied by a diverse tenant mix, offering investors or owner-users a value-add opportunity to acquire office product within Tampa's most sought after submarket at below replacement cost. The Tampa Bay region consistently ranks as one of the top metro areas in the U.S. for quality of life based on cost of living, education and culture/leisure. Recently, Forbes ranked the Tampa Bay MSA as one of the nation's top 35 metros for colleges, and one of the top 20 “Most Wired American Cities.” Also, Money Magazine named Tampa as the “Best City in the Southeast” based on a robust job market, affordable housing and quality of life. Tampa Bay is approximately 70 miles west of Orlando, 90 miles north of Fort Myers/Naples, 250 miles northwest of Fort Lauderdale/Miami and 200 miles southwest of Jacksonville. The major cities within the four-county MSA include Tampa, St. Petersburg and Clearwater. Home to three international airports, four seaports, and several major interstate systems, transportation in Tampa Bay is ever-evolving to keep up with the demands of the communities. The City of Tampa is the county seat and largest city in Hillsborough County, and the third-most populous city in Florida. Tampa's economy is a diverse base that includes tourism, agriculture, construction, finance, health care, government, technology, LONG-TERM VALUE - Avesta Executive Center represents a superior long term value as the property is well-positioned to take advantage of the strong and improving market fundamentals. LIMITED AVAILABILITIES - the Tampa MSA continues to see significant leasing activity and little new construction. The resulting increase in occupancy rate has led to a steady and predictable increase in rental rates in all submarkets. LOCATED IN CLOSE PROXIMITY TO INTERSTATE-4 AND I-75. The main driver of the East Tampa submarket continues to be access to Interstate-4 which is the main East-West corridor in Central Florida, one of the fastest growing economic corridors in the nation. ADDITIONAL VALUE-ADD - As of Sept 2019 the building will become 56.1% leased, presenting an ideal opportunity to capture immediate upside due to tightening market fundamentals and continued improvements to the property and surrounding area. DENSE DEMOGRAPHICS with a 2019 population of ±233,850 and Avg HH Income of ±$54,890 (5 miles) GROWTH ANTICIPATED of ±9.37% from 2019-2024 with double-digit growth from 2010-2019 (5-mile radius) Close proximity to area’s main POIs: Florida State Fairgrounds (±1.5 miles), Seminole Hard Rock Hotel & Casino Tampa (±2 miles) and Tampa Executive Airport (±4 miles) Situated near a well-traveled commercial corridor with combined traffic counts of ±56,552 vehicles per day Amenity rich commercial corridor with many retail and food options nearby