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5808 N Florida Ave 1,408 SF Office Building Tampa, FL 33604 $2,342,000 ($1,663.35/SF) 6.75% Cap Rate
Investment Highlights
- Strong Operator & Corporate Guarantee, this is their 2nd Tampa location; the 1st opened in Hyde Park in 2023
- Business model caters to above-average demographics: $133,125 avg HH income, 13,000+ residents within 1-mile
- Zero Landlord responsibilities; tenant signed a new 15-year ground lease
- 2% annual increases and four 5-year options to renew
Executive Summary
This is the 8th Florida location for The Salty Donut, an expanding boutique donut and coffee shop which originated in Miami, Florida. The tenant signed a new 15 year ground lease providing long-term cash flow with zero responsibilities to the landlord, four 5-year options to renew at the conclusion of the base term, and 2% annual rent increases throughout. This location is set to open in early 2025 and will serve as their hub/commissary for future growth in Tampa Bay.
The asset will be completely renovated upon Opening Day, and is located in one of the most vibrant, cultural hotspots in Tampa Bay. Seminole Heights is a culinary and arts destination, home to a variety of architectural styles - many dating back to the 1920‘s, and an eclectic mix of restaurants, breweries, and cafes, offering everything from gourmet dining to food trucks, showcasing local and international cuisines. The district has a strong community vibe, upscale eateries, and tons of character attracting an affluent demographic to live, visit, and play.
The asset will be completely renovated upon Opening Day, and is located in one of the most vibrant, cultural hotspots in Tampa Bay. Seminole Heights is a culinary and arts destination, home to a variety of architectural styles - many dating back to the 1920‘s, and an eclectic mix of restaurants, breweries, and cafes, offering everything from gourmet dining to food trucks, showcasing local and international cuisines. The district has a strong community vibe, upscale eateries, and tons of character attracting an affluent demographic to live, visit, and play.
Property Facts
Sale Type
Investment NNN
Property Type
Office
Property Subtype
Building Size
1,408 SF
Building Class
C
Year Built/Renovated
1926/2022
Price
$2,342,000
Price Per SF
$1,663.35
Cap Rate
6.75%
NOI
$158,085
Tenancy
Single
Building Height
1 Story
Typical Floor Size
1,408 SF
Building FAR
0.08
Lot Size
0.42 AC
Zoning
CI - "CI" typically stands for Commercial Intensive, and it designates areas intended for intensive, highly automotive-oriented commercial uses.
Parking
10 Spaces (7.1 Spaces per 1,000 SF Leased)
Amenities
- Air Conditioning
Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | A-36-28-18-4EK-000021-00005.0 | Improvements Assessment | $624,200 |
| Land Assessment | $100 | Total Assessment | $624,300 |
Property Taxes
Parcel Number
A-36-28-18-4EK-000021-00005.0
Land Assessment
$100
Improvements Assessment
$624,200
Total Assessment
$624,300
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5808 N Florida Ave
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