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Sunnyside - St Petersburg FL 8123 4th St N 4,157 SF Retail Building Saint Petersburg, FL 33702 $2,999,000 ($721.43/SF) 7.04% Cap Rate
Investment Highlights
- 6 Years Remaining | Options To Extend | Corporate Guaranteed |2% Annual Rental Increases | Growing Cannabis Operator
- Fronting 4th Street | Off Signalized, Hard Corner Intersection |Surrounding Retailers | Proximity to Downtown
- Dense Demographics In 5-Mile Trade Area | St. Pete MSA | Annual Population Growth | Six-Figure Incomes
- Absolute NNN | Fee Simple Ownership | No State Income Tax | No Landlord Responsibilities
- St. Petersburg - Several New Developments
Executive Summary
• 6 years remaining with 2 (5-year) options to extend, generating NOI and hedging against inflation
• The lease features 2% annual rental increases throughout the initial term and at the beginning of each option
• Corporate guaranteed by Cresco Labs, one of the largest vertically integrated multistate cannabis operators in the United States, with a mission to normalize and professionalize the cannabis industry
• Cresco Labs now has 73 operating stores in 8 states and does nearly $655.8M in annual revenue
• This location has received excellent reviews on Google, with a 4.9/5.0 average rating after 1,000+ reviews
• Trump’s recent proposal to move cannabis from Schedule I to Schedule III has major implications on the industry which would offer companies tax benefits, more financing availability, and increase operating margins
• The lease features 2% annual rental increases throughout the initial term and at the beginning of each option
• Corporate guaranteed by Cresco Labs, one of the largest vertically integrated multistate cannabis operators in the United States, with a mission to normalize and professionalize the cannabis industry
• Cresco Labs now has 73 operating stores in 8 states and does nearly $655.8M in annual revenue
• This location has received excellent reviews on Google, with a 4.9/5.0 average rating after 1,000+ reviews
• Trump’s recent proposal to move cannabis from Schedule I to Schedule III has major implications on the industry which would offer companies tax benefits, more financing availability, and increase operating margins
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Storefront
Building Size
4,157 SF
Building Class
C
Year Built/Renovated
1925/2022
Price
$2,999,000
Price Per SF
$721.43
Cap Rate
7.04%
NOI
$211,074
Tenancy
Single
Building Height
1 Story
Building FAR
0.16
Lot Size
0.58 AC
Zoning
Commercial Stores - Commercial Stores, Retail Outlet
Parking
43 Spaces (10.34 Spaces per 1,000 SF Leased)
Frontage
223’ on 4th St
Amenities
- Pylon Sign
- Signage
Moderately walkable
60/100
Exceptionally drivable
90/100
Good public transit
70/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 30-30-17-75528-004-0040 | Improvements Assessment | $534,444 |
| Land Assessment | $695,556 | Total Assessment | $1,230,000 |
Property Taxes
Parcel Number
30-30-17-75528-004-0040
Land Assessment
$695,556
Improvements Assessment
$534,444
Total Assessment
$1,230,000
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Sunnyside - St Petersburg FL | 8123 4th St N
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