Northside Square Office | 29399 US Highway 19 N
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Northside Square Office 29399 US Highway 19 N
49,944 SF 92% Leased Office Building Clearwater, FL 33761 $8,860,320 CAD ($177 CAD/SF) 9.40% Cap Rate
Investment Highlights
- 100% Occupied by 5 Tenants; Potential Value-Add opportunity with below market rents, along with upside in percentage rent lease with Regus
- Great exposure on US Highway 19 N., 95,000 AADT
- $94,792 average household income within a 3-mile radius.
- Pinellas County Tax Collector occupies 59% of the GLA and recently renewed for three years
- 105,045 population within a 3-mile radius
Executive Summary
A three-story office building located on US Highway 19 in Clearwater, Florida, the main north-south retail and office corridor in Pinellas county. The asset sits at the southeast corner of US Highway 19 North and Northside Drive, with two points of ingress/egress on both roads. Within 3 miles of the property, there is a population of 105,045 and an average household income of $94,792.
The property is 100% leased to five tenants; the Pinellas County Tax Collector is the building’s the largest tenant, serving roughly 19,000
visitors per month. The office building shares access and parking easements with an Olive Garden, a MidFlorida Credit Union, a Neuragenex that is currently undergoing buildout, and a single-story, 35,744 SF retail/office building whose key tenants include Third Federal Savings & Loan, Pinellas County Property Appraiser, and State Farm Insurance.
This asset would be an attractive opportunity for investors looking for a fully occupied, stable office, with levered IRRs in the mid to high teens.
The property is 100% leased to five tenants; the Pinellas County Tax Collector is the building’s the largest tenant, serving roughly 19,000
visitors per month. The office building shares access and parking easements with an Olive Garden, a MidFlorida Credit Union, a Neuragenex that is currently undergoing buildout, and a single-story, 35,744 SF retail/office building whose key tenants include Third Federal Savings & Loan, Pinellas County Property Appraiser, and State Farm Insurance.
This asset would be an attractive opportunity for investors looking for a fully occupied, stable office, with levered IRRs in the mid to high teens.
Property Facts
Sale Type
Investment
Property Type
Building Size
49,944 SF
Building Class
B
Year Built
1986
Price
$8,860,320 CAD
Price Per SF
$177 CAD
Cap Rate
9.40%
NOI
$832,624 CAD
Percent Leased
92%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
16,648 SF
Slab To Slab
12’
Building FAR
0.37
Land Acres
3.13 AC
Zoning
C - Commercial
Parking
158 Spaces (3.16 Spaces per 1,000 SF Leased)
Amenities
- Restaurant
- Signage
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
| Space | Size | Space Use | Condition | Available |
| 3rd Fl-Ste 350 | 1,810-4,234 SF | Office | Full Build-Out | Now |
3rd Fl-Ste 350
| Size |
| 1,810-4,234 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
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3rd Fl-Ste 350
| Size | 1,810-4,234 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
PROPERTY TAXES
| Parcel Number | 19-28-16-61516-000-0050 | Improvements Assessment | $6,236,330 CAD |
| Land Assessment | $1,205,306 CAD | Total Assessment | $7,441,636 CAD |
PROPERTY TAXES
Parcel Number
19-28-16-61516-000-0050
Land Assessment
$1,205,306 CAD
Improvements Assessment
$6,236,330 CAD
Total Assessment
$7,441,636 CAD
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Ari Ravi -
Jaclyn Blair -
Nathan Timmons -
Edward Kemp -
Ripco Real Estate
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Northside Square Office | 29399 US Highway 19 N
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