3545 3561-3621 & 3633 US HIGHWAY 19 New Port Richey FL 34652 APN: 19-26-16-0010-02800-0000; 19-26-16-0010-01300-0051; 19-26-16-0010-02800-0061

Property History

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Property Type

Retail, Land

Property Subtype

Shopping Center, Commercial

Asking Details

Asking Cap Rate

******

Marketing Description

LQ Commercial Tampa Bay, LLC is pleased to offer for sale the commercial property at 3545, 3561 – 3621, and 3633 US Highway 19, New Port Richey, Florida, totaling ± 5.4 acres of land.

While currently leased to a variety of short-term tenants, current uses are not the highest-and-best uses of the property. Therefore, the offering should be considered a “covered land play” with the asset generating current income but poised for redevelopment and/or re-tenanting.

The offering includes three (3) parcels. The largest is a ± 4.48-acre parcel with over 334’ of frontage on US Highway 19 and improved with a 40,960 SF building that is 100% leased to two tenants – For The Floor (floor covering retailer) and Pall Corporation (space is being used as a warehouse for storage of boxes). The other two parcels include adjacent ± 0.58-acre parcel also fronting on US Highway 19 (179') and a ± 0.34-acre parcel. Other income-generating uses on the parcels include a drive-up coffee shop and seasonal fireworks sales.

The property is located at the northwest quadrant of US Highway 19 and Moog Road, a signalized intersection. This quadrant includes the Universal Mall, a 90,500 SF retail center that the subject parcels are located in front of. Two other separately owned parcels with a CVS drug store and a local pharmacy complete the quadrant.

The surrounding area is experiencing significant, new investment as evidenced by the 2020 purchases of the Universal and Holiday Malls, located adjacent and catty-corner to the property respectively.

In addition, a new Workforce and Innovation Training Center opened nearby and Lennar developed Copperspring, 426-homesite master-planned community approximately two miles away on SR 54.

Landscaping upgrades along US Highway 19 were also recently completed.

The property offers an investor/developer the opportunity to acquire a cash-flowing asset, in a prime location on US Highway 19, with re-tenanting and/or redevelopment opportunity.

The asset is an open slate waiting for a new owner with a vision to take it to the next level.

The existing building on the main, ± 4.48 acre parcel (19-26-16-0010-02800-0000) was originally a Handy City store. Handy City was a home-improvement retailer owned by New York conglomerate W.R. Grace & Co. When The Home Depot and Lowe’s started entering the Florida market in the 1980’s, W.R. Grace & Co. began closing Handy City locations in Florida and eventually closed the Handy City at this site. The current owner purchased the property when the building was vacant and subsequently leased it to an indoor flea market operator for over 15 years. After the flea market vacated, approximately half of the building was leased to the flooring store and the other half was leased to the Sheriff’s Youth Ranch Thrift Store for 10 years. Later, the current tenant Pall Corporation took over the former Sheriff’s Youth Ranch Thrift Store space.

Investment Highlights

Redevelopment and/or re-tenanting opportunity
The three parcels, totaling ± 5.4 acres, are well positioned as a “covered” land play for future redevelopment.
Zoned C-2 General Commercial District by Pasco County which allows for a wide variety of uses.
Short-term Leases
All the tenants have short-term leases or the ability of the landlord to negate a tenant’s options.
Current Cash Flow
Current return on investment while planning for a future redevelopment.
The property generates $308,367 in pro forma net cash flow from the current tenants.
The 40,960 SF building is 100% leased to two (2) tenants: For The Floor and Pall Corporation.
Other revenue generators include an outparcel leased to the White Duck Espresso drive-up coffee shop and a seasonal fireworks stand.
New Investments & Developments
In 2020, Mirshorim Investments purchased the 130,000 SF, Winn-Dixie anchored Holiday Mall retail center for $8,560,000. Mirshorim has invested millions of dollars into renovating the center into a retail service and dining destination.
In 2020, Peleg Group bought the adjacent, 90,500 SF Universal Mall for $3,300,000. New anchor tenant Dollar Tree opened in 2025, along with additional small shop tenants.
Upside Potential in Under-utilized Outparcels
The out-parcel areas could be redeveloped with better uses and higher rents.
Ground lease rents for comparable outparcels generate a minimum of $50,000 annually.
Improving 3-mile Demographics
Current population of 86,145.
Projected annual growth of 30% in the next five (5) years.
Average HH income is $72,358.
Prime Location
Located at the northwest quadrant of US Highway 19 and Moog Road, a major, signalized intersection.
Annual average daily traffic count of 70,000.
Caty-corner to the Holiday Mall, a 90,500 SF community shopping center featuring Winn Dixie, Family Dollar, and Greenberg Dental.
Easy access to both US Highway 19 and Moog Road, which have a signalized intersection. The parcels include a strip of land connecting to Moog Road.
In 2021, Am Skills, a nonprofit workforce training program that teaches high school students and adults the foundational and advanced skills needed for a career in the manufacturing industry, purchased an existing 13,000 SF building just off US Highway 19 in Holiday that was converted to a new Workforce and Innovation Training Center.
Lennar developed Copper Spring, a new 426-homesite master planned community approximately two miles away on SR 54. Home prices start in the upper $200,000’s.
Pasco County upgraded landscaping along US Highway 19 with $3 million in grants from the Florida Department of Transportation
Parking: ±162 Spaces / 4.0 spaces per 1,000 SF
Roof: The roof on the existing building is a modified bitumen roof that is approximately 22 years old. A silicone overlay was applied to the roof in stages between 2023 and 2024. The silicone overlay has a 5 year warranty.
Air Conditioning: The main building has four (4) 25-ton air conditioning units, two for each tenant space. Two of the A/C units are approximately 22 years old, one of the A/C units is 7 years old, and one of the A/C units is 1 year old.
Virtual Tour: https://www.youtube.com/watch?v=sOCyxFD00Hs

Loan History

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Financial History

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Tax History

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Contact Information

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