Shoppes of Armenia
Value Add Retail in Tampa, FL
Marketing description
Please Contact Broker for full RR and Underwriting - [email protected]
- Value-Add Investment Opportunity including 9,543 SF of ground floor retail plus 4 apartment units on the second floor, all of which have been recently remodeled.
- Concrete Block Construction. No Deferred Maintenance. Roof Replaced 2020.
- Tenants responsible Repair and Replacement of HVAC
- Complimentary Tenant Mix serving the local community.
- Strong Historical Occupancy. Most tenants have occupied space for 5+ years.
- Excellent Visibility with large Pylon Signage & 250+ feet of frontage along N. Armenia Ave (24,500 VPD) & large pylon sign.
- Dense Trade Area with over 300,000 residents within 5 miles of the property.
- Corner Lot with multiple access points including three on N. Armenia and one on W. Minnehaha St.
- Close Proximity to Bravo Supermarkets (0.3mi), Publix (1.1mi), Neighborhood Walmart (2.1mi), Walmart Supercenter (2.8mi), Raymond James Stadium (3.8mi), Hillsborough Community College (3.9mi), International Mall (5mi), Westshore Mall (6mi), Tampa International Airport (6mi), and the University of South Florida (6.8mi).
- Florida has no state income tax & no longer requires sales tax on commercial lease payments.
- SELLER FINANCING AVAILABLE | CALL BROKER FOR DETAILS
Investment highlights
Franklin Street is pleased to exclusively offer the Shoppes of Armenia, a well-established neighborhood retail center located in the heart of Tampa, Florida. The Property totals 11,523 RSF and features a complementary mix of locally owned mom & pop tenants that have long served the surrounding community — many of which have operated at the center since before COVID.
Originally constructed in 1956 (concrete block construction), the main building was later expanded in 1964 to include additional GLA and four apartment units, offering diversified income potential. The current rent roll features 10 retail tenants with base lease terms ranging from 1 to 3 years, of which four tenants have option periods. Notably, seven tenants have occupied the property for more than five years.
This asset presents investors with a true value-add opportunity through near-term lease-up and increasing lease rates. With Florida’s recent repeal of the commercial rent tax and shorter-term leases in place, a new owner can immediately unlock upside potential from day one in one of Tampa Bay’s most dynamic and fast-growing trade areas.
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