John's Pass Village
±53,853 SF Mixed-Use (Retail/Hotel/Parking) Plaza In The Heart of Madeira Beach, FL (Tampa Bay MSA)
Marketing description
RIPCO Real Estate is pleased to offer for sale John’s Pass Village, a ±53,853 SF mixed-use (retail/hotel/parking) plaza located within John’s Pass Village & Boardwalk on the southeast corner of Gulf Boulevard and 129th Avenue West in Madeira Beach, FL. The property consists of ±11,162 SF of hotel space (24 rooms), ±42,691 SF of retail space, and a six-level parking garage with over 300 parking spaces which is open 24/7. 19 of the 20 retail spaces are currently occupied by a diverse group of tenants, including restaurants, gift stores, boat charters, and others. John’s Pass Village & Boardwalk is Pinellas County’s top tourist attraction, with over 100 merchants and 3.1 million annual visitors. This stretch of Gulf Boulevard where the property is located has an AADT of 22,000. Within 3 miles of John’s Pass Village, there is a population of 35,061 and an average household income of $133,236.
The asset would be an attractive investment opportunity for investors looking for minimal landlord responsibilities, located in Pinellas County, Florida’s most densely populated county, occupied by a diverse tenant mix, and located within John’s Pass Village & Boardwalk, Pinellas County’s most popular tourist attraction.
Investment highlights
STABLE CASH FLOW
John’s Pass Village is a 95.3% occupied mixed-use (retail/hotel/parking) plaza comprised of 19 tenants across ±42,691 SF of retail space with a weighted average lease term (WALT) of 3.35 years, in addition to ±11,162 SF of hotel space (24 rooms)
Of the 19 tenants, 13 tenants have NNN recoveries, Bubba Gump Shrimp Co. has NN recoveries, and Hooters has percentage rent recoveries, providing a stable NOI
John’s Pass Village generates significant income from the parking garage (approximately $1.5M+ annually), along with hotel reservations
The property is spread across 4 buildings, providing investors the ability to carve out and create additional cash flow through a disposition
A+ LOCATION IN THE HEART OF MADEIRA BEACH
John’s Pass Village & Boardwalk is Pinellas County’s top tourist attraction, with over 100 merchants and 3.1 million annual visitors
The property is located near many of Florida’s most popular beaches, such as Redington Beach, Treasure Island, and St. Pete Beach
CAPITAL IMPROVEMENTS
Ownership has invested nearly $2.0 million in capital expenditures since 2019, including hotel additions, roof replacement, electrical upgrades, HVAC improvements, and other major building systems
111 Boardwalk has secured permits for the addition of six new hotel rooms, creating meaningful upside potential
The property also offers a future development opportunity on the surplus land at the northwest corner of Johns Way and Boardwalk Place Way
The center is located in Pinellas County, the most densely populated county in the state of Florida
The asset is located on Gulf Blvd, the primary thoroughfare in Madeira Beach, FL with an AADT of 22,000
STRONG DEMOGRAPHICS
35,061 population within a 3-mile radius
$133,236 average household income within a 3-mile radius
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