Listed by Ripco Real Estate
$42,921,000
John's Pass Village
Details
APN 15-31-15-58320-002-0020
Property Type Retail, Special Purpose
Sub Type Shopping Center, Garage/Parking
Square Footage 53,853
Net Rentable (SqFt) 42,691
Units 20
Cap Rate 7.5%
NOI $3,219,084
Occupancy 95.3%
Tenancy Multi
Brand/Tenant Hooters, Bubba Gump Shrimp Co.
Rent Bumps Yes
Pro-Forma Cap Rate 9.72%
Pro-Forma NOI $4,171,887
Price per SqFt $797
Buildings 4
Stories 3
Acreage 2.130
Zoning C-1 - Tourist Commercial District (City of Madeira Beach), C-2 - Marine Commercial District (City of
Parking Spaces 371 spaces
Parking per 1,000 SqFt 6.89
Investment Type Stabilized
±53,853 SF Mixed-Use (Retail/Hotel/Parking) Plaza In The Heart of Madeira Beach, FL (Tampa Bay MSA)
Marketing description
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.
Investment highlights
- 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
- 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
- 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
- 35,061 population within a 3-mile radius
- 133,236 average household income within a 3-mile radius
Listing Contacts
Listed by Ripco Real Estate
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$3,219,084.00
$268,257.00/mo
Valuation Metrics
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DSCR
7.5%
Cap Rate
7.5%
ROI
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