Powell Professional Center
±46,464 SF Medical Office Building | Value-Add Opportunity In The Heart Of Clearwater
Marketing description
RIPCO Real Estate is pleased to offer for sale Powell Professional Center, a four-story, 46,464 SF medical/office building located near the intersection of Corbett St and S Ft Harrison Ave in Clearwater, FL. The property is currently 68.9% occupied by 14 tenants with 7 vacant units. In addition to the vacant units, 10 of the 14 tenants have no options remaining, giving an investor near-term control of the rent roll and full flexibility to negotiate renewals, reset expense base years, and remix the tenancy at rollover. Powell Professional Center is located adjacent to BayCare's Morton Plant Hospital, a 687-bed facility with more than 50,000 patients annually. This stretch of S Ft Harrison Ave where the property is located has an AADT of 17,500. Within 3 miles of Powell Professional Center, there is a population of 86,333 and an average household income of $103,259.
The asset is an attractive opportunity for investors looking for a value-add office asset with lease-up opportunity, 10 of the 14 tenants without any options remaining, and located adjacent to Morton Plant Hospital, driving demand for medical users in the area.
Investment highlights
STABLE CASH FLOW & VALUE ADD POTENTIAL
- The property has a diverse tenant mix and staggered lease terms, limiting rollover risk
- 10 of the 14 tenants have no options remaining, giving an investor near-term control of the rent roll and full flexibility to negotiate renewals, reset expense base years, and remix the tenancy at rollover
- 7 vacant units allows an investor to immediately increase cash flow at the property by leasing up spaces, increasing gross rents by approximately 50%
STRATEGIC LOCATION IN CLEARWATER
- The property is located adjacent to BayCare’s Morton Plant Hospital, a 687-bed facility with more than 50,000 patients annually, driving demand for medical users in the area
- The asset is located off S Ft Harrison Avenue which has an AADT of 17,500
- The center is located in Pinellas County, the most densely populated county in the state of Florida
DESIRABLE DEMOGRAPHICS
- 86,345 population within a 3-mile radius
- $103,269 average household income within a 3-mile radius
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