Listed by Bridgewater Commercial Real Estate
$1,948,900
1.4 Acre Covered Land Play
Details
Property Type Retail
Sub Type Convenience Store, Pharmacy/Drug
Square Footage 10,908
Cap Rate 6.00%
NOI $116,934
Occupancy 100%
Tenancy Single
Brand/Tenant Family Dollar
Lease Type NN
Lease Term 10
Lease Expiration 09/30/2029
Remaining Term 3
Rent Bumps Yes
Lease Options 2
Price per SqFt $179
Year Built 1999
Acreage 1.400
Zoning CCS-1
Parking Spaces 58 spaces
Parking per 1,000 SqFt 5.32
Investment Type Net Lease
Lease Commencement 06/25/2019
Ground Lease No
Retail & Redevelopment | 6.00% CAP
Marketing description
4901 Central Avenue pairs in-place income with significant land upside. Family Dollar, a national retailer, occupies the building on a corporate, double-net lease at a rent well below market for the Central Avenue corridor, which protects the income and leaves clear room to grow.
That rent covers the cost of holding a large, ±1.4-acre corner between two signalized intersections on one of St. Petersburg's most sought-after commercial corridors. With the new SunRunner transit overlay layered on top, the location carries major long-term upside and its highest and best use points toward future redevelopment.
Investment highlights
- Covered Land Play - In-place Family Dollar income covers the cost of holding the site while value builds in the land beneath it.
- Below-Market Rental Rate - In-place rent of about $10.72/SF sits well below market for the Central Avenue Corridor. Rent increases to $11.72/SqFt in June 2029.
- Future Land Value - A large, ±1.4-acre corner whose highest and best use points to mid-rise redevelopment, not long-term small box retail rents.
- SunRunner Transit Overlay - A SunRunner stop sits on the property's north side, placing it in the overlay where CCS-1 allows up to 86 ft of building height and no minimum parking needed.
- Sought-After Corridor - Central Avenue is one of St. Petersburg's most desirable corridors, mixing new construction projects and well-established professional office users.
- Double Net Lease - Leased to a national retailer at the corporate level; tenant covers taxes, insurance, and maintenance, landlord responsible for structure and roof.
Listing Contacts
Listed by Bridgewater Commercial Real Estate
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$116,934.00
$9,744.50/mo
Valuation Metrics
0
DSCR
6%
Cap Rate
6%
ROI
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