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$ 5,875,000
Est. payment /mo
Active
119 N 11TH ST #1, 2, 3 Tampa, FL 33602
15,500 SqFt
UPDATED:
10/18/2024 05:13 PM
Key Details
Property Type Commercial
Sub Type Office
Listing Status Active
Purchase Type For Sale
Square Footage 15,500 sqft
Price per Sqft $379
Subdivision City Blue
MLS Listing ID U8236843
HOA Y/N No
Originating Board Stellar MLS
Year Built 2006
Annual Tax Amount $11,691
Lot Size 0.330 Acres
Acres 0.33
Property Description
Channel District Mixed Use Property made up of an Office/Retail Condo Portfolio with optional Residential Penthouse:
Realty Center International LLC proudly presents an exceptional, and totally unique, one-of-a-kind mixed use investment opportunity – a distinctive 3-unit office/retail condo portfolio along with an optional exclusive penthouse condo situated in the highly sought-after Channel District of Tampa. Strategically located just 1.5 blocks away from the sought after Water Street Tampa development and Sparkman's Wharf, this property is positioned perfectly in the middle of the ongoing transformation of Tampa’s Channel District, not just into a dynamic Live-Work-Play community, but a desirable destination for all. Within just a few blocks you will find the Cruise ships port, Tampa aquarium, The Amalie Arena, the scenic Tampa riverwalk, a variety of diverse restaurants & entertainment venues & the Newly approved Ybor Harbor Development. Embrace the uniqueness of a boutique building where each floor functions as its own retail, office or residential condominium, where the elevator stops at your private lobby, with onsite parking &steel construction. The attached parking lot provides tenant convenience & value supplemented by the additional 150 public parking spaces available for lease next door. Must be purchased with attached parking lot, folio #199294-2419. Attached parking lot price $1,125,000. Total price for the 3 commercial condos with the parking lot is $7,000,000
Key Investment Considerations:
1.The high-quality construction, onsite parking & boutique condo design create the opportunity to maximize rental rates. Current market rental rates for Class A office space are conservative at $35 sq ft NNN, & trending upward. There are office/retail spaces renting as high as $50 sq ft & full-service executive suites as high as $73 sq ft
2.The CD-1 zoning is a mixed-use zoning that allows for many additional future uses & development. The ability to either purchase the 4th floor penthouse at this time or a first right of refusal to purchase at a later time, provides an owner with an opportunity for a luxurious on-site residence or additional rental income.
3. Condominium Ownership Flexibility: The condominium ownership structure allows for future disposition flexibility, including the potential future sale of individual units at a premium to users, adds to a diverse investment strategy.
4.The ability to offer tenants some onsite parking, coupled with extra parking available for lease next door, further enhances the property’s attractiveness.
Property Facts: • Number of Condos: 3 Commercial, 1 Residential
• Rentable office/retail pace: 15,500 sq ft total / 1st floor: 3,500 sq ft/ 2nd floor: 6,000 sq ft/ 3rd floor: 6,000 sq ft
• Office/Retail onsite parking spaces: 15
• Optional penthouse: 4 bedrooms, 4.5 baths /AC and heated: 5,426 sq ft / Covered terraces: 592 sq ft / Garage: 1,347 sq ft / Total: 7,365 sq ft
• 6 car garage plus 1 guest spot
The Penthouse, Folio #199294-2418 can be purchased for $5,400,000 if purchased with the commercial condos for a total of $12,400,000
Realty Center International LLC proudly presents an exceptional, and totally unique, one-of-a-kind mixed use investment opportunity – a distinctive 3-unit office/retail condo portfolio along with an optional exclusive penthouse condo situated in the highly sought-after Channel District of Tampa. Strategically located just 1.5 blocks away from the sought after Water Street Tampa development and Sparkman's Wharf, this property is positioned perfectly in the middle of the ongoing transformation of Tampa’s Channel District, not just into a dynamic Live-Work-Play community, but a desirable destination for all. Within just a few blocks you will find the Cruise ships port, Tampa aquarium, The Amalie Arena, the scenic Tampa riverwalk, a variety of diverse restaurants & entertainment venues & the Newly approved Ybor Harbor Development. Embrace the uniqueness of a boutique building where each floor functions as its own retail, office or residential condominium, where the elevator stops at your private lobby, with onsite parking &steel construction. The attached parking lot provides tenant convenience & value supplemented by the additional 150 public parking spaces available for lease next door. Must be purchased with attached parking lot, folio #199294-2419. Attached parking lot price $1,125,000. Total price for the 3 commercial condos with the parking lot is $7,000,000
Key Investment Considerations:
1.The high-quality construction, onsite parking & boutique condo design create the opportunity to maximize rental rates. Current market rental rates for Class A office space are conservative at $35 sq ft NNN, & trending upward. There are office/retail spaces renting as high as $50 sq ft & full-service executive suites as high as $73 sq ft
2.The CD-1 zoning is a mixed-use zoning that allows for many additional future uses & development. The ability to either purchase the 4th floor penthouse at this time or a first right of refusal to purchase at a later time, provides an owner with an opportunity for a luxurious on-site residence or additional rental income.
3. Condominium Ownership Flexibility: The condominium ownership structure allows for future disposition flexibility, including the potential future sale of individual units at a premium to users, adds to a diverse investment strategy.
4.The ability to offer tenants some onsite parking, coupled with extra parking available for lease next door, further enhances the property’s attractiveness.
Property Facts: • Number of Condos: 3 Commercial, 1 Residential
• Rentable office/retail pace: 15,500 sq ft total / 1st floor: 3,500 sq ft/ 2nd floor: 6,000 sq ft/ 3rd floor: 6,000 sq ft
• Office/Retail onsite parking spaces: 15
• Optional penthouse: 4 bedrooms, 4.5 baths /AC and heated: 5,426 sq ft / Covered terraces: 592 sq ft / Garage: 1,347 sq ft / Total: 7,365 sq ft
• 6 car garage plus 1 guest spot
The Penthouse, Folio #199294-2418 can be purchased for $5,400,000 if purchased with the commercial condos for a total of $12,400,000
Location
State FL
County Hillsborough
Community City Blue
Zoning CD-1
Interior
Cooling Central Air, Other, Zoned
Exterior
Parking Features Parking Spaces - 13 to 18, Deeded, Ground Level
Building
Story 1
Foundation Slab
Lot Size Range 1/4 to less than 1/2
Structure Type Stucco
New Construction false
Others
Ownership Condominium
Acceptable Financing Owner Financing
Listing Terms Owner Financing
Special Listing Condition None
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Listed by REALTY CENTER INTERNATIONAL