St. Petersburg Warehouse for sale

Warehouse Description

This exceptional strip center, known as ROYAL POINCIANA PLAZA, is situated on 4th Street South, a prominent commercial corridor that stretches across the city. The property sits between 11th and 13th Avenue South on the block of 1201, enjoying a strategic location just north of the bustling Downtown St. Petersburg. With unparalleled accessibility, the site is only a minute away from the vibrant Innovation District, Marina District, Bayfront Hospital, All Children's, and USF. Moreover, it presents quick connections to the Interstate, the Waterfront, and the heart of Downtown St. Pete, all within a 2-minute radius. This coveted strip center features a spacious building of 10,172 square feet and occupies a sizable land area of over half an acre. The versatile layout comprises six retail units and two legal apartments, offering the potential to expand into nine retail units. Its income-generating capabilities are evident with a current gross income of $104k and a net operating income of $90k. With rents currently below market, a value-add buyer has the opportunity to enhance the property's performance and achieve an estimated NOI of $130k to $140k by restabilizing at an estimated $13 to $14 triple net (NNN), surpassing the current average gross rent of $10. The majority of leases are configured on a month-to-month basis, with a few short-term contracts. This allows for ample flexibility in stabilizing the property and capturing its full income-generating potential. The location of this strip center is unparalleled, surrounded by renowned institutions, thriving medical complexes, and the emerging Salt Creek Development. The area has witnessed a surge in commercial activity, boasting new additions such as Dunkin, Taco Bell, a renovated McDonald's, and Wendy's. Additionally, this prime site offers tantalizing future development prospects due to its generous 0.55-acre footprint on the prominent 4th Street.