UNIVERSITY MEDICAL PARK IS A MEDICAL OFFICE COMPLEX WITH APPROXIMATELY 500' OF FRONTAGE ON FLETCHER AVE. THIS PROPERTY IS IDEALLY SITUATED NEAR NUMEROUS HOSPITALS, INCLUDING MOFFIT CANCER CENTER, UNIVERSITY COMMUNITY HOSPITAL, ALL CHILDREN'S HOSPITAL, SHRINER'S HOSPITAL, AND THE VA HOSPITAL. THIS PROPERTY IS LOCATED IN THE BIGGEST MEDICAL CORRIDOR IN TAMPA, FL, MAKING IT ONE OF THE PREMIER LOCATIONS TO OWN MEDICAL OFFICE SPACE IN ALL OF TAMPA! THIS FANTASTIC INVESTMENT OPPORTUNITY WILL INSTANTLY PRODUCE A CASH-ON-CASH RETURN OF OVER 20% AND A CASH-0N-CASH RETURN OF OVER 25% BY 2023! THIS IS A RARE VALUE-ADD OPPORTUNITY WITH MASSIVE UPSIDE FOR AN INVESTOR! UNIVERSITY MEDICAL PARK (UNIT D) IS A 6,300 SQUARE FOOT (M.O.L.) OFFICE BUILDING. THE PROPERTY IS IN EXCELLENT CONDITION AND IS THE PERFECT INVESTMENT OPPORTUNITY FOR AN OWER/USER OR A BUYER LOOKING FOR CONSISTENT RENTAL INCOME. THE PROPERTY IS PART OF UNIVERSITY MEDICAL PARK WHICH INCLUDES SEVEN ADDITIONAL OFFICE BUILDINGS. UNIT D IS LOCATED DIRECTLY IN THE FRONT OF THIS DEVELOPMENT, AND THUS HAS AMAZING FRONTAGE, STREET VISIBILITY, AND AMPLE PARKING FOR ALL STAFF AND CUSTOMERS! THE BUILDING IS CONCRETE BLOCK AND IS IN PRISTINE CONDITION AS THE CURRENT PLUMBING, HVAC SYSTEMS, AND ROOF ARE ALL IN FANTASTIC CONDITION. THE INTERIOR OF THE UNIT HAS BEEN WELL-MAINTAINED BY THE CURRENT TENANTS AND OWNER. THE PROPERTY HAS BEEN USED AS AN OWER-OCCUPIED MEDICAL OFFICE SINCE IT WAS CONSTRUCTED IN 2000, EXCEPT FOR THE RECENT ADDITION OF AN ANNUAL TENANT WHO CURRENTLY RENTS A PORTION OF THE SPACE NOT OCCUPIED BY THE OWNER. THIS BEAUTIFUL MEDICAL PARK IS PERFECT FOR AN OWNER/USER OR ANY MEDICAL TENANT! IF THE BUYER WERE TO AGGRESSIVELY MARKET AND SHOW THE PROPERTY, IT CAN BE LEASED IN NO TIME. THE DEMAND FOR THIS TYPE OF PROPERTY HAS NEVER BEEN HIGHER DUE TO THE LIMITED SPACE AVAILABLE ON FLETCHER AVE! SELLER FINANCING AVAILABLE! THE BUYER HAS AN AMAZING OPPORTUNITY TO PURCHASE THIS ASSET AND TAKE ADVANTAGE OF THE HUGE DEMAND FOR MEDICAL OFFICE SPACE IN THIS AREA. FURTHERMORE, THE PROPERTY IS ALREADY SET UP WITH FIRST CLASS MEDICAL EQUIPMENT THROUGHOUT THE (8) EXAM ROOMS AND (7) EXECUTIVE OFFICES. IN THIS PARTICULAR LOCATION, COMPARABLE OFFICES ARE CURRENTLY RENTING FOR OVER $25-$27/S/F AND ARE PURE NNN. THIS MEANS THAT THE TENANT WOULD BE RESPONSIBLE FOR ALL OPERATING EXPENSES ON-SITE, INCLUDING THE MONTHLY HOA FEE IN ADDITION TO THEIR MONTHLY RENTAL PAYMENTS. WHAT MAKES THIS INVESTMENT EVEN BETTER IS THE FACT THAT THE SELLER IS WILLING TO OFFER SELLER FINANCING, ALLOWING THE BUYER TO INCREASE THEIR CASH-ON-CASH RETURN TO OVER 15% RIGHT AWAY WITH A LOW DOWNPAYMENT AND TERMS YOU CAN’T FIND ANYWHERE ELSE! BASED ON THE CURRENT AVERAGE MARKET RENTAL RATE OF $25/S/F, THE PROPERTY IS EXPECTED TO PRODUCE AND NOI OF OVER $157,500. THIS WILL ONLY INCREASE WITH THE YEARLY RENTAL BUMPS ANY MEDICAL TENANT WILL HAVE IN THEIR LEASE. THE PROPERTY ALSO CONSISTS OF LEASABLE SPACE IN THE UPSTAIRS PORTION OF SUITE D, WHICH IS CURRENTLY USED AS A BREAK ROOM AND LUNCH AREA FOR EMPLOYEES. THIS BRINGS THE APPROXIMATE TOTAL GROSS LEASABLE SQUARE FOOTAGE TO OVER 6,300 S/F (M.O.L.). SUITE D IS PART OF THE UNIVERSITY MEDICAL PARK HOA, WHICH INCLUDES ALL OTHER BUILDINGS WITHIN THE COMPLEX. THIS IS ANOTHER INCREDIBLE BENEFIT OF OWNING THIS PARTICULAR PROPERTY AS THE HOA IS RESPONSIBLE FOR ALL EXTERIOR REPAIRS AND MAINTENANCE, INCLUDING, BUT NOT LIMITED TOO; THE PARKING LOT, ROOF REPAIR, HVAC UNITS, EXTERIOR CAM CHARGES, PROPERTY INSURANCE, LAWNCARE, MANAGEMENT FEE, DRAINAGE AND ROADS, FIXTURES ON-SITE, TRASH COLLECTION, CLEANING, PAINTING OF THE EXTERIOR, AND ANY OTHER OPERATING EXPENSES FOR MAINTAINING THE BUILDING AND COMMON AREAS. THIS ONLY ADDS TO THE LONG LIST OF ATTRACTIVE FEATURES THAT THIS INVESTMENT OPPORTUNITY POSSESSES. DUE TO THE NNN NATURE OF THE LEASES IN THE AREA, A BUYER WHO LEASES THE PROPERTY TO ANY FUTURE TENANT WILL HAVE THE ABILITY TO PASS THROUGH ALL HOA EXPENSES TO THE TENANT, LEAVING THE OWNER WITH FEW, IF ANY, FUTURE EXPENSES. THIS HELPS THE BUYER LIMIT THE AMOUNT OF POTENTIAL REPAIRS MOVING FORWARD! THE HOA CURRENTLY HAS A MONTHLY FEE OF $1,793 AND AN ANNUAL FEE OF $21,516 IN 2020, WHICH SHOULD REMAIN IN THIS RANGE MOVING FORWARD.
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Office Space
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