Boardwalk at Midtown Shopping Center for Sale

Shopping Center for Sale
Catylist Listing ID: 30395599
Property Subtypes: Neighborhood Center, Strip Center
Building Size (RSF): 12,737 SF
Gross Land Area: 1 Acre
Sale Price: $2,200,000
Unit Price: $172.73 PSF
Ceiling: 10 ft.
Property Use Type: Investment
Building Name: Boardwalk at Midtown
Sale Terms: Cash to Seller
Cap Rate: 6.0%
Average Occupancy Rate: 100
Last Updated: 4/8/2019

Overview / Comments

Excellent and rare opportunity to own a shopping center located in Midtown Tallahassee. This shopping center is 100% occupied with solid leases and a good mix of six tenants.

Financials

Finance Data Year 2019
Potential Rental Income $198,232 (Annual)
Net Operating Income $135,913 (Annual)

Additional Details

Nearest MSA: Tallahassee
County: Leon
Taxing Authority: Leon County
Tax ID/APN: 12-25-42-000-008-(0-3)
Zoning: CU45
Retail Clientele: General, Business
Property Located Between: 5th & 6th Ave
Property Visibility: Excellent
Largest Nearby Street: North Monroe Street
Feet of Frontage: 160
Traffic/Vehicle Count: 30,000
Highway Access: North Monroe
Airports: TLH
Site Description: The subject property is located at 1213-1231 North Monroe Street, Tallahassee, Leon County,Florida and consists of a retail strip center containing a total of 12,737 square feet. The subject site is approximately 1.00 acre, situated on the east side of North Monroe Street, approximately 160 feet south of its intersection with East 6th Avenue.
Area Description: Most of the land uses surrounding the subject consist of office or retail uses. There are small older subdivisions to the east and west of the subject property with single family homes, and townhouses. The Tallahassee Mall is located approximately three miles north of the subject along North Monroe Street.
Total Number of Buildings: 2
Number of Stories: 1
Property Condition: Good
Year Built: 1985
Roof Type: Mansard
Construction/Siding: Brick
Exterior Description: The exterior walls are concrete block on the sides and front. The front of the building has a brick fa├žade. The exterior wall in the rear of the building is metal.
Parking Ratio: 4.2 (per 1000 SF)
Parking Type: Surface
Parking Description: Surface parking
Total Parking Spaces: 42
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Evaporative Cooler
Zoning Description: CU-45 Central Urban District
Lot Frontage: 160
Lot Depth: 160
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,760 113,073 181,277
Median Age: 30.8 29.09 31.39
Households: 6,004 48,067 75,414

Contact

Photograph of Listing Agent

Steve Mattox

Mattox Realty, Inc TALrex.com Member
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