Gated, waterfront community. Highly desirable concrete block construction with pitched roofs. Excellent community amenity package. Mature, well-maintained landscaping. Centrally located in Tampa.
River Oaks on the Hillsborough River is a 260- unit apartment community located in Tampa, Florida. The property consists of 18 two-story buildings spread across more than 15 acres of land. The buildings are concrete block with brand new pitched roofs and very functional 1980’s looking structures that were constructed in 1974. River Oaks is a specialized acquisition as it has a Land Use Restriction Agreement (LURA) on the deed pursuant to it’s Tax Credit Status. The owner decided years ago to forego the rules of the LURA and run the property conventionally, as well, renting to Section 8 residents. The State of Florida has decided to stop auditing the property and has stated that the current owner will not be able to purchase or build another Tax Credit project. Though the LURA implies ways to stop this type of management it seems clear that the state does not follow through and have left the owner to operate conventionally. Also the owner would be willing to sell his single entity asset in order to keep his 7.5 years of ownership intact. There are further options for “affordable housing” bond deals that have a 10 year ownership. By buying the entity the new owner would keep the current term of ownership intact. All interested parties need to acknowledge that the property is running out of compliance and that they are not interested in future Tax Credit acquisitions.
24,00sf Retail Center. Located in Jacksonville MSA. Shadow Anchor to Wal-Mart and Home Depot. Significant Upside through Leasing Vacant Units and Collection of Pass-thru Expenses.
Franklin Street Real Estate Services is pleased to present this Wal-Mart/Home Depot 24,000sf shadow anchor retail center located in Jacksonville, FL. Jacksonville is one of Florida's largest cities in population and largest by geographic area. The subject property is located on Lem Turner Road at the Interstate Interchange of Lem Turner Road and I-295. Lem Turner has a high traffic count of 17,099+/- ADT as well as great visibility. The property benefits from its close proximity to national retail anchors Super Wal-Mart and Home Depot. The property also benefits from its position as the last Interstate exit heading east before Jacksonville International Airport. The 24,000sf shadow center was built in 2001 and sits on 2.14+/- acres. The property is currently 49.75% occupied that includes credit tenants Radioshack, Subway, and Department of Motor Vehicles. Lem Turner provides an opportunity for an investor to purchase a retail center at arm's length and distressed price without the hassle. There is significant upside potential through leasing of vacant units and collection of NNN expenses currently not being billed/collected by seller.
Franklin Street Real Estate Services is pleased to present this new construction freestanding Family Dollar located in Sylvester, GA. Sylvester is located in southwest Georgia about twenty miles east of Albany and ninety miles north of Tallahassee, FL.
Family Dollar signed a new 10 year corporately guaranteed NN lease which runs through August of 2022. The lease offers ten percent rental increases in each of the six, five year options to renew. Under the lease, the tenant is responsible for the payment of all taxes, insurance and common area maintenance of the property, and the landlord maintains the roof and structure.
Franklin Street Real Estate Services is pleased to present this new construction freestanding Dollar General located in Orlando, FL.
Dollar General signed a new 15 year corporately guaranteed NNN lease which will commence when the store completes construction in November 2013. The lease offers a ten percent rental increase in each of the four, five year options to renew. Under the lease, the tenant is responsible for the payment of all taxes, insurance and common area maintenance of the property, including the roof and structure.
Lender Requests All Offers Received by January 10. Lender owned property with strong value-add potential. Outstanding infill location with Brandon Towne Center within walking distance. Highly desirable concrete block with pitched roofs.
Lakeside Village Apartments is located in Brandon, Florida. The property was built in 1968 of concrete block construction with stucco exterior walls and pitched roofs. The unit mix consists of 18 one bedroom, one bathroom units that are each 575 square feet and 8 two bedroom, one bathroom units that are each 750 square feet. The two bedroom units have central heat and air while the one bedrooms have wall units. The property consists of 10 buildings spread across 2.3 acres. Of the 10 buildings, 9 of them are single story duplexes which are the 1 bedrooms. The last building is two-story and consists of 8 two bedroom units. The immediate sub-market of Brandon is in the midst of undergoing a large-scale redevelopment with Brandon Town Center which is 1M+ of existing square feet to add hundreds of thousands of square feet retail through the Gornto Lake Road extension which has already broken ground. This is estimated to add jobs to the area while both increasing and improving traffic in the area. USAA has committed to invest $165M to build a 420,000 square foot office facility in Brandon which will add 1,200 jobs to the area. Amazon is also building a 1 million square foot distribution center in nearby Ruskin which will generate an additional 1,000 jobs to the area. Lakeside Village Apartments provide an investor with a strong value-add opportunity. After an investor has infused capital and re-positioned the property, we believe occupancy can be increased to market levels due to its' in-fill location. Overall market fundamentals have been improving in the Tampa area. Average occupancy for the comparable properties in the immediate area is approximately 92%. Re-positioning the property coupled with improving market fundamentals will allow an investor to realize a very healthy Net Operating Income in the short-run and capital appreciation in the long-run.
691 Durant is a unique 4 unit apartment building and adjacent lot in the very popular Midtown neighborhood. The quad consist of 4 very spacious 1 bedroom and 1 bath units that are 100% occupied.
691 Durant was built in 1960 and consist of 4 Large One Bedroom units situated on a .2 acre parcel of land. The land could potentially be broken up into 2 separate parcels; one for the quad and one which is being used for parking. The quad consist of 4 spacious 1 bedroom and 1 bath units and is 100% occupied. In addition, all units include individual HVAC systems and are separately metered for all utilities except water & sewer. The property is within walking distance to Piedmont Park, Restaurants, Bars, Ponce City Market, The Masquerade, and Atlanta's CBD is just a short commute away. The property has been well maintained and has very minimal deferred maintenance. The parcel is currently being used as additional parking; nine spaces (one space for each unit and four leased to others). The land could potentially be developed into a single family home, townhomes, or a duplex which would result in additional income.
Cascade Oaks was built in 1968 and contains Fifteen 2 story buildings on a 9.2 acre site. The property is located in one of the highest income neighborhoods of Southwest Atlanta with an average household income of $95,000 within one mile.
Cascade Oaks offers two different floorplans, 16 one-bedroom 1 bath(692 sf), and 96 two-bedroom 1 bath (759 sf). In addition, all units include individual HVAC systems and are separately metered for gas and electricity. The leasing office is centrally located on the property located near the mail center, playground, and laundry facility. In addition the property is within walking distance to shopping including major retailers such as Publix, Starbucks, Home Depot, Walgreens and a Walmart Supercenter is currently under construction. Cascade Oaks is currently below both market occupancy and rental rates. Cash flow can easily be improved through improved operations and minor capital improvements.
Franklin Street Real Estate Services is pleased to present this new construction freestanding Aspen Dental located in Conyers, GA, a suburb located about twenty miles east of Atlanta.
Aspen Dental signed a new 10 year corporately guaranteed NN lease which will commence around December 2013. The lease offers ten percent rental increases every five years as well as in each of the three, five year options to renew. Under the lease, the tenant is responsible for the payment of all taxes, insurance and common area maintenance of the property. The landlord maintains the roof and structure.
Franklin Street Real Estate Services is pleased to present this new construction freestanding Dollar General located in Gainesville, FL.
Dollar General signed a new 15 year corporately guaranteed NNN lease which will commence when the store completes construction in February 2014. The lease offers a ten percent rental increase in each of the four, five year options to renew. Under the lease, the tenant is responsible for the payment of all taxes, insurance and common area maintenance of the property, including the roof and structure.
Palm Harbor, FL
100% occupied, well-maintained retail center. 65% of GLA is at contracted rents below market rents. Asking Price is below replacement cost ($127sf). 72% of GLA has been in center for at least 10 years. Parking Lot was recently re-striped/overlay.
Franklin Street Real Estate Services is pleased to present Curlew Plaza located in Palm Harbor, FL which is located in Pinellas County approximately 20 minutes from both Tampa and St. Petersburg. The site is situated at the of corner US Highway 19 and Curlew Rd, which is a main thoroughfare of the area and has a high traffic count of 76,500+/- ADT. The property is accessible both from Curlew Rd. (through cross access agreement with adjacent owners) and U.S. 19 N. The property sits directly on THE major North-South Highway in Pinellas County and is surrounded by a host of national retailers including Publix, Home Depot, Chase, Jo-Ann Fabrics, Staples, Ihop, Applebees, Petco, CVS, Walgreens, Enterprise Rent-a-Car, and others. The property also benefits from sitting out front of BayCare's Morton Plant Outpatient Center which draws significant daytime traffic.