2916 Land O Lakes Boulevard

Land O Lakes, FL 34639

Listing ID: 143003
$1,600,000
For Sale
  • Lot Size Acres 4.160
  • Building Sq Ft 18,013
  • Land Sq Ft 181,209
  • Land Price per Sq Ft $8.83
  • CAP Rate % 8.20
2916 Land O Lakes Boulevard - main image
2916 Land O Lakes Boulevard - alt image 2
2916 Land O Lakes Boulevard - alt image 3
Description
David Rosenthal
813.882.0884
david@grimaldicommercialrealty.com
Highlights

  • AMAZING WATERFRONT MIXED USE PROPERTY!

  • IN PLACE 8.2% CAP-RATE, 14%+ CASH-ON-CASH RETURN!

  • 100% OCCUPIED WITH UNDER MARKET RENTS!



  • LOW RENTAL RATES GIVING THE BUYER THE ABILITY TO INCREASE RENTS IMMEDIATELY WITH VERY LITTLE CAPEX!

  • MANY AMENITIES ON SITE INCLUDING A DOCK, ELECTRIC BOAT SLIP, PRIVATE ROAD, WATERFRONT SEATING AREA!

  • RENTAL UNITS IN FANTASTIC CONDITION!


Description

GANN VILLAGE IS A ONE OF A KIND, MIXED USE PROPERTY LOCATED ON GORGEOUS LAKE PADGETT. THIS AMAZING WATERFRONT PROPERTY FEATURES 4-RETAIL UNITS AND 13-MULTIFAMILY APARTMENTS AND 4-STORAGE UNITS. THE VILLAGE IS CURRENTLY 100% OCCUPIED AS THE DEMAND HAS NEVER BEEN HIGHER FOR WATERFRONT PROPERTY IN THE LAND O’ LAKES AREA. WITH THE AMAZING WATERFRONT LOCATION, THIS PROPERTY WILL STAY RENTED ALL YEAR LONG AS THERE IS NO OTHER WATERFRONT PROPERTY LIKE IT IN THE AREA!


THE PROPERTY CONSISTS OF BOTH SHORT-TERM AND LONG-TERM TENANTS WITH EXTREMELY LOW RENTS, MAKING THIS PROPERTY A FANTASTIC INVESTMENT OPPORTUNITY. THE RENTAL RATES ARE SEVERELY UNDER MARKET FOR THE AREA AND PROVIDE THE BUYER WITH A FANTASTIC VALUE-ADD OPPORTUNITY. Furthermore, DUE TO THE FANTASTIC CONDITION OF THESE UNITS, THE BUYER WILL BE ABLE TO RAISE THE RENTS WITHOUT SPENDING MUCH, IF ANY, CAPEX ON THE PROPERTY. THIS IS THE BEST OF BOTH WORLDS FOR AN INVESTOR WHO IS LOOKING FOR THE PERFECT CASH FLOWING ASSET WITH IMMEDIATE UPSIDE AND LOW CAPEX.


THE RETAIL PORTION FEATURES EXTREMELY LONG IN-PLACE LEASES, GIVING THE BUYER SECURITY. THE MULTIFAMILY PORTION HAS MANY MONTH-TO-MONTH TENANTS WITH SEVERELY UNDER MARKET RENTAL RATES FOR THE AREA. A VAST MAJORITY OF THE MONTH-TO-MONTH TENANTS HAVE LIVED AT THE PROPERTY FOR MANY YEARS AND HAVE BEEN FANTASTIC TENANTS, WHICH IS WHY THE SELLER HAS NOT ATTEMPTED TO INCREASE THEIR RENTAL RATES!


BASED ON THE CURRENT RENTS IN PLACE, THE PROPERTY SITS AT AN IMPRESSIVE 8.2% CAP-RATE AND A CASH-ON-CASH RETURN OF APPROXIMATELY 14%??ON DAY ONE!


BUT WAIT, IT GETS BETTER! WITH THE ABILITY TO RAISE THE RESIDENTIAL RENTAL RATES IMMEDIATELY, THERE IS?STRONG?POTENTIAL FOR THE BUYER TO OBTAIN A CAP-RATE OF OVER 10% BY THE END OF 2018, AND A CASH-ON-CASH RETURN OF OVER 20%.


THIS IS THE PERFECT ASSET FOR A SEASONED INVESTOR LOOKING FOR A PERFECT MIX OF STABILITY AND UPSIDE. THE LOCATION ALONE WILL PROVIDE FANTASTIC RENTAL DEMAND. THE RESIDENTIAL UNITS ARE TUCKED BEHIND THE RETAIL PORTION, GIVING THE TENANTS A QUIET AND PRIVATE PLACE TO LIVE. ALL TENANTS HAVE ACCESS TO THE WATERFRONT AREA, WHICH INCLUDES A GRILL FOR OUTDOOR COOKING, WATERFRONT SEATING, A DOCK, ANY MANY OTHER FEATURES. THERE IS PARKING FOR ALL TENANTS AT THEIR RESPECTIVE BUILDINGS AND EXTRA PARKING IN THE BACK FOR GUESTS.


THE UNITS ARE ALL IN FANTASTIC CONDITION. THE OWNER HAS TAKEN GREAT PRIDE IN KEEPING THE VILLAGE IMMACULATE, AND THE UNITS UPDATED WHENEVER ANY WORK WAS NEEDED


Location

GANN VILLAGE (2916 LAND O LAKES BLVD) IS LOCATED ON BEAUTIFUL LAKE PADGETT IN LAND O' LAKES, FLORIDA. THE PROPERTY CONSISTS OF 4.16 TOTAL ACRES MIXED USE PARCEL WITH RETAIL IN THE FRONT AND MULTI-FAMILY IN THE REAR OF THE PROPERTY. LOCATED ON THE EAST SIDE OF LAND O LAKES BLVD WITH 154' OF FRONTAGE (US 41 HWY), IN A DENSELY RESIDENTIAL SUBDIVISION COMMUNITY IN ONE OF THE FASTEST GROWING CORRIDORS IN PASCO COUNTY, WITH GORGEOUS VIEWS OF LAKE PADGETT, YET PERFECTLY SUITED FOR A RETAIL BUSINESS, JUST NORTH OF STATE ROAD 54. LAND O’ LAKES BLVD (US 41 HWY) AND STATE ROAD 54 AVERAGE 55,500 AND 64,000 VEHICLES PER DAY, RESPECTIVELY.

Attachments & Files
Location & Directions
Demographics

All information based on the most recently available data (updated annually) and is provided in 1-mile, 3-mile, and 5-mile radii (radiuses) of the property location.

1-Mile Radius 3-Mile Radius 5-Mile Radius
Total Population3,84639,97188,222
Population Median Age444039
Population by Age0-9 Yrs331453311086
10-19 Yrs403544312559
20-29 Yrs37140698715
30-39 Yrs455474811568
40-49 Yrs624652914028
50-59 Yrs586595712558
60-69 Yrs55448649977
70+ Yrs52238297730
Median HH Income$82,005$83,183$84,843
Total Household Income< 24K19316803109
25-49K21821674986
50-74K30527125486
75-99K17819094540
100-199K47746669837
200K+16112332780
Highest Education LevelNo Diploma9313363017
Diploma or GED713625312527
Some College623604812616
Assoc. Degree25031626939
Bachelors Degree740722216274
Higher Degree49037348701
Total Housing Units1,68015,61433,367
--Owner-Occupied1,20911,95325,117
--Renter-Occupied3222,4135,622
Owner-Occupied Values< 100K1248931728
100-199K22832236768
200-299K36339888475
300-399K23424624762
400-499K1448371817
500K+1165511567
Total Working Age Population3,26531,90069,095
In Work Force1,98620,53746,169
Not In Work Force1,27911,36322,925
Workforce Employed1,92519,62044,073
Workforce Unemployed608651,969
Civlian Workforce1,98520,48546,042
Military Workforce152127
Total Households1,53114,36630,739
Family Households1,15811,00723,782
Non-Family Households3733,3596,957
Married Couple9538,96719,265
Other Family2052,0404,517
Married w/Child3053,6518,446
Single Male w/Child18284772
Single Female w/Child647611,742

Population Change Last Two Decades - Plus Projection

2000%2010%2020%2030
Florida15,982,378+1818,801,310+1421,517,610+1324,340,457
Hillsborough County998,948+231,229,226+191,466,803+161,708,550
Pasco County344,765+35464,697+15534,491+16619,929

No part of this information may be copied, reproduced, repurposed, or screen-captured for any commercial purpose without prior written authorization from MyEListing.

While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

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