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Pelwood Square 18115 Us Hwy 41 N 10,000 SF 100% Leased Office Building Lutz, FL 33549 $3,871,000 CAD ($387.10 CAD/SF) 6% Cap Rate
EXECUTIVE SUMMARY
Pelwood Square (the “Property”) is a 10,000 SF single-story two (2) building suburban office complex located in Lutz, Florida, just on the northern edge of Tampa minutes away from Interstate 275 at the Bearss Avenue interchange. The brick exterior buildings were constructed in 1987 and feature an attractive courtyard setting and ample parking, along with a building monument sign providing opportunity for tenant signage. The Property has been excellently maintained with a new roof added in 2022.
The Property has enjoyed high-demand tenancy for the duration of its existence, ideally lending itself either to tenants focused only on leasing as well as an user-owner seeking to to partially occupy the property. The Property is current 100% leased to seven (7) tenants, the most recent of which entered into a lease at $25.00 per SF on a modified gross basis, which is still on the lower end of the asking rent range for competing office buildings in the area.
The Property has enjoyed high-demand tenancy for the duration of its existence, ideally lending itself either to tenants focused only on leasing as well as an user-owner seeking to to partially occupy the property. The Property is current 100% leased to seven (7) tenants, the most recent of which entered into a lease at $25.00 per SF on a modified gross basis, which is still on the lower end of the asking rent range for competing office buildings in the area.
PROPERTY FACTS
Sale Type
Investment or Owner User
Sale Condition
1031 Exchange
Property Type
Office
Building Size
10,000 SF
Building Class
B
Year Built
1987
Price
$3,871,000 CAD
Price Per SF
$387.10 CAD
Cap Rate
6%
NOI
$232,284 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
10,000 SF
Building FAR
0.21
Lot Size
1.10 AC
Zoning
PD-CN - Planned Development
Parking
40 Spaces (4 Spaces per 1,000 SF Leased)
AMENITIES
- 24 Hour Access
- Courtyard
- Signage
- Monument Signage
- Outdoor Seating
- Air Conditioning
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Pelwood Square | 18115 Us Hwy 41 N
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