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Northside Square Office 29399 US Highway 19 N

49,944 SF 92% Leased Office Building Clearwater, FL 33761 £4,929,435 (£99/SF) 9.40% Net Initial Yield

Investment Highlights

  • 100% Occupied by 5 Tenants; Potential Value-Add opportunity with below market rents, along with upside in percentage rent lease with Regus
  • Great exposure on US Highway 19 N., 95,000 AADT
  • $94,792 average household income within a 3-mile radius.
  • Pinellas County Tax Collector occupies 59% of the GLA and recently renewed for three years
  • 105,045 population within a 3-mile radius

Executive Summary

A three-story office building located on US Highway 19 in Clearwater, Florida, the main north-south retail and office corridor in Pinellas county. The asset sits at the southeast corner of US Highway 19 North and Northside Drive, with two points of ingress/egress on both roads. Within 3 miles of the property, there is a population of 105,045 and an average household income of $94,792.
The property is 100% leased to five tenants; the Pinellas County Tax Collector is the building’s the largest tenant, serving roughly 19,000
visitors per month. The office building shares access and parking easements with an Olive Garden, a MidFlorida Credit Union, a Neuragenex that is currently undergoing buildout, and a single-story, 35,744 SF retail/office building whose key tenants include Third Federal Savings & Loan, Pinellas County Property Appraiser, and State Farm Insurance.
This asset would be an attractive opportunity for investors looking for a fully occupied, stable office, with levered IRRs in the mid to high teens.

Property Facts

Sale Type
Investment
Property Type
Office
Building Size
49,944 SF
Building Class
B
Year Built
1986
Price
£4,929,435
Price Per SF
£99
Net Initial Yield
9.40%
NOI
£463,230
Percent Leased
92%
Tenancy
Multiple
Number of Floors
3
Typical Floor Size
16,648 SF
Slab to Slab
12 ft
Building FAR
0.37
Lot Size
3.13 AC
Zoning
C - Commercial
Parking
158 Spaces (3.16 Spaces per 1,000 SF Leased)

Amenities

  • Restaurant
  • Signage

Space Availability

  • Space
  • Size
  • Space Use
  • Condition
  • Available
  • 3rd Fl-Ste 350
  • 1,810-4,234 SF
  • Office
  • Full Build-Out
  • Now
Space Size Space Use Condition Available
3rd Fl-Ste 350 1,810-4,234 SF Office Full Build-Out Now

3rd Fl-Ste 350

Size
1,810-4,234 SF
Space Use
Office
Condition
Full Build-Out
Available
Now

3rd Fl-Ste 350

Size 1,810-4,234 SF
Space Use Office
Condition Full Build-Out
Available Now

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
19-28-16-61516-000-0050
Land Assessment
£678,015
Improvements Assessment
£3,508,093
Total Assessment
£4,186,108
  • Listing ID: 30066608

  • Date on Market: 15/11/2023

  • Last Updated:

  • Address: 29399 US Highway 19 N, Clearwater, FL 33761

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