1506 54Th Ave N St Petersburg, FL 33703

This fully stabilized and renovated strip mall, known as The Hillside Center, offers a 7.22% cap rate at list price with potential for increased returns. The property is constructed with a concrete slab, concrete block, steel roof decking, and trusses. The building is fully occupied by upscale tenants and was not adversely affected by the 2024 storms. The property benefits from CCS-1 zoning, which allows for various uses, including drive-thrus, pet care, pharmacies, microbreweries, offices, restaurants, bars, retail sales, studios, daycares, and health clubs. The location benefits from an average daily traffic count of 27,000 vehicles, situated directly off an interstate exit into Northeast St. Petersburg. Recent renovations include interior and exterior upgrades to all units, ensuring no deferred maintenance. These upgrades feature new A/C units, a new roof installed in 2023, new exterior paint, new exterior lighting, new fencing, and new landscaping. The pylon sign has been rewired with new lighting and replaced panels. Interior improvements include updated lighting, restored terrazzo flooring in most units, and ADA-compliant bathrooms in all 5 units. All leases include annual escalations, and each unit has dedicated private outdoor space. The tenant mix includes lifestyle businesses such as aestheticians, hair care providers, and florists, as well as a multi-unit, statewide operator of iron infusion centers. The businesses have strong reputations with excellent online reviews. The 0.42-acre property offers long-term redevelopment potential due to its zoning.