460 Altamonte Dr Altamonte Springs, FL 32701

Property Details for 460 Altamonte Dr

Year built

1989

Lot size

2.92 lot acres

Property size

31,674 SF

Property type

Specialty properties

Property subtype

Retail properties

Description

Altamonte Oaks, a three-story, Class B office building totaling 31,674 rentable square feet, presents a compelling investment or owner-user opportunity. Located at 460 E Altamonte Dr, Altamonte Springs, FL 32701, this property sits on a 2.92-acre lot with excellent visibility on SR 436, boasting 62,000 AADT. The building, constructed in 1989 and extensively renovated in 2007, features a striking atrium lobby with a glass elevator. Bank of America, an investment-grade tenant (S&P A-, Moody's A3), occupies a significant portion of the building, operating a branch with six drive-thru lanes and ample parking. Their lease, initially a 10-year term starting December 16, 2002, includes 20 five-year renewal options, with 17 remaining. The upper floors offer existing medical build-outs, including exam rooms, offices, and labs, ideal for medical practices or educational facilities. The property benefits from a parking ratio of approximately 4.7 per 1,000 square feet and proximity to Altamonte Mall, AdventHealth Altamonte Springs, and the SunRail station. The property is zoned C-G and offers potential for future development. Recent improvements include a roof replacement (warrantied through 2030) and hardscape/landscape enhancements. This property provides a strong cash flow from the existing tenant while offering opportunities for lease-up of vacant spaces. The location offers easy access to major thoroughfares, including the recently improved I-4 Ultimate project, and a wealth of amenities. The property's cost basis is likely significantly below replacement cost and pre-COVID sale values.

Location Insight

City

Altamonte Springs

County

Seminole

State

Florida

Longitude

-81.3758

Latitude

28.663