460 Altamonte Dr Altamonte Springs, FL 32701

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.