798 12Th St Palmetto, FL 34221

Property Details for 798 12Th St

Year built

2005

Lot size

1.00 lot acres

Property size

12,100 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional value-add retail investment opportunity presents a fully occupied, 12,100 square foot retail center in Palmetto, Florida. Anchored by three national tenants – Dollar Tree, Pizza Hut, and UPS – the property boasts 100% occupancy with a strong NOI of $178,640 and a 6.00% cap rate. All tenants are on NNN leases, meaning the landlord is reimbursed for common area maintenance, insurance, and real estate taxes. The tenants have demonstrated significant long-term commitment, with multiple lease renewals and recent improvements, including a Dollar Tree store remodel. Current rents are approximately 50% below market value, presenting a substantial upside potential for future income growth. The property sits on a one-acre lot, with a price per square foot of land value at $224.48. Built in 2005, the center benefits from a recently repaved parking lot (2022) and enjoys a prime location, two blocks north of 10th Street East (36,500 AADT) and one mile from South Tamiami Trail (62,000 AADT). Its strategic position across from a Publix Super Market and near other major retailers like Wal-Mart, Winn-Dixie, ALDI, and CVS, ensures high visibility and consistent traffic. Furthermore, the property benefits from significant new developments in the area, including Creekside Commons, North River Ranch, and Esplanade at Artisan Lakes, contributing to a growing population exceeding 150,000 within a five-mile radius. Florida's income tax-free status adds further appeal to this compelling investment. The asking price is $2,716,250.

Location Insight

City

Palmetto

County

Manatee

State

Florida

Longitude

-82.5727

Latitude

27.524