12161 Cortez Blvd Brooksville, FL 34613-5551

Property Details for 12161 Cortez Blvd

Year built

1990

Construction

CONCRETE

Lot size

0.94 lot acres

Property size

6,515 SF

Property type

Auto shops

APN

R29-222-18-3780-0000-0010

APU

R2922218378000000010

Description

This fee-simple retail investment opportunity presents a 5,936 square foot Tire Kingdom in Brooksville, Florida. The property, built in 1990 and situated on a 0.94-acre lot, boasts a strong location on Cortez Boulevard, a major retail thoroughfare with over 44,000 vehicles passing daily. The 15-year lease, commencing May 1, 2017, and expiring April 30, 2032, has approximately 7.4 years remaining, with four 5-year options. Rent increases of 10% are built in for May 2027 and the start of each option period, providing inflation protection and NOI growth. The lease is a NNN (Net, Net, Net) agreement with a corporate guarantee, minimizing landlord responsibilities. The property features 19 parking spaces and is zoned for Highway Commercial District (C-2). The current NOI is $94,600, resulting in a 6.30% cap rate, and the asking price is $1,502,000 ($253.03/sq ft). The property benefits from its proximity to Coastal Landing, a dominant power center with over 5.7 million annual visitors, and other major retailers including Walmart, Sam's Club, and Ross. The 5-mile trade area has over 89,700 residents and 22,800 daytime employees, with average household incomes of $81,137. This presents a compelling investment opportunity due to its strong tenant, favorable lease terms, and prime location within a thriving retail corridor. The property's APN is R29-222-18-3780-0000-0010.

Location Insight

City

Brooksville

County

Hernando

State

Florida

Longitude

-82.5237

Latitude

28.5342

CBSA code

45300

CBSA name

TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments