5305 Grand Blvd New Port Richey, FL 34652

Property Details for 5305 Grand Blvd

Year built

1981

Lot size

0.74 lot acres

Property size

4,344 SF

Zone code

0PMF

Property type

Medical offices

Property subtype

Medical centers

APN

08-26-16-0260-00800-0000

APU

826160260008000000

Description

This exceptional investment opportunity presents a 4,324 square foot medical office building in New Port Richey, Florida, currently 100% occupied by an established eye clinic under a 15-year absolute triple-net (NNN) lease. The property, located at 5305 Grand Blvd, boasts a strong 7.25% cap rate and a substantial net operating income (NOI) of $134,044. The lease includes 2.5% annual rent increases, ensuring consistent income growth. The tenant, a well-established eye clinic with over 20 years of operation, provides a wide range of services including cataract, glaucoma, and laser eye surgery, along with other specialized procedures. Situated in a high-traffic area with over 60,000 vehicles passing daily, the property benefits from a large consumer base within a 3-mile radius, exceeding 83,000 residents with an average household income of $60,100. The lease features four, five-year renewal options, providing long-term stability and significant return on investment. The asking price is $1,848,883, translating to a price per square foot of $427.59. This sale-leaseback offers a secure, passive income stream with built-in growth potential in a thriving Florida market. The property is located within the Tampa MSA, a rapidly growing metropolitan area.