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Office Warehouse

Safety Harbor Industrial Complex

1600 10th St S, Safety Harbor, FL 34695

Listing Price: $10,500,000

Cap Rate
4.44%
Gross SF
113,293
Price/Gross SF
$92.68
Lot Size
10.50 acres
Year Built
1965
Rentable SF
113,293

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to offer for sale Safety Harbor Industrial (the “Property”) located in Safety Harbor, Florida in Pinellas County. The Property is 100 percent occupied and consists of three industrial buildings, an office building, and an array of outdoor storage and parking areas, totaling over 113,000 rentable square feet. The Property offers six different warehouse, office, storage, or parking options to tenants; and all 260 tenants operate on month-to-month leases, providing ultimate flexibility to a Buyer through several different value-add strategies. The North Pinellas submarket’s industrial vacancy average is currently less than one percent, per CoStar. This extremely high occupancy, combined with market rent growth of over ten percent in the trailing 12-months, help make Safety Harbor Industrial a unique value-add investment opportunity in a thriving market. Safety Harbor Industrial has two points of ingress and egress on 10th Street South (SR-590). Fronting the south side of 10th Street South is Building 3, which consists of 72,500 square feet of warehouse (40,094 rentable) and 4,964 square feet of office. There are 82 tenants that occupy bays in the warehouse. In addition to bays and office in Building 3, there are 30 OTIS storage boxes that are also leased to tenants. Building 3 experiences minimal tenant turnover. Building 1 is a 7,200 square foot small bay warehouse that was constructed in 1970. This building features 10 units that are rented to two different tenants. Each unit has 10’ overhead doors with grade-level loading. There is 5,112 square feet of covered canopy attached to Building 1 that adds value to the units through covered parking and loading. The owner operates a Yard Waste Transfer business that leases Building 2 entirely and uses approximately 3.5 acres of the 10.5 total acre parcel for business operations. The Property also benefits from a cell tower located in the south-east corner of the parcel. The lease is with Crown Castle and runs through June of 2038. The Property also utilizes vacant sections of the lot to offer much desirable outdoor storage. Typical tenants include RVs, boats, trailers, work vans, and box trucks.

Investment Highlights

  • Desirable Pinellas County – High Growth Market
  • Value-Add Opportunity – Raise rents, Reposition, Redevelop, Owner User
  • 100% Occupied with MTM Leases
  • Close Proximity to SR-60/Courtney Campbell Causeway
  • Located on Railway
  • Fenced Perimeter with Two Points of Entry
  • Cell Tower on Long Term lease
  • 62,773 ADT on McMullen Booth Rd and 10th St S.

Exclusively Listed By

Financing By

Office Warehouse

Safety Harbor Industrial Complex

Listing Price: $10,500,000

Cap Rate
4.44%
Gross SF
113,293
Price/Gross SF
$92.68
Lot Size
10.50 acres
Year Built
1965
Rentable SF
113,293

Investment Highlights

  • Desirable Pinellas County – High Growth Market
  • Value-Add Opportunity – Raise rents, Reposition, Redevelop, Owner User
  • 100% Occupied with MTM Leases
  • Close Proximity to SR-60/Courtney Campbell Causeway
  • Located on Railway
  • Fenced Perimeter with Two Points of Entry
  • Cell Tower on Long Term lease
  • 62,773 ADT on McMullen Booth Rd and 10th St S.

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to offer for sale Safety Harbor Industrial (the “Property”) located in Safety Harbor, Florida in Pinellas County. The Property is 100 percent occupied and consists of three industrial buildings, an office building, and an array of outdoor storage and parking areas, totaling over 113,000 rentable square feet. The Property offers six different warehouse, office, storage, or parking options to tenants; and all 260 tenants operate on month-to-month leases, providing ultimate flexibility to a Buyer through several different value-add strategies. The North Pinellas submarket’s industrial vacancy average is currently less than one percent, per CoStar. This extremely high occupancy, combined with market rent growth of over ten percent in the trailing 12-months, help make Safety Harbor Industrial a unique value-add investment opportunity in a thriving market. Safety Harbor Industrial has two points of ingress and egress on 10th Street South (SR-590). Fronting the south side of 10th Street South is Building 3, which consists of 72,500 square feet of warehouse (40,094 rentable) and 4,964 square feet of office. There are 82 tenants that occupy bays in the warehouse. In addition to bays and office in Building 3, there are 30 OTIS storage boxes that are also leased to tenants. Building 3 experiences minimal tenant turnover. Building 1 is a 7,200 square foot small bay warehouse that was constructed in 1970. This building features 10 units that are rented to two different tenants. Each unit has 10’ overhead doors with grade-level loading. There is 5,112 square feet of covered canopy attached to Building 1 that adds value to the units through covered parking and loading. The owner operates a Yard Waste Transfer business that leases Building 2 entirely and uses approximately 3.5 acres of the 10.5 total acre parcel for business operations. The Property also benefits from a cell tower located in the south-east corner of the parcel. The lease is with Crown Castle and runs through June of 2038. The Property also utilizes vacant sections of the lot to offer much desirable outdoor storage. Typical tenants include RVs, boats, trailers, work vans, and box trucks.

Exclusively Listed By

Financing By

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