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Shopping Strip

Harmony Plaza

11932 US-19, Port Richey, FL 34668

Listing Price: $8,040,000

Cap Rate
6.86%
Gross SF
82,820
Rentable SF
82,820
Price/Gross SF
$97.08
Lot Size
5.97 acres
Year Built
1973

Investment Overview

Marcus & Millichap is pleased to exclusively list Harmony Plaza in Port Richey, Florida (Tampa Bay MSA). Harmony Plaza is an 82,820 square-foot shopping center located on the hard corner of State Road 52 and US 19 which sees more than 87,000 cars per day. Harmony Plaza is 87 percent occupied by a long-term tenant mix. More than 70 percent of the plaza is occupied by national retailers who have been a tenant for two decades or longer. Below market rental rates provide a prime opportunity for an investor to add value upon lease expirations. The remaining 11,000 square-foot vacancy, in a market with minimal available retail space, allows for immediate upside. Located in Pasco County, Harmony Plaza directly benefits from being in the fastest growing submarket in all of Tampa Bay. Within a 5-mile radius, more than 50,000 new, single-family homes and apartments are under development with an average starting price of more than $300,000. Harmony Plaza and the surrounding area are uniquely located 45 minutes from central Tampa, and only 5 minutes to local beaches and attractions along Florida’s gulf coast. Families relocating to Tampa Bay are attracted to both the affordability and live-work-play environment that Port Richey, Pasco County and the immediate area provide.

Investment Highlights

  • Priced Well Below Replacement Cost –Only $97 Per Square Foot
  • 70 Percent of the Plaza is Occupied by National Tenants –Big Lots, Dollar General, Amscot, Buddy's Home Center
  • Long, Stable Occupancy History –Big Lots (30 Years), Dollar General (18 Years), Amscot (18 Years), Buddy's Home Furnishings (18 Years)
  • Value-Add Opportunity by Leasing Remaining 11,000 square-foot vacancy
  • Below Market Rental Rates–Average Base Rent is $7.56 per square foot
  • Excellent Location–Hard Corner of State Road 52 and US 19 –combined traffic count of over 87,000 cars per day. Excellent Ingress & Egress.
  • Surrounded by National Retailers–Including Beall's, Walmart Supercenter, CVS, Save A Lot, Ollie's Bargain Market, McDonalds, Taco Bell, KFC, AutoZone, Wendy's and more…

Exclusively Listed By

Shopping Strip

Harmony Plaza

Listing Price: $8,040,000

Cap Rate
6.86%
Gross SF
82,820
Rentable SF
82,820
Price/Gross SF
$97.08
Lot Size
5.97 acres
Year Built
1973

Investment Highlights

  • Priced Well Below Replacement Cost –Only $97 Per Square Foot
  • 70 Percent of the Plaza is Occupied by National Tenants –Big Lots, Dollar General, Amscot, Buddy's Home Center
  • Long, Stable Occupancy History –Big Lots (30 Years), Dollar General (18 Years), Amscot (18 Years), Buddy's Home Furnishings (18 Years)
  • Value-Add Opportunity by Leasing Remaining 11,000 square-foot vacancy
  • Below Market Rental Rates–Average Base Rent is $7.56 per square foot
  • Excellent Location–Hard Corner of State Road 52 and US 19 –combined traffic count of over 87,000 cars per day. Excellent Ingress & Egress.
  • Surrounded by National Retailers–Including Beall's, Walmart Supercenter, CVS, Save A Lot, Ollie's Bargain Market, McDonalds, Taco Bell, KFC, AutoZone, Wendy's and more…

Investment Overview

Marcus & Millichap is pleased to exclusively list Harmony Plaza in Port Richey, Florida (Tampa Bay MSA). Harmony Plaza is an 82,820 square-foot shopping center located on the hard corner of State Road 52 and US 19 which sees more than 87,000 cars per day. Harmony Plaza is 87 percent occupied by a long-term tenant mix. More than 70 percent of the plaza is occupied by national retailers who have been a tenant for two decades or longer. Below market rental rates provide a prime opportunity for an investor to add value upon lease expirations. The remaining 11,000 square-foot vacancy, in a market with minimal available retail space, allows for immediate upside. Located in Pasco County, Harmony Plaza directly benefits from being in the fastest growing submarket in all of Tampa Bay. Within a 5-mile radius, more than 50,000 new, single-family homes and apartments are under development with an average starting price of more than $300,000. Harmony Plaza and the surrounding area are uniquely located 45 minutes from central Tampa, and only 5 minutes to local beaches and attractions along Florida’s gulf coast. Families relocating to Tampa Bay are attracted to both the affordability and live-work-play environment that Port Richey, Pasco County and the immediate area provide.

Exclusively Listed By

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