21,781 SF Tampa, FL Office Building For Sale
Property Details
Property Description
Excellent Investment - 100% Leased - WESTSHORE AREA. 2-story office Bldg.
This Tampa FL, Hillsborough County office building at 3707 W. Cherry Street is 100% occupied by Freedom Health which was purchased by Anthem in 2018. Lease expires 12/2021. Savills is out in the market trying to consolidate all their Tampa Locations, and while they have a 3 year option, they are expected to vacate at the end of the current lease term.
Presently approx. 150 workstations plus 18 individual offices/IT and training rooms/break areas, etc. 4.1/1000 parking with 42 covered garage spaces
The building demises into 4 units with almost no improvement expense beyond paint and carpet. Both sides have perimeter office typical for this kind of building.. Also factor in that with Midtown ( https://midtowntampa.com )and all the other activity in the immediate area, market rents should be in the mid to high $20’s. The common area reception and rest rooms makes demising the building very simple. Probably one ADA restroom would be needed to be added.
The new Holiday Inn will be completed on the south side of Cherry and the old Howard Johnsons torn down greatly improving the visibility of this building.
NOI/Cap Rate - $382,000 / 10.9%
