Busch Point Plaza - 1010 E Busch Blvd, Tampa, FL 33612

The Tampa Bay region of Florida is one of the most desirable metropolitan areas to live and work in the nation. Tampa's retail market is flourishing, thanks to elevated personal consumption from the metro's robust population and wage growth, as well as significant lift provided by a vibrant tourism industry. After outperforming the nation for the past five years with both tighter vacancies and stronger rent growth, the market continues to see both metrics improve. Post COVID-19, the average vacancy rate and annual rent growth has remained steady and has drawn in many new businesses with its many incentives. One of the major incentives and driver of growth is "Tampa's Innovation Partnership program. The program is a multi-jurisdictional district anchored by globally recognized institutions that drive economic activity in the area, engaging tens of thousands of students and educators, health care workers and 4 million tourists annually. Already boasting 74,000 jobs and 4,100 companies, Tampa’s IP program acts as one of the region’s technology hubs and start-up incubators. Additionally, through grants like TechHire, local residents will have the opportunity to grow their careers alongside the burgeoning district. The IP District is comprised of 25,000 acres in the northern part of Tampa, bound by Busch Boulevard on the south, Bearss Avenue on the north, and interstates 75 and 275 on the east and west. It includes parts of Tampa, Temple Terrace and unincorporated Hillsborough County. Busch Point Plaza is a 100% occupied, turn-key, cash flowing neighborhood retail center located in the heart of Tampa just .23 miles east of the I-275 on Busch Blvd. The center consists of 20,468 NRSF and is currently 100% economically and physically occupied! History of long term tenancy, with one tenant residing at the property for over 20 years. Each tenant offers a necessary service to the community. Each tenant is internet resilient and focused on services including goPuff, which delivers food and goods directly to your home or office, a doctor's office, pharmacy and a corporate office space for a major Church tenant with over 13 locations. Each tenant benefits from more than $400K in recent capital improvements made by the owner, heightened visibility from I-275 northbound travelers, as well as the over 47,000 east & westbound travelers on 6-lane Busch Blvd. The owner spared no expense when renovating the center in 2019. Everything you can touch and see was updated including LED lighting that surrounds the building, a new roof, fresh paint and much more! Step into this turn-key investment with immense cash flow and little to no need for improvements or repairs. Only 1 tenant has a lease up for renewal in 2021 and they have confirmed they will be staying. A new rent comp search on new lease executions in the last 6 months show new tenants committing to $19-$28 NNN rent terms in comparable centers. Leaving this property and its tenants well below market rents, thus adding even further opportunity for added revenue to a new owner.