119 N 11TH STREET UNIT 123 TAMPA FL 33602 MLS #U8236843 | Gary Kusher | Florida Real Estate

119 N 11TH STREET UNIT 123
TAMPA, FL, 33602
$5,875,000
Beds
0 Baths
15,500 SqFt
0.33 Acres
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Channel District Mixed Use Property made up of an Office/Retail Condo Portfolio with optional Residential Penthouse:
Realty Center International LLC proudly presents an exceptional, and totally unique, one-of-a-kind mixed use investment opportunity – a distinctive 3-unit office/retail condo portfolio along with an optional exclusive penthouse condo situated in the highly sought-after Channel District of Tampa. Strategically located just 1.5 blocks away from the sought after Water Street Tampa development and Sparkman’s Wharf, this property is positioned perfectly in the middle of the ongoing transformation of Tampa’s Channel District, not just into a dynamic Live-Work-Play community, but a desirable destination for all. Within just a few blocks you will find the Cruise ships port, Tampa aquarium, The Amalie Arena, the scenic Tampa riverwalk, a variety of diverse restaurants & entertainment venues & the Newly approved Ybor Harbor Development. Embrace the uniqueness of a boutique building where each floor functions as its own retail, office or residential condominium, where the elevator stops at your private lobby, with onsite parking &steel construction. The attached parking lot provides tenant convenience & value supplemented by the additional 150 public parking spaces available for lease next door. Must be purchased with attached parking lot, folio #199294-2419. Attached parking lot price $1,125,000. Total price for the 3 commercial condos with the parking lot is $7,000,000

Key Investment Considerations:
1.The high-quality construction, onsite parking & boutique condo design create the opportunity to maximize rental rates. Current market rental rates for Class A office space are conservative at $35 sq ft NNN, & trending upward. There are office/retail spaces renting as high as $50 sq ft & full-service executive suites as high as $73 sq ft
2.The CD-1 zoning is a mixed-use zoning that allows for many additional future uses & development. The ability to either purchase the 4th floor penthouse at this time or a first right of refusal to purchase at a later time, provides an owner with an opportunity for a luxurious on-site residence or additional rental income.
3. Condominium Ownership Flexibility: The condominium ownership structure allows for future disposition flexibility, including the potential future sale of individual units at a premium to users, adds to a diverse investment strategy.
4.The ability to offer tenants some onsite parking, coupled with extra parking available for lease next door, further enhances the property’s attractiveness.

Property Facts: • Number of Condos: 3 Commercial, 1 Residential
• Rentable office/retail pace: 15,500 sq ft total / 1st floor: 3,500 sq ft/ 2nd floor: 6,000 sq ft/ 3rd floor: 6,000 sq ft
• Office/Retail onsite parking spaces: 15
• Optional penthouse: 4 bedrooms, 4.5 baths /AC and heated: 5,426 sq ft / Covered terraces: 592 sq ft / Garage: 1,347 sq ft / Total: 7,365 sq ft
• 6 car garage plus 1 guest spot
The Penthouse, Folio #199294-2418 can be purchased for $5,400,000 if purchased with the commercial condos for a total of $12,400,000

Property Details

Price:
$5,875,000
MLS #:
U8236843
Status:
Active
Beds:
0
Baths:
0
Address:
119 N 11TH STREET UNIT 123
Type:
Commercial
Subtype:
Office
Subdivision:
CITY BLUE
Neighborhood:
33602 – Tampa
City:
TAMPA
Listed Date:
Apr 18, 2024
State:
FL
Finished Sq Ft:
15,500
Total Sq Ft:
15,500
ZIP:
33602
Lot Size:
14,374 sqft / 0.33 acres (approx)
Year Built:
2006
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I have been selling real estate for over 23 years from New York to Florida. My main service areas include Celebration, Marco Island, Miami, Naples, Orlando, Sarasota, Tampa, Windermere. We can help you buy or sell real estate anywhere in the State of Florida. Looking for Golf Course Homes For Sale, Luxury Estates, Beachfront Condos, Gated Communities, Fine Homes and Estates, we cover it all.

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Schools

Interior

Cooling
Central Air, Other, Zoned

Exterior

Construction Materials
Stucco
Parking Features
13 to 18 Spaces, Deeded, Ground Level

Financial

Tax Year
2023
Taxes
$11,692

Map

Community

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119 N 11TH STREET UNIT 123
TAMPA, FL