For Sale 23,000 Square Foot Existing Building Opposite Blake Medical Center Only $128 per square foot Exceptional Investment & Medical Development Opportunity Ideal For Medical Practice, Healthcare Offices, Health Club, Clinic Re-Use Existing Single-Story 23,000 sq. ft. Building Or Develop A New 40,000 sq. Medical Building net net net net lease with quality tenant with rent upside & development potential Location: 6210 17th Avenue West, Bradenton, Florida, 34209. Off of 59th street (Bradenton's medical corridor) and directly opposite and facing the Blake Medical Center complex. This is the only large and available building near Blake Medical Center. Nearby medical condominium office spaces have sold for $250+ psf for unfinished spaces, with the cost of finishing at least an additional $60 psf, for a total cost of $310+. This existing building, in it's present perfect medical location, with an asking price of $128 psf, represents a very substantial discount to alternatives. Size: 23,329 square feet; 772 feet of frontage on 17th Avenue. Land size: 3.03 acres; 131,987 sq. ft. Present usage & configuration: Until June 30th, 2014, fully net leased by a school, the Richard Milburn Academy. Configured as 28 rooms (21 classrooms, 6 offices & lounge), 12 bathrooms, a small gym, cafeteria, kitchen, etc. Many of these rooms may be reusable without much alteration as exam rooms, offices, etc. There is also an outside fenced-in 6,400 sf basketball court. Development potential: The existing building may be converted into a 23,329 sq. ft. medical facility with 82 parking spaces or replaced with a new 40,305 sq. ft., medical facility with 152 parking spaces. This has been preliminarily confirmed by architectural and zoning experts and through several conversations with City building department authorities. May be used as a clinic, other healthcare facility, school, health club, assisted living (group care), etc. Zoning: City of Bradenton. The property is within the "Blake Medical Park Complex" PDP, Planned Development Project, ("geared to allow developers maximum flexibility in designing projects") and permits professional, commercial, residential and mixed uses. Taxes: Parcel #: 39384.0500/2; $34,764 (responsibility of tenant) Parking: Now 65 cars; if redeveloped as a one-story medical building, expandable to 82 cars by eliminating basketball court. Construction: Built in 1982, concrete block and rigid bar joist metal roof. Building is 15' in height; (ceilings 12' 9" to deck) and finished ceilings are 9-10'. There are 3 separate HVAC units. Tenant: The Richard Milburn Academy. Leased until 6/30/2014 at a totally net rent of $15,333.33. per month or $184,000. p/a. Tenant is responsible for every expense of the property. Lease is guaranteed by the parent company, a 30-year old company which operates 17 Richard Milburn Academies, employs 1,000 people, and delivers educational services to more than 15,000 students in 120 cities across 17 states. This short-term lease affords a buyer a unique and comfortable time frame within which to draw plans, secure bids, etc., while receiving substantial income. Or alternatively rent should be increased upon renewal to market, at least $10 psf, which would make building’s profit $230,000 p/a. There is an existing assumable (with lenders consent) recourse bank mortgage of approximately $1,085,000, payable $8,589.60 a month, with interest at 5%, matures 5/1/2026. The very heavy mortgage constant presents an unusual opportunity to refinance and materially increase the cash-on-cash return. Net Income: $184,000 Less Debt Service: $103,075 (heavy amortization of $47,344 p/a; 9.5% k) Profit: $80,925 Cash Over Mortgage: $1,865,000 Return: 4.3% cash plus 2.5% amortization = 6.8%, plus upside. "As built" plans, present survey and concept drawings available for both a one -story and a three-story medical office building. Contact: Vincent Crisci at Peerage Properties, LLC, 917-723-3944 or Vincent.Crisci@gmail.com This i
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