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Grand Boulevard Retail

4750 Grand Boulevard | New Port Richey, FL 34652

Highlights

  • Rare Value-Add Opportunity

  • Deliverable Vacant - Currently Occupied by Month-to-Month Tenants

  • Less than One Half-Mile From the Medical Center of Trinity

  • Less Than One Mile From Gulf High School

  • 10 Minutes from Brand New 165,000-Square-Foot Retail Development

Contact Brokers

James Garner

Senior Investment Advisor
James.Garner@MarcusMillichap.com
(O) 813.387.4796
FL #SL3273659

Jim Shiebler
Senior Investment Advisor
Jim.Shiebler@MarcusMillichap.com
(O) 239.340.7811
FL #SL3347780

Description

Marcus & Millichap is pleased to offer for sale Grand Boulevard Retail, a 3,720-square-foot retail strip center located in New Port Richey, Florida. Grand Boulevard Retail presents a rare, value-add opportunity for an investor to achieve a 9.56 percent rate of return by leasing the space to four local tenants at a conservative average rent of $12 per square-foot triple-net. Once stabilized, an investor can refinance to pull out the created equity and redeploy the capital elsewhere.

The area immediately surrounding Grand Boulevard Retail is dense with many medical offices, clinics, and pharmacies. The Medical Center of Trinity's Behavioral Health Center occupies a 14-acre campus located less than one half-mile to the north on Grand Boulevard, and is adjacent to Gulf High School which has over 1,300 students enrolled. The area is also home to a dense year-round population, with nearly 150,000 people within a 5-mile radius of the subject property.

Location

New Port Richey is located in Pasco County, which is currently undergoing rapid development. Grand Boulevard Retail is located 10 minutes from The Village at Mitchell Ranch, a brand new 165,000-square-foot retail development that is scheduled to open in the Summer of 2019. The project covers 22 acres at the corner of State Road 54 and Little Road, and will eventually include housing and office space. State Road 54 has experienced a construction boom over the last several years, and there's still more to come. By 2022, more than 47,000 new residential units are expected to be built out in the immediate area to meet the demands of a rapidly growing local population. New Port Richey is part of the Tampa-Saint Petersburg-Clearwater MSA which has a population of over 3.1 million and grew by over 50,000 people last year.