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Investment Opportunity with tenant in place.
6.8% CAP RATE
5120 Station is a 1,260 square foot professional office condominium unit with tenant in place; the current lease extends thru April 30, 2016 with a 3 year option thru April 30, 2019.
The Clark Station Office Park is a Key West Colonial inspired design with 6 buildings; four one-story and two two-story buildings completed in 2007 encompassing 44,352 square feet. There are 188 parking spaces with the development shared by the 6 buildings equating to a parking ratio of 1 space per 236 square feet of building area Located one mile West of I-75 Exit 205 and one block North of Clark Road. - Parking description: 188 Parking Spaces shared by 6 buildings equating to a parking ratio of 1 space per 236 cubic feet of building area. - Class of space: Class A - Tenancy: Single Tenant
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On average, listings lease in the $20's per square foot per year. The Fort Pierce region is going through a a rise in rates. In the last 3 months, the median rate went up $5 per sqft per year. That's a 25% increase in rent.
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