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Key Details
Sold Price $2,750,000
Property Type Commercial
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
Square Footage 4,726 sqft
Price per Sqft $581
MLS Listing ID A11195127
Sold Date 11/16/22
Construction Status Resale
HOA Y/N No
Year Built 2017
Annual Tax Amount $20,445
Tax Year 2021
Contingent 3rd Party Approval
Lot Size 0.575 Acres
Property Sub-Type Mixed Use
Property Description
Humana Medical Plan Inc, the tenant, is a Fortune 500 Company whose subsidiary Elite Health provides a wide range of medical services. The 2 folios; 5480 & 5492 Griffin Rd have a building of 4,726 sf completed in 2017 on a 25,060sf lot with 26 parking spots. The 7-year lease commenced on Oct 2 2016. The last year of the lease commencing Sept 1, 2022 has an NOI of $131,345. Landlord's responsibilities are limited to maintenance of the roof & structure. The tenant must give notice to exercise their first of 2 five-year renewals by 04/30/23. The NOI in the first year of the option is $135,286 with 3% increases annually. If the tenant (whose current rent is below- market) does not exercise its option it is projected that a new tenant would pay $37.50/sf generating an NOI of $169,012.
Location
State FL
County Broward County
Area 3780
Interior
Flooring Ceramic Tile, Tile
Exterior
Total Parking Spaces 25
Private Pool Yes
Building
Story 1
Sewer Public Sewer
Water Public
Level or Stories One
Structure Type Block
New Construction true
Construction Status Resale
Others
Tax ID 504126110010
Ownership Corporation
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Cash
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Bought with Synergy Realty of South Fl Inc