MLS® ID: 187409
7 San Bartola Drive
St Augustine, FL, 32086 $3,150,000
Opportunity knocks! This multi-tenant industrial property consists of 10 tenants in five buildings constructed in 1983, 1984 and 1997. The property consists of 3 contiguous parcels containing a total of 2.21 acres, which is subject to survey. The site has two physical addresses, 7 San Bartola Drive and 1 Willard Drive, with frontage and access on both right of ways. This property is advantageously located in in the State Road 312/US Highway 1 South corridor, adjacent to Flagler Hospital. Future highest and best use of the property is multi-tenant, medical and professional office type use. Preliminary site and building plans are in process for review. Property is currently zoned (IW) Industrial Warehousing but is located in Mixed-Use District which accommodates rezoning. Current cash flow is reflective of market value and does not take into account future conversion of the property. Utilize existing cash flow (7.25 Cap Rate) while plans and financing arrangements are made for a more profitable owner and/or tenant occupied future investment and development. This location is main and main for the medical office field. This would be a great 1031 exchange property for an investor and is capable of sustaining a strong future cash flow where we have low tenant turnover and high occupancy rates for this type of space and tenant. Existing rental rates are low to below market and can easily be bumped to generate a higher rate of return for next owner. Call Listing Agent to view property and do not approach tenants.