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Investment or Owner-User Opportunity 6507 Massachusetts Ave

10,908 SF Retail Building New Port Richey, FL 34653 $1,950,000 ($179/SF) 7.64% Cap Rate

Investment Highlights

  • Absolute Net Investment or Owner-User opportunity - 10,908 sf Free-standing Retail Building on 1.54 acres
  • Zero Landlord responsibility - Tenant is responsible for property taxes, insurance & common area maintenance including roof & structure
  • 10,908 sf of GLA on 1.54 ac parcel w/ 44 spaces, 15' ceilings, grade-level loading capability, multiple ingress/egress points & building & pylon signs
  • Aaron's Rents (The Aaron's Company Inc.) has dissolved operations at this location but retains a corporate guaranteed absolute net lease through 4/28
  • Property presents an amazing opportunity to acquire a free-standing building, at 4-way lighted intersection, w/ over 400 ft of aggregate frontage
  • Building experienced a full renovation of the showroom in 2019 providing state-of-the-art fixtures & finishes for a new occupant

Executive Summary

Commercial Asset Partners is pleased to exclusively offer this versatile retail asset centrally located in New Port Richey – a fast growing city in west Pasco County. This acquisition offers a unique opportunity to ac-quire Aaron’s Rents – a publicly traded furniture & appliance giant or utilize the building as an owner-occupant.
Aaron's vacated this location in late February, 2024 but retains a Corporate Guaranteed Lease through April, 2028. Prior to dissolving their operations, they occupied the property for over a decade and maintained it in first class condition. Headquartered in Atlanta, Aaron’s is a leading, technology enabled, omni-channel provider of lease-to-own & retail purchase solutions for furniture & appliances. There is a strong demographic and customer base for the building.
This CVS prototype building benefits from high ceilings with state-of-the-art light display. The abundance of storage space and grade loading capability presents a functional asset for distribution and high-volume retail operations. Automatic store front door & canopy with drive-thru increase access for customers. Multiple signage opportunities present a highly visible environment for your tenant or business.
Pasco County has been recognized as one of the fastest growing counties in the country with an astounding 30% growth in the past decade and 3.8% annually. New Port Richey is one of the more well-established cities in the west Pasco submarket poised for a population uptick.
Less than 2.5 miles to the new, large community development "New Port Corners" on Little Road and Decubellis Road / Massachusetts Ave in New Port Richey. The development will encompass 3,397 single and multifamily homes. The project also includes 4.8 million square feet of commercial, retail, and office space.

Property Facts

Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Freestanding
Building Size
10,908 SF
Building Class
B
Year Built
1998
Price
$1,950,000
Price Per SF
$179
Cap Rate
7.64%
NOI
$148,894
Tenancy
Single
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.16
Lot Size
1.54 AC
Zoning
C-2 - General Commercial District
Parking
44 Spaces (4.03 Spaces per 1,000 SF Leased)
Frontage
245 FT on Massachusetts

Amenities

  • Corner Lot
  • Freeway Visibility
  • Pylon Sign
  • Signalized Intersection

MAJOR TENANTS

  • Tenant
  • Industry
  • SF OCCUPIED
  • RENT/SF
  • Lease Type
  • Lease End
  • Retailer
  • -
  • -
  • Triple Net
  • Feb 2028

Headquartered in Atlanta, The Aaron's Company, Inc. is a leading, technology-enabled, omnichannel provider of lease-to-own and retail purchase solutions of appliances, electronics, furniture, and other home goods across its brands: Aaron's, BrandsMart U.S.A., BrandsMart Leasing, and Woodhaven. Aaron's offers a direct-to-consumer lease-to-own solution through its approximately 1,220 Company-operated and franchised stores in 47 states and Canada, as well as its e-commerce platform.

Tenant Industry SF OCCUPIED RENT/SF Lease Type Lease End
Retailer - - Triple Net Feb 2028

Nearby Major Retailers

ALDI
Truist
CrossFit

PROPERTY TAXES

PROPERTY TAXES

Parcel Numbers
Multiple
  • 33-25-16-0110-00C00-0061
  • 33-25-16-0110-00C00-0090
Land Assessment
$191,127
Improvements Assessment
$1,160,787
Total Assessment
$1,351,914
  • Listing ID: 31715186

  • Date on Market: 5/6/2024

  • Last Updated:

  • Address: 6507 Massachusetts Ave, New Port Richey, FL 34653

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