111 Boardwalk Place West, Madeira Beach, FL, USA

Madeira Beach, Florida

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Total Square Feet

±53,853

Asking Price

$42,921,000

NOI

$3,219,084

Occupancy

95.3%

John’s Pass Village is a 95.3% occupied mixed-use (retail/hotel/parking) plaza comprised of 19 tenants across ±42,691 SF of retail space with a weighted average lease term (WALT) of 3.35 years, in addition to ±11,162 SF of hotel space (24 rooms)
Of the 19 tenants, 13 tenants have NNN recoveries, Bubba Gump Shrimp Co. has NN recoveries, and Hooters has percentage rent recoveries, providing a stable NOI
John’s Pass Village generates significant income from the parking garage (approximately $1.5M+ annually), along with hotel reservations
The property is spread across 4 buildings, providing investors the ability to carve out and create additional cash flow through a disposition
John’s Pass Village & Boardwalk is Pinellas County’s top tourist attraction, with over 100 merchants and 3.1 million annual visitors
The property is located near many of Florida’s most popular beaches, such as Redington Beach, Treasure Island, and St. Pete Beach
Ownership has invested nearly $2.0 million in capital expenditures since 2019, including hotel additions, roof replacement, electrical upgrades, HVAC improvements, and other major building systems
111 Boardwalk has secured permits for the addition of six new hotel rooms, creating meaningful upside potential
The property also offers a future development opportunity on the surplus land at the northwest corner of Johns Way and Boardwalk Place Way
35,061 population within a 3-mile radius
133,236 average household income within a 3-mile radius