John's Pass Village at 111-179 Boardwalk Place W is a mixed-use plaza of about 53,853 square feet within John's Pass Village & Boardwalk, on the southeast corner of Gulf Boulevard and 129th Avenue West in Madeira Beach, Florida. Listed at $42,921,000 ($797 per square foot) with a 7.5% cap rate, the property is 95.3% occupied, with 19 of its 20 retail spaces leased.
The property consists of about 42,691 square feet of retail space, about 11,162 square feet of hotel space (24 rooms), and a six-level parking garage with over 300 spaces that is open 24/7. Tenants include restaurants, gift stores, and boat charters. Of the 19 tenants, 13 have NNN recoveries, Bubba Gump Shrimp Co. has NN recoveries, and Hooters has percentage rent recoveries. The listing also notes significant income from the parking garage, approximately $1.5M+ annually, along with hotel reservations, and that the property is spread across four buildings, which would let an investor carve out and sell pieces.
John's Pass Village & Boardwalk is Pinellas County's top tourist attraction, with over 100 merchants and 3.1 million annual visitors, in the most densely populated county in Florida. This stretch of Gulf Boulevard has an AADT of 22,000, and within 3 miles there is a population of 35,061 with an average household income of $133,236. The buildings are three stories and date to 1978.
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