Lake Shops Plaza Lauderdale Lakes,Florida

$4,915,000
Closed Multi-Tenant
Property type:Multi-Tenant / Shopping Center

The space

  • Price: $4,915,000
  • Cap Rate: 5.28%
  • Rentable Square Feet: 17,870
  • Net Operating Income: $259,878
  • Price PSF: $275.04
  • Occupancy: 100%
  • Land Area: 1.8 Acres
  • Year Built: 1985

Description

2424 North State Road 7
Lauderdale Lakes, FL 33313

Investment Highlights

  • 17,870 Square Feet of Multi-Tenant Retail Space, 100 Percent Occupied
  • All Expenses are 100 Percent Reimbursed by the Tenants
  • National Tenants Include Rent-A-Center, Pizza Hut and Metro by T-Mobile
  • Long-Term Tenants Include Rent-A-Center, Which has Been in Place for Approximately 36 Years; and Advance America, in Place for Approximately 24 Years
  • Strong Demographics With a Population Over 490,000 Within Five Miles of Subject Property | High Traffic Area, Located on State Road 7 With a Traffic Count of More Than 47,000 Vehicles Daily
  • Surrounding National Retailers Include Walmart Supercenter, Aldi, Bravo Supermarket, Burlington, Five Below, Ross, Planet Fitness, YouFit, Advance Auto Parts, McDonald’s, KFC, Taco Bell, Wendy’s, Dunkin’ Donuts, T-Mobile, Walgreens, Well Fargo and Many More

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire Lake Shops Plaza, a 17,870-square-foot multi-tenant retail center located in Lauderdale Lakes, Florida. The property is 100 percent occupied with national tenants including Rent-A-Center, Pizza Hut and Metro by T-Mobile. All expenses for the Subject Property are 100 percent reimbursed by the tenants. Rent-A-Center is a long-term tenant, in place for approximately 36 years, and Advance America has been in place for approximately 24 years – both showing a strong commitment to the site.

Just six miles from Fort Lauderdale, the surrounding area has extremely strong demographics with the population over 490,000 within five miles. Lake Shops Plaza is in a high traffic area, located on State Road 7 which has a traffic count of more than 47,000 vehicles daily. The Property is also conveniently located within close proximity to Interstate 95 with 233,000 vehicles daily, and Florida’s Turnpike with 121,8000 vehicles. Surrounding national retailers include Walmart Supercenter, Aldi, Bravo Supermarket, Burlington, Five Below, Ross, Planet Fitness, YouFit, Advance Auto Parts, McDonald’s, KFC, Taco Bell, Wendy’s, Dunkin’ Donuts, T-Mobile, Walgreens, Well Fargo and many more.

Lake Shops Plaza is part of the Broward County metro area, making it a prime South Florida location. Broward County contains a population of 1.9 million, which has increased by roughly 268,400 residents, and still growing. The Subject Property is 11 miles from Fort Lauderdale-Hollywood International Airport.

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