Fully Leased Shopping Center for Sale
Listing was updated at: 04/18/2019
Property Overview
Price/Rent PSF $ 4,150,000.00
Asset Type Retail
Trade Type Sale
SQ. FT. Available 32,586
Date Available 04/18/2019
Additional URL Link
Parking 168
Floors 2
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Northwest corner of West McNab Road and NW 80 Avenue, extending from NW 70 Street to West McNab Road. Located just west of North University Road.

This property is a steal at $4,150,000 or about $126/SF of adjusted building area of 32,856 SF, while comparable sales indicate $150/SF to $185/SF in Broward County. The property reflects a Potential Gross Income Multiplier of only 9.49 times the current rent, with a realistic “going-in” capitalization rate of 6.6% in Year One, at current contract rents. Upon expiration of the lease for the lowest paying (lease was negotiated in January 2007) and largest tenant (5,405 SF), the property reflects a capitalization rate of 7.9% in Year 4, and 8.13%, 8.37%, 8.62%, 8.88%, 9.14% and 9.42% in Years 5 through 10; with an Equity Capitalization Rate (cash on cash) of 9.56% in Year 4, and 10.33%, 11.12%, 11.96%, 12.82%, 13.7% and 14.61% in Years 5 through 10 (an average of 10.1% annually for the 10 year investment period). The property produces an Internal Rate of Return of 15%, with a significant upside potential when the largest space is available for owner-occupancy, or leased at market rents (suitable for a medical group, clinic, education, etc.).