3901 SW 16th St Fort Lauderdale, FL County: Broward Property Type: Shopping Center Strip Center GLA: 12,700 SF Occupancy: 95% Price: $1,550,000 Price/SF $122.05 Cap Rate: 8.42% Priced to sell @ below replacement cost Possible additonal income from billboard signs Across from MacDonalds & Gunther VW Possible redevelopement site Always rented Delivered free and clear of debt Property Description 100% Leased! Great opportunity to own in one of Broward's best locations.Located off 441 in a prime section of Broward's future development area. 11,940 Sq ft Rentable Square Feet- with over 1/2 acre (26,136 sq ft) of retail land! All new leases are @ $15/p/s/f NNN- The center currently is 100% leased will a long history of full occupancy.Current rents in the center are between $11-17 NNN in a market commanding $18-20NNN. All leases have annual increases of CPI with a floor of 3% and a ceiling of 5%. Currently two leases have a few months till expiration, thereby allowing an immediate increase in the net operating income once renewed. In addition, all expenses are pass-through to the tenants.Projected Income @ $15p/s/f: $ 175,500 Cap Rate: 8.42% ROI 11.76%-Shoppes are located in the dynamic and highly sought after retail market of Davie, arguably one of the best location in Broward County if not the Tri-County area. Neighborhood surrounding Victory Shoppes is dominated by single family homes, other retail plazas, and commercial properties on 441. The property has excellent frontage on 16 street and the 441 corner, next to MacDonalds & Gunther VW. Neighborhood Description Location Description Two other shopping centers available, see agent . Take 595 West to 441 head North on 441 past the Macdonalds on the right turn on 16th Street.property is in the within one of the target areas for community redevelopment and revitalization in the Town of Davie, a diverse community that retains its hometown feeling, offers customer friendly services to its residents and is a unique jewel in central Broward County, that treasures its environment, rural and equestrian lifestyle, while attracting, encouraging and retaining viable economic and educational opportunities. The Town of Davie is also the nexus of higher education in South Florida where several nationally known colleges, technical institutes, and universities make up the South Florida Educational Center. Also, Davie's business climate includes the headquarters some Fortune 500 firms. Davie is ideally located among major thoroughfares such as the Turnpike, I-595, I-75, and is within a few minutes travel to the Ft. Lauderdale/Hollywood International Airport and Florida's deepest port, Port Everglades.
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