351-355 Us Highway 441, Eustis, FL

This property presents a significant value-add potential, with current tenant rents below market rates. It offers an excellent redevelopment opportunity for a mixed-use project, potentially including retail, medical, and multifamily components, while allowing for continued cash flow until redevelopment begins. A potential new retail or medical center could be established at this location. Situated at a strategic intersection on SR 441, the property benefits from high traffic volume, with 41,190 cars per day on Hwy 441 and 17,834 cars per day on Bay Street, the main road into Eustis. Its location offers 100% visibility and access, making it ideal for redevelopment as a medical facility, a grocery-anchored center, or another high-quality retail center. The property is a service-oriented and recession-resilient strip center with tenants having tenure starting in 2016, with major renovations completed in 2016. New roofs were installed in 2020 and 2024. The surrounding area within a 3 to 5-mile radius is home to over 40,706 and 81,170 residents respectively, with an average household income exceeding $75,000 per year. The immediate vicinity includes multiple hospitals and other major employers, serving tens of thousands of residents and retirees. The Lake County NNN rental rate is $27 per square foot, with a low vacancy rate of 2.8%. Nearby retailers include Publix, Olie’s Bargains, McDonald’s, Tractor Supply, Big Lots, Save A Lot, Burger King, Starbucks, Pizza Hut, and Applebee’s. The property size is 35,722 square feet.