Value-Add Retail Strip
312-322 NE 38th Oakland Park, FL 33334
312-322 NE 38th, Oakland Park, FL, 33334
$1,450,000
For Sale
$1,450,000
Retail strip center with 6 tenants and recent $191,000 in capital improvements, including a full roof replacement.
Property Size5,562 SF
Price / SF$260.70
Days on Market75
Property Features for 312-322 NE 38th
General Information
- Standard status
- Active
- Size
- 5,562 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1979
Listing agency
CANVAS REAL ESTATE
Listed by
JESAHIAS NATHAN RODRIGUEZ · License #B26025801
Source
Corcoran
Added: May 8 Updated: Jul 21 at 11:52AM Checked: Jul 21 at 11:52AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CANVAS REAL ESTATE
Investment Insights
Based on property information with market context.
This value-add retail strip center consists of a 5,562 SF building with six tenants, including a restaurant, laundromat, retail stores, and a tax office. Recent capital improvements total $191,000, including a full roof replacement, new electrical, and new plumbing.
Two of the units are on a month-to-month basis, which can provide flexibility for a new owner. The property is located in Oakland Park’s Downtown Redevelopment Area, within the NE 38th Street corridor, where the seller notes active urban growth. Current rents are described as significantly below market, creating potential upside; all measurements are approximate and should be verified by the buyer.
Two of the units are on a month-to-month basis, which can provide flexibility for a new owner. The property is located in Oakland Park’s Downtown Redevelopment Area, within the NE 38th Street corridor, where the seller notes active urban growth. Current rents are described as significantly below market, creating potential upside; all measurements are approximate and should be verified by the buyer.
Key Highlights
- 5,562 SF retail strip center on Oakland Park’s NE 38th Street corridor with 6 tenants
- Built in 1979 and currently has a restaurant, laundromat, retail stores, and a tax office tenant mix
- Recent capital improvements totaling $191,000, including full roof replacement, new electrical, and new plumbing
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $146.8k | $26.40 |
| − Vacancy | −$12.5k | −$2.24 |
| EGI | $134.4k | $24.16 |
| − OpEx | −$40.3k | −$7.25 |
| NOI | $94.0k | $16.91 |
5,562 SF · lease $26.40/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.34M
$1.18M – $1.57M
NOI $94,049 @ 7.0% cap · market cap 6.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.82M
$2.47M – $3.29M
NOI $197,529 @ 7.0% cap · market cap 13.62%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Strip malls
Similar For Sale Nearby
FAQs
What type of property is this?
Strip mall - Retail strip center with 6 tenants and recent $191,000 in capital improvements, including a full roof replacement.
Where is this strip mall located?
The property is located at 312-322 NE 38th Oakland Park, FL.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 5,562 SF retail strip center on Oakland Park’s NE 38th Street corridor with 6 tenants; Built in 1979 and currently has a restaurant, laundromat, retail stores, and a tax office tenant mix; Recent capital improvements totaling $191,000, including full roof replacement, new electrical, and new plumbing
