New Retail Strip Center For
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3920 Prospect Rd, Fort Lauderdale, FL 33319
New construction retail strip center with drive-thru in Fort Lauderdale.
Property Size6,825 SF
Lot Size0.95 Acres
Price / SF$511.36
Days on Market666
Property Features for 3920 Prospect Rd
General Information
Standard status
Active
Size
6,825 SF
Total Parking Spaces
35
Lot size
0.95 Acres
Property subtype
Retail
Occupancy
80%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$156,530
Building Details
Year Built
2024
Buildings
1
Stories
1
Units
4
Tenancy
Multi
Listing Agency:
Marcus & Millichap
(786) 522-7089
Listed By:
Jonathan De La Rosa · License #SL3639184
Source:
Crexi
Added: Nov 4, 2024
Changed: Aug 14
Last Checked: Sep 1 at 6:38AM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
This new construction retail strip center is located at 3920 Prospect Road in North Lauderdale, Florida, within the Fort Lauderdale MSA. The property features a 6,825-square-foot, four-tenant building with an end-cap drive-thru, situated on a 41,329-square-foot lot. The center is currently occupied by Cali Coffee, LaundroMart, a barber shop, and a master lease. Located off the corner of US Highway 441 and Prospect Road, the property benefits from high traffic volume, with over 65,000 vehicles per day. It is also situated within one mile of the Fort Lauderdale Executive Airport, which records over 160,000 annual flights. The property offers visibility and multiple access points. Constructed in 2024, the center features curb appeal, no deferred maintenance, and NNN leases. The building includes 18 feet of clear height, hurricane-resistant windows, and a Twin T concrete roof. The drive-thru component, along with the neighboring Murphy USA Gas Station, ensures a continuous flow of traffic throughout the center.
Key Highlights
- New construction (2024) NNN strip center with strong tenants.
- Located on the corner of US Highway 441 and Prospect Road with high traffic volume (65,000+ vehicles per day).
- End‑cap drive‑thru and proximity to a Murphy USA gas station ensure consistent traffic flow.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$121,574
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.48%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,431,480
$2.4M
Cap Rate 7%
$1,736,771
$1.7M
Cap Rate 9%
$1,350,822
$1.4M
Market Conditions
NOI Build-Up for 6,825 SF
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.
Gross rent
$188.4K $27.60/SF
− Vacancy
−$14.7K −$2.15/SF
EGI
$173.7K $25.45/SF
− OpEx
−$52.1K −$7.63/SF
NOI
$121.6K $17.81/SF
Area
Fort Lauderdale, FL
Vacancy
7.80%
Lease Rate
$27.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,431,480
Cap Rate 7%
$1,736,771
Cap Rate 9%
$1,350,822
Alternative Uses
Best Use
Retail
$1.74M
$1.52M – $2.03M
NOI $121,574 @ 7.0% cap · market cap 3.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.59M
$4.01M – $5.35M
NOI $321,048 @ 7.0% cap · market cap 9.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,126
Businesses Nearby
145k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 48%
Apparel 14%
Home Improvements & Furnishings 14%
Hotels & Casinos 9%
Marshalls
Apparel
20,336 visits/mo
0.5 miles
Wells Fargo
Shops & Services
14,660 visits/mo
0.5 miles
Old Time Pottery
Home Improvements & Furnishings
13,473 visits/mo
0.4 miles
Dollar Tree
Shops & Services
11,743 visits/mo
0.5 miles
Murphy USA
Shops & Services
10,448 visits/mo
0.2 miles
Demographics for 33319, FL
51,891
Population
25,046
Households
2.1
Avg Household Size
44
Median Age
25%
College-Educated
86%
High-School Grad
6.8 sq mi
ZIP Area
7,631
Density / Sq Mi
$55,071
Median Household Income
$35,218
Median Earnings
$1,633
Median Rent
$228,000
Median Home Value
Market
Vacancy Rate% for Retail in Fort Lauderdale, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - New construction retail strip center with drive-thru in Fort Lauderdale.
Where is this strip mall located?
The property is located at 3920 Prospect Rd Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $3,490,000.
What are key features of this property?
This property features: New construction (2024) NNN strip center with strong tenants.; Located on the corner of US Highway 441 and Prospect Road with high traffic volume (65,000+ vehicles per day).; End‑cap drive‑thru and proximity to a Murphy USA gas station ensure consistent traffic flow.
