4058 Tampa Rd, Oldsmar, FL 34677

Park Avenue Plaza is a 36,000 SF service-oriented retail center located in Oldsmar, Florida. The center benefits from strong leasing momentum, with six recently executed long-term leases at premium rents. Several tenants have been at the center for over 10 years. The center has frontage on Tampa Road, which sees 56,000 vehicles per day. The property is positioned in a premier suburban submarket within the Tampa MSA, featuring 160,000 residents with an average household income of $121,000 within a 5-mile radius. Anchored by Grand Harvest and Buffalo Wild Wings, the center features a mix of internet-resistant destination tenants. Tenant demand continues to increase, with new leases being done at $30 per square foot. One 1,500 SF vacancy exists, and 56% of the gross leasable area is leased at below-market rents, providing near-term lease upside. The average rent for these tenants is $23 per square foot. A projected net operating income increase of 23% is expected over a 5-year hold period if under-market spaces are leased at market rents. The center is strategically positioned near the intersection of Tampa Road and Racetrack Road, with signalized intersection access. It is located in a dense retail corridor, surrounded by national retailers, creating high foot traffic and delivering consistent exposure. The center is within walking distance of multiple hotels totaling over 450 rooms, providing a steady influx of business customers and travelers seeking dining, services, and convenience retail. Oldsmar is part of Pinellas County, one of the most densely populated counties in Florida. Key job drivers in the area include employers like Lockheed Martin, MacDill Air Force Base, BayCare Health System, and United Health Services.