Lakewood Park Plaza For
5180 Turnpike Feeder Road, Fort Pierce, FL 34951
Value creation opportunity through improvements, zoning, and tenant optimization.
Type:Retail
Property size:
9,672 SFPrice / SF:
$206/SF- Added:
- Apr 7, 2023
- Days on Market:
- 1154
- Last Refresh:
- May 12 at 10:53 pm
Property Features for 5180 Turnpike Feeder Road
General Information
- Standard status
- Active
- Size
- 9,672 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1981
Listing agent Paula Zaluski License #695980
Listing office Watson Realty Corp. Vero Beach
Listing date Apr 7, 2023
Source Crexi
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 Watson Realty Corp. Vero Beach
HighLights
- Zoning change potential from Neighborhood Commercial to General Commercial unlocks broader uses and increases rent potential, attracting national/regional franchises.
- Connection to city water and sewer eliminates well/septic maintenance and reduces operational risk, aligning with franchise requirements.
- Clear path to value creation through capital improvements, zoning enhancement, and tenant optimization.
- Opportunity for strategic rent increases and repositioning of legacy tenants to modernize the plaza and improve income stability.
- Minimal operational complexity and strong location fundamentals for income growth and long‑term appreciation.
- City is prepared to proceed with water/sewer connection, with professional costs handled externally.
Overview
Lakewood Park Plaza offers a value creation opportunity through capital improvements, zoning enhancement, and tenant optimization. The property is positioned for income growth and long-term appreciation due to its location. Changing the zoning from Neighborhood Commercial to General Commercial unlocks a broader range of uses, including national and regional franchises, which supports higher rents and stronger credit tenants. Connecting to city water and sewer eliminates ongoing well and septic maintenance, reduces operational risk, and aligns the property with franchise and municipal requirements. There is upside through strategic rent increases and repositioning of tenants, allowing for modernization of the plaza, improved income stability, and better alignment of rents with market levels. The property contains 9,672 square feet.
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 | $174.1k | $18.00 |
| − Vacancy | −$14.8k | −$1.53 |
| EGI | $159.3k | $16.47 |
| − OpEx | −$47.8k | −$4.94 |
| NOI | $111.5k | $11.53 |
9,672 SF · lease $18.00/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.59M
$1.39M – $1.86M
NOI $111,508 @ 7.0% cap · market cap 5.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.43M
$2.13M – $2.84M
NOI $170,266 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Mi Tierra Latin ...
Grocery & Convenience Store
Similar Places Nearby
- Indrio Crossings Shopping Center — 4846 N Kings Hwy, Fort Pierce, FL 34951
- Coinstar Kiosk - Bitcoin ATM — Winn Dixie, 4870 N Kings Hwy, Fort Pierce, FL 34951
Location Insight
- Map
- Local Demand
- City
- Fort Pierce
- County
- St. Lucie
- State
- Florida
- Longitude
- -80.3922411
- Latitude
- 27.5291891
Nearby Similar for Sale
FAQs
What type of property is this?
Shopping center - Value creation opportunity through improvements, zoning, and tenant optimization.
Where is this shopping center located?
The property is located at 5180 Turnpike Feeder Road Fort Pierce, FL.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: Zoning change potential from Neighborhood Commercial to General Commercial unlocks broader uses and increases rent potential, attracting national/regional franchises.; Connection to city water and sewer eliminates well/septic maintenance and reduces operational risk, aligning with franchise requirements.; Clear path to value creation through capital improvements, zoning enhancement, and tenant optimization.
