355 Plaza Dr Eustis, FL 32726

Property Details for 355 Plaza Dr

Year built

1968

Lot size

7.47 lot acres

Property size

35,722 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

Triangle Plaza, located at 355 Plaza Dr, Eustis, FL 32726, presents a compelling value-add investment opportunity. This 35,722 square foot shopping center, built in 1968 and extensively renovated in 2016, boasts a strong 8.00% cap rate and a current NOI of $396,760. The asking price is $6,000,000. The property comprises three separate buildings situated on a 7.47-acre lot (325,560 sq ft) with ample surface parking (194 spaces) and excellent visibility from Plaza Dr (428’) and Ruleme St (345’). Zoned C-2, the property allows for a wide range of uses, including the potential for significant redevelopment. The current zoning permits a Floor Area Ratio (FAR) up to 2.5 and a maximum building height of 35 feet. A significant redevelopment opportunity exists, with potential for a new 162,780 square foot retail/medical center, plus multifamily units above. The property benefits from a prime location at a strategic intersection with high traffic counts (41,190 cars daily on Hwy 441 and 17,834 on Bay Street). Major renovations, including new roofs in 2020 and 2024, enhance the property's value. The existing center features 12 units, currently anchored by Enterprise Rent-A-Car, and offers significant value-add potential due to below-market rents. The surrounding area includes numerous major employers, hospitals, and retail establishments such as Publix, McDonald's, and Tractor Supply, serving a large population with an average household income exceeding $75,000 annually. An additional 2.25-acre parcel is included. This property offers substantial upside potential, with projections suggesting an 80%+ NOI growth within five years and a potential future sale value of $60 million.