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    355 Plaza Dr Eustis, FL 32726
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    Property profile & analytics

    355 Plaza Dr Eustis, FL 32726

    View on Map
    • Lifestyle centers
    • 35,722 SF
    • 7.47 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Wild Animal Removal Lake County / Animal Shelter / Pet Adoption Service
    • Rock Steady Boxing Golden Triangle / Gym & Fitness Center / Sports School
    • Bang Muay Thai Central Florida / Training Center / Sports School
    • Enterprise Rent-A-Car / Car Rental Facility

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Eustis
    County
    Lake
    State
    Florida
    Longitude
    -81.689
    Latitude
    28.8242

    Comparable in this City

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      15439 Us Hwy 441

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      15455 Us Hwy 441

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    • Value Estimation
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      84,387 SF

      2830 Bay St

      MINI-MALL • 84,387 SF
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    Similar Nearby for Lease

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      Former Restaurant Space Available

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      Retail Space Available For Rent

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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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