1400-1440 8Th St Homestead, FL 33033
- Lifestyle centers
- 25,850 SF
- 3.00 lot acres
Current Use by Public Records
- Lifestyle centers
Property Details for 1400-1440 8Th St
- Year built
- 2020
- Lot size
- 3.00 lot acres
- Property size
- 25,850 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
Sunnylea Plaza, a Class A retail property in Homestead, Florida, presents a compelling value-add investment opportunity. This multi-tenant retail center, totaling 25,850 square feet, is situated on a 3-acre lot at 1400-1440 NE 8th St, 33033, boasting high visibility between US-1 and the Florida Turnpike, with over 92,000 daily vehicle counts. Currently 66% occupied with six tenants under NNN leases averaging 10.5 years (with a remaining term of 6.8 years and rent bumps), the property generates a current NOI of $523,735, representing a 4.03% cap rate. However, significant value-add potential exists through leasing the vacant units and developing a prime outparcel. The pro-forma NOI is projected at $1,042,935, yielding an 8.02% cap rate. Built in 2020 and renovated in 2024, the property features two single-story buildings with 119 parking spaces. The property benefits from a strong tenant mix, including essential service businesses, and is located in a rapidly growing residential area with 1,500 new Class A units recently delivered nearby. The asking price is $13,000,000, translating to $502.90 per square foot. The property is zoned B-2 and offers a fee-simple ownership structure. Lease options include a 1 x 5-year extension. This investment offers a blend of immediate income and substantial long-term growth potential in one of Homestead's fastest-growing areas.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Homestead
- County
- Miami-Dade
- State
- Florida
- Longitude
- -80.458
- Latitude
- 25.4773
