3300 34Th St Fort Lauderdale, FL 33308

Property Details for 3300 34Th St

Year built

1958

Lot size

1.22 lot acres

Property size

27,400 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This 27,400 square foot, single-story shopping center in Fort Lauderdale, Florida presents a compelling value-add investment opportunity. Located on 1.22 acres at 3300 NE 34th St, just off A1A in the desirable North Beach market, this Class B property boasts 16 units with a mix of retail, medical, and service-oriented tenants. Built in 1958 and renovated in 2007, the center features 65 parking spaces and well-defined storefronts ranging from 1,000 to 6,500 square feet. Currently 85.97% occupied, the property offers significant upside potential. The existing Net Operating Income (NOI) is $96,621, with a pro-forma NOI of $579,673 achievable through lease rate increases. In-place rental rates are significantly below market averages, presenting a substantial opportunity to boost revenue. The asking price is $6,950,000, representing a current cap rate of 1.39% and a pro-forma cap rate of 8.34%. The property is zoned CB and offers a fee simple ownership structure. The significant value-add potential stems from the short-term leases (approximately 1 year remaining) on over 80% of the space, allowing for immediate rental increases. Further aesthetic improvements can enhance the property's appeal and further drive rental growth. This prime location, one block from the beach, offers exceptional market fundamentals with low vacancy rates and strong rental growth potential. The property's strong tenant base and ideal configuration make it an attractive investment for those seeking significant returns.

Location Insight

City

Fort Lauderdale

County

Broward

State

Florida

Longitude

-80.1011

Latitude

26.1699