4110 34th St Gainesville, FL 32608-6566

Property Details for 4110 34th St

Year built

1989

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

2.24 lot acres

Property size

24,000 SF

Zone code

MU1

Property type

Community centers

APN

07240-020-001

APU

7240020001

Description

This exceptional Class A shopping center, totaling 24,025 square feet, presents a compelling investment opportunity. Located at 4110 SW 34th St, Gainesville, FL 32608, this 100% occupied property boasts 13 tenants under NNN leases, ensuring a stable income stream. The property features a 7.79% cap rate and a strong NOI of $436,097, with a conservative projection of a 39% NOI growth over the next decade, resulting in a projected blended cap rate of 9.27% over 10 years. Tenants contribute to operating expenses through reimbursements for CAM, taxes, insurance, an 8% management fee on gross collections, and a 20% administration fee on common area maintenance. Situated on a 2.24-acre lot, this 1989-built center benefits from its proximity to the University of Florida, just 1.5 miles away, and its position as one of only three unanchored strip centers exceeding 20,000 square feet in Gainesville. The limited number of comparable properties in the area, coupled with only seven new strip centers built in the last 10 years and an average of 2.5 unanchored strip center transactions annually over the past five years, creates a high barrier to entry and significant long-term value. The asking price is $5,600,000, representing a price per square foot of $233. This fee-simple ownership opportunity offers substantial returns and significant upside potential. The property's strong tenant base, favorable lease terms, and prime location make it an ideal addition to any investment portfolio.

Location Insight

City

Gainesville

County

Alachua

State

Florida

Longitude

-82.3727

Latitude

29.6151

CBSA code

23540

CBSA name

GAINESVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments