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    5701 University Dr, Unit 5881 Tamarac, FL 33321-4635

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    5701 University Dr, Unit 5881 Tamarac, FL 33321-4635

    View on Map
    • Community centers
    • 229,695 SF
    • 20.17 lot acres
    Off-Market
    Last Sale Jul 30, 2024
    $36,425,000
    Property ID
    US18-4247475
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $36,425,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Community centers

    Property Details for 5701 University Dr

    Year built
    1986
    Construction
    CONCRETE
    Lot size
    20.17 lot acres
    Property size
    229,695 SF
    Zone code
    MU-G
    Property type
    Community centers
    Property subtype
    Shopping centers
    APN
    49-41-09-37-0010
    APU
    494109370010

    Description

    Midway Plaza, a 218,407-square-foot community shopping center, presents a compelling investment opportunity in western Broward County, Florida. Strategically located at the intersection of University Drive and Commercial Boulevard in Tamarac, this established center boasts a prime infill location within a densely populated area, with 195,000 residents residing within a 3-mile radius. Built in 1986, the center is anchored by a Publix supermarket, a key tenant since its inception. A diverse mix of junior anchors complements Publix, including Ross Dress for Less, Dollar Tree, and Five Below, ensuring a strong tenant base and consistent foot traffic. The property offers multiple suite options, ranging from a minimum of 2,323 square feet to a maximum contiguous space of 19,324 square feet. Currently, 35,354 square feet of space is available for lease, providing flexibility for various retail concepts. This well-established center in the Miami-Fort Lauderdale metro area offers a unique opportunity to capitalize on a thriving retail market. The property's strong anchor tenants, high visibility location, and substantial available space make it an attractive proposition for businesses seeking a presence in this dynamic area. The six total suites provide a variety of options for potential tenants.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $36,425,000
      ML approach
      $36,425,000

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Tamarac
    County
    Broward
    State
    Florida
    Longitude
    -80.2541
    Latitude
    26.1964
    CBSA code
    33100
    CBSA name
    MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $947,218
    $10,823,770
    $28,072,720
    $38,896,490
    -
    $10,823,770
    $28,072,720
    $38,896,490

    Comparable in this City

    • Value Estimation
      $29,810,000
      94,824 SF

      6921 88th Ave, Unit 7251

      MINI-MALL • 94,824 SF
      6921 88th Ave, Tamarac, FL 33321-3221
      View Details
    • Value Estimation
      $24,860,000
      105,012 SF

      10000 Mcnab Rd, Unit 10098

      MINI-MALL • 105,012 SF
      10000 Mcnab Rd, Tamarac, FL 33321-1815
      View Details
    • Value Estimation by Request

      6702-6852 University Dr

      Lifestyle centers
      6702-6852 University Dr, Tamarac, FL 33321
      View Details
    • Value Estimation
      $21,260,000
      76,208 SF

      7050 University Dr, Unit 7116

      SHOPPING CENTER, STRIP CENTER • 76,208 SF
      7050 University Dr, Tamarac, FL 33321-2918
      View Details
    • Value Estimation
      $520,000
      1,050 SF

      7000 University Dr

      SERVICE STATION WITH FOOD MART • 1,050 SF
      7000 University Dr, Tamarac, FL 33321-2918
      View Details
    • Value Estimation
      $5,320,000
      25,580 SF

      5801 Madison Ave

      VEHICLE SALES, RENTALS • 25,580 SF
      5801 Madison Ave, Tamarac, FL 33321-6423
      View Details

    Similar Nearby for Sale

    • Contact for pricing

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      Retail and Office Space Available

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      Established Smoke Shop Business Opportunity

      Well-established smoke shop in high-traffic Tamarac location for sale.
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      Tamarac Retail Space For Lease

      1,600 SF retail space with high traffic and natural light.
      5820 N University Dr, Tamarac, FL 33321
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    Similar Nearby for Lease

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      22,000 SF

      Tamarac Commercial Space For Rent

      Commercial space for rent, suitable for various business types.
      7935 W Mcnab Rd W, Tamarac, FL 33321
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    • $30 SF/Yr

      Tamarac Medical Office Space

      Starter office in medical building with exam rooms and restroom.
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      Tamarac Office Space For Lease

      Unique 1400 SF office space with modern fixtures.
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    Tamarac, FL 33321-4635
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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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