For Sale
$5,600,000

4110 34Th StGainesville, FL 32608

High-yield retail center near UF

Overview

Added:
Dec 11, 2024
Days on market:
114
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.

Highlights

  • Excellent proximity to a major university: 1.5 miles from the nation's 5th largest university.
  • Exceptional investment opportunity: Largest of only three unanchored strip centers in Gainesville exceeding 20,000 square feet.
  • Strong tenant base with favorable lease terms: 12 of 13 tenants have annual rent escalations, and all 13 tenants reimburse for management and CAM expenses.

Property Details for 4110 34Th St

Property type
Lifestyle centers, Power centers
Square Feet
24,025 SF
Class
A
Year Built
1989
Lot Size (sq. ft)
97,574 SF
Units
13

Location Insight

City
Gainesville
County
Alachua
State
Florida
Latitude
29.614343539809
Longitude
-82.372231984542
4110 34Th St, Gainesville, Florida

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4110 34Th St
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