3300 34Th StFort Lauderdale, FL 33308

  • Retail properties
  • 27,400 SF
For Sale
$6,950,000 View listing

Property Details for 3300 34Th St

Year built
1958
Lot size
1.22 AC
Property size (Sq ft)
27,400 SF
Property type
Retail properties
Property subtype
Lifestyle 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.

3300 34Th St, Fort Lauderdale, Florida

Location Insight

City
Fort Lauderdale
County
Broward
State
Florida
Latitude
26.1699
Longitude
-80.1011

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].