709 Park RdPlant City, FL 33563

Property Details for 709 Park Rd

Year built

1980

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.77 AC

Property size (Sq ft)

12,876 SF

Zone code

C-1A

Property type

Retail properties

Property subtype

Strip malls

APN

P282822ZZZ000006039100

APU

P282822ZZZ000006039100

Description

This 11,956 square foot, single-story retail and office strip center in Plant City, Florida, presents a compelling investment opportunity. Built in 1980 and renovated in 2020, the property boasts a new roof and features multiple units ranging from 1,700 to 3,600 square feet, each with a separate entrance. The asking price is $1,495,000, reflecting a pro-forma cap rate of 8.70% and a pro-forma NOI of $130,030. Located on 0.77 acres at 709 N Park Rd, the center benefits from high visibility on Park Road, with 26,000 vehicles passing daily. Its strategic location near Hillsborough Community College, a major car dealership, and the I-4 corridor (1 mile away, with 140,000 VPD) provides excellent access and strong demographics. The area is experiencing significant residential and commercial growth, with numerous new housing developments and retail projects underway within a 10-mile radius. Proximity to major distribution centers for companies like Amazon, Tesla, Publix, and Home Depot further enhances the investment potential. The property also includes a cell tower, adding to its income stream. This is a rare opportunity to acquire a well-located, multi-tenant property with substantial leasing upside in a rapidly growing market. The gross lease structure simplifies management, and the property's strong location and current improvements make it an attractive investment for both seasoned and new investors. The property is situated in a dense industrial and office corridor, offering a diverse tenant base and strong potential for future growth. The location is also convenient to FL-559/US-92 (0.2 miles away, with 12,500 VPD), providing easy access to major transportation routes. The population within a 5-mile radius exceeds 66,800, and is projected to grow by 6.2% by 2027.

• CAP approach

  CAP return

  Valuation

  6%

  $3,907,694

  6.5%

  $3,607,102

  7%

  $3,349,452

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,925,890

  Geo Method

  $5,925,890

• Alternative Use

  Use

  Valuation

  Residential

  $3,042,726

  Hospitality

  $2,787,120

  Educational

  $2,318,852

  Medical

  $2,398,600

  Retail

  $3,607,102

Location Insight

City

Plant City

County

Hillsborough

State

Florida

Latitude

28.0207

Longitude

-82.1054

CBSA code

45300

CBSA name

TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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