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Shopping Strip

Palm Plaza

1301-1481 N Palm Ave, Pembroke Pines, FL 33025

Listing Price: $6,500,000

Cap Rate
5.30%
Gross SF
22,284
Rentable SF
22,284
Price/Gross SF
$291.69
Lot Size
2.32 acres
Year Built
1983

Investment Overview

Marcus & Millichap is pleased to present for sale the Palm Plaza at Pembroke
Pines, located in Pembroke Pines, FL. Palm Plaza has more than 22,000 square feet
of multi-tenant retail/medical space. The property is 95 percent occupied and offers
over 115 parking spaces. Palm Plaza was constructed in 1983 and recently renovated
in 2023. This plaza has great curb appeal and accessibility on Palm Avenue with a
daily traffic count of approximately 22,500 vehicles per day. Additionally, the
property benefits from Two Left turns in when heading south on Palm Avenue.
Current Rents of the asset are averaging $14.60 per square foot, roughly forty
percent (40%) below market rate, minimizing the downside risk for an investor to
replace. Through repositioning current leases and backfilling the vacant space to
market rent, an investor will increase cash flow on the property significantly
maximizing the yield.
The surrounding area has exceptional demographics consisting of 21,885
Population within a 1-Mile Radius. Palm Plaza is three miles from Broward College-
South Campus with a total enrollment of 44,000 students. The property is also three
miles from North Perry Airport, and Memorial Hospital Pembroke in Pembroke
Pines.
Pembroke Pines is 18 miles from Fort Lauderdale, and 20 miles North of Miami.
Located in the Broward County metro area, the population in the area is over
480,000 within a five-mile radius of the Subject Property. Broward County contains
a total population of 1.9 million people. Since 2000, the county’s population has
increased by roughly 268,400 residents. Companies are attracted to the Metro for its
tax structure, proximity to Latin American markets, large-educated workforce, and desirable climate.

Investment Highlights

  • Priced at Replacement Cost
  • Value Add- 95% Occupied- Average Rents at $15 Net Per Square Foot | 2 Tenants on MTM Leases
  • Roof Replaced in 2021- Currently Under Warranty
  • Excellent Parking Ratio 116 Parking Spaces / 5 Spaces per 1,000 Square Feet
  • Oversized Parcel- 2.32 Acres / 101,201 SF
  • Building Recertified in 2024

Exclusively Listed By

Financing By

Listing Price: $6,500,000

Cap Rate
5.30%
Gross SF
22,284
Rentable SF
22,284
Price/Gross SF
$291.69
Lot Size
2.32 acres
Year Built
1983

Investment Highlights

  • Priced at Replacement Cost
  • Value Add- 95% Occupied- Average Rents at $15 Net Per Square Foot | 2 Tenants on MTM Leases
  • Roof Replaced in 2021- Currently Under Warranty
  • Excellent Parking Ratio 116 Parking Spaces / 5 Spaces per 1,000 Square Feet
  • Oversized Parcel- 2.32 Acres / 101,201 SF
  • Building Recertified in 2024

Investment Overview

Marcus & Millichap is pleased to present for sale the Palm Plaza at Pembroke Pines, located in Pembroke Pines, FL. Palm Plaza has more than 22,000 square feet of multi-tenant retail/medical space. The property is 95 percent occupied and offers over 115 parking spaces. Palm Plaza was constructed in 1983 and recently renovated in 2023. This plaza has great curb appeal and accessibility on Palm Avenue with a daily traffic count of approximately 22,500 vehicles per day. Additionally, the property benefits from Two Left turns in when heading south on Palm Avenue. Current Rents of the asset are averaging $14.60 per square foot, roughly forty percent (40%) below market rate, minimizing the downside risk for an investor to replace. Through repositioning current leases and backfilling the vacant space to market rent, an investor will increase cash flow on the property significantly maximizing the yield. The surrounding area has exceptional demographics consisting of 21,885 Population within a 1-Mile Radius. Palm Plaza is three miles from Broward College- South Campus with a total enrollment of 44,000 students. The property is also three miles from North Perry Airport, and Memorial Hospital Pembroke in Pembroke Pines. Pembroke Pines is 18 miles from Fort Lauderdale, and 20 miles North of Miami. Located in the Broward County metro area, the population in the area is over 480,000 within a five-mile radius of the Subject Property. Broward County contains a total population of 1.9 million people. Since 2000, the county’s population has increased by roughly 268,400 residents. Companies are attracted to the Metro for its tax structure, proximity to Latin American markets, large-educated workforce, and desirable climate.

Exclusively Listed By

Financing By

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