Mixed-Use
Foster's Corner | Value-Add | Development Opportunity
515 N Park Ave, Apopka, FL 32712
Listing Price: $3,990,000
Investment Overview
Marcus & Millichap is pleased to exclusively present an exceptional investment opportunity at Foster’s Corner, a 21,036 square-foot retail/medical center located on an oversized 1.90-acre lot at 515 N Park Ave, Apopka, FL. Priced at $189.67 per square foot, this property offers newer construction below replacement cost and significant value for investors.
Foster’s Corner features a strong tenant mix of 11 diverse businesses, including nationally recognized tenants, medical practices, and regional/local service-oriented businesses. With NNN lease potential and current Net rents at $12.93 per square foot—well below the market average of $29.80—the property provides a substantial value-add opportunity with reliable rental income and minimal landlord responsibilities. In addition, the property may allow for additional development of retail along Lake McCoy Drive.
This property benefits from high visibility and accessibility on N Park Ave, a prime location across from Dream Lake Elementary and Apopka Memorial Middle School. The area’s high traffic volume ensures consistent visibility, supported by nearby major retailers such as Walmart, Publix, Lowe’s, and Wendy’s. These anchor tenants drive significant foot traffic, further enhancing the site’s appeal.
Apopka’s booming market, characterized by robust residential and commercial development, positions Foster’s Corner as a premier investment opportunity. The Greater Orlando area’s sustained economic growth solidifies this property’s long-term potential for both stability and capital appreciation.
Foster's Corner | Value-Add | Development Opportunity
Investment Highlights
- STRONG MARKET FUNDAMENTALS & LEASING UPSIDE With Submarket Vacancy at Just 1.1% and Broader Market Vacancy at 3.2% (per CoStar), the Center's 7.6% Vacancy Highlights Immediate Value-Add Potential.
- DIVERSE TENANT MIX The Center is Home to 11 Tenants, Including National Brands, Medical Providers, and Local Service Operators—Creating a Stable, Diversified Rent Roll.
- SURROUNDED BY NATIONAL RETAILERS Nearby Major Retailers Include Walmart, Publix, Lowe's, and Wendy's—Further Validating the Strength of This Retail Corridor.
- VALUE-ADD RENTAL UPSIDE + VACANCY LEASE UP + DEVELOPMENT POTENTIAL In-Place Net Rents Average $12.93/SF—Less Than Half the Market Average of $29.80/SF (per CoStar)—Offering Significant Upside Through Future Rent Growth and Leasing of the Vacant Space. The Site Also Offers the Potential to Develop an Additional 4,000–5,000 SF of Retail Space.
- HIGH-TRAFFIC LOCATION WITH EXCELLENT VISIBILITY Strategically Located on N Park Ave Across From Dream Lake Elementary and Apopka Memorial Middle School, the Center Benefits From Constant Traffic and Strong Local Visibility.
- STABLE INCOME + GROWTH TRAJECTORY The Property Generates a 6.82% Year 1 CAP Rate with Built-In Escalations Across the Rent Roll. Proforma Year 2 Returns Project an 8.93% CAP with Lease-Up of Vacant Space.
- NEWER CONSTRUCTION PRICED BELOW REPLACEMENT COST + DEVELOPMENT UPSIDE POTENTIAL Foster's Corner is Offered at Just $189.67 per Square Foot—Well Below Today's Replacement Cost—Providing Exceptional Value. The Property Spans an Oversized 1.90-Acre Parcel, Presenting a Rare Opportunity For Additional Development.
Exclusively Listed By
Financing By
Listing Price: $3,990,000
Investment Highlights
- STRONG MARKET FUNDAMENTALS & LEASING UPSIDE With Submarket Vacancy at Just 1.1% and Broader Market Vacancy at 3.2% (per CoStar), the Center's 7.6% Vacancy Highlights Immediate Value-Add Potential.
- DIVERSE TENANT MIX The Center is Home to 11 Tenants, Including National Brands, Medical Providers, and Local Service Operators—Creating a Stable, Diversified Rent Roll.
- SURROUNDED BY NATIONAL RETAILERS Nearby Major Retailers Include Walmart, Publix, Lowe's, and Wendy's—Further Validating the Strength of This Retail Corridor.
- VALUE-ADD RENTAL UPSIDE + VACANCY LEASE UP + DEVELOPMENT POTENTIAL In-Place Net Rents Average $12.93/SF—Less Than Half the Market Average of $29.80/SF (per CoStar)—Offering Significant Upside Through Future Rent Growth and Leasing of the Vacant Space. The Site Also Offers the Potential to Develop an Additional 4,000–5,000 SF of Retail Space.
- HIGH-TRAFFIC LOCATION WITH EXCELLENT VISIBILITY Strategically Located on N Park Ave Across From Dream Lake Elementary and Apopka Memorial Middle School, the Center Benefits From Constant Traffic and Strong Local Visibility.
- STABLE INCOME + GROWTH TRAJECTORY The Property Generates a 6.82% Year 1 CAP Rate with Built-In Escalations Across the Rent Roll. Proforma Year 2 Returns Project an 8.93% CAP with Lease-Up of Vacant Space.
- NEWER CONSTRUCTION PRICED BELOW REPLACEMENT COST + DEVELOPMENT UPSIDE POTENTIAL Foster's Corner is Offered at Just $189.67 per Square Foot—Well Below Today's Replacement Cost—Providing Exceptional Value. The Property Spans an Oversized 1.90-Acre Parcel, Presenting a Rare Opportunity For Additional Development.
Investment Overview
Marcus & Millichap is pleased to exclusively present an exceptional investment opportunity at Foster’s Corner, a 21,036 square-foot retail/medical center located on an oversized 1.90-acre lot at 515 N Park Ave, Apopka, FL. Priced at $189.67 per square foot, this property offers newer construction below replacement cost and significant value for investors. Foster’s Corner features a strong tenant mix of 11 diverse businesses, including nationally recognized tenants, medical practices, and regional/local service-oriented businesses. With NNN lease potential and current Net rents at $12.93 per square foot—well below the market average of $29.80—the property provides a substantial value-add opportunity with reliable rental income and minimal landlord responsibilities. In addition, the property may allow for additional development of retail along Lake McCoy Drive. This property benefits from high visibility and accessibility on N Park Ave, a prime location across from Dream Lake Elementary and Apopka Memorial Middle School. The area’s high traffic volume ensures consistent visibility, supported by nearby major retailers such as Walmart, Publix, Lowe’s, and Wendy’s. These anchor tenants drive significant foot traffic, further enhancing the site’s appeal. Apopka’s booming market, characterized by robust residential and commercial development, positions Foster’s Corner as a premier investment opportunity. The Greater Orlando area’s sustained economic growth solidifies this property’s long-term potential for both stability and capital appreciation.
Exclusively Listed By
Financing By
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