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Shopping Strip

Citrus Park Plaza Below Market Rents

8608 Citrus Park Dr, Tampa, FL 33625

Listing Price: $5,260,000

Cap Rate
5.50%
Gross SF
12,000
Rentable SF
12,000
Price/Gross SF
$438.33
Lot Size
1.94 acres
Year Built
2004

Investment Overview

Marcus & Millichap is pleased to present for sale Citrus Park Plaza located
at 8608 Citrus Park Drive in Tampa, Florida. Located in the bustling Tampa-
St. Petersburg Metro Area with a population of 2.9 Million residents, this
area boasts a low cost of living and a diverse economy with major industries
including the High-Tech Industry, the Tourism Industry, Military, Finance, and
Seaborne Commerce Industries. Tampa Bay is one of the largest seaports in
the Southeastern United States and hosts cruise ships as well as commercial
freighters.
This five-tenant plaza includes popular tenants Massage Envy, Bed Pros,
Lilis Nails, J. Joseph Salon and AT & T. AT&T currently occupies 27 percent
of the center at rents 50 percent below market. AT&T is currently a tenant at
will, posing significant upside for an investor to raise rents with the current
tenant or a new tenant. The shopping center has a very strong parking ratio
providing for ample parking for restaurant tenants which are currently in high
demand. The area surrounding this well-kept plaza is exploding with brand
new home developments and an influx of people moving to the area each
day. The Citrus Park Area is one of Tampa Bays most sought after areas for
its ideal location, excellent schools and plentiful shopping. There are several
hundred high end homes under construction/sold within a 10 minute drive
of this property.
Citrus Park Drive Extension Project is a FDOT project that will extend Citrus
Park Drive (two parcels from this property) and add a 2.73 Mile section of a 4
lane urban road, add new traffic signals and improve drainage. This is a major
improvement and will drive traffic to this area by connecting neighborhoods
and will add pedestrian safety features to the area. This will create a 4 way
intersection only two.
Citrus Park Plaza is only minutes from Veterans Expressway with 6 general
purpose lanes and easy access to Tampas major employment corridor and
Downtown Tampa. Ed Raice Sports Complex is 4 miles away with 138 acres
and a very popular premier multi sports facility. Also only minutes away is
Tampa Bay Downs, an American thoroughbred horse racing facility which
sees daily attendance of over 2,996 visitors and annual attendance of over
269,603 fans.
Citrus Park is a suburb of Tampa with a population of more than 27,000 and
average household income exceeding $98,000. Citrus Park is in Hillsborough
County and is one of the best places to live in Florida. Many families and
young professionals live in Citrus Park and residents tend to have moderate
political views. The public schools in Citrus Park are highly rated.

Investment Highlights

  • Five (5) Tenant Plaza Includes Major National Retailers AT & T and Massage Envy
  • 27% of GLA Paying $18/SF with Tenant at Will
  • Trophy Location Strip Center with Considerable Upside
  • 100% Occupied with Below Market Rents and Significant Upside
  • 91 Parking Spaces (8 to 1 Parking Ratio) Plenty of Parking
  • Brand New Roof Placed on Property in 2018 with a Warranty

Exclusively Listed By

Shopping Strip

Citrus Park Plaza Below Market Rents

Listing Price: $5,260,000

Cap Rate
5.50%
Gross SF
12,000
Rentable SF
12,000
Price/Gross SF
$438.33
Lot Size
1.94 acres
Year Built
2004

Investment Highlights

  • Five (5) Tenant Plaza Includes Major National Retailers AT & T and Massage Envy
  • 27% of GLA Paying $18/SF with Tenant at Will
  • Trophy Location Strip Center with Considerable Upside
  • 100% Occupied with Below Market Rents and Significant Upside
  • 91 Parking Spaces (8 to 1 Parking Ratio) Plenty of Parking
  • Brand New Roof Placed on Property in 2018 with a Warranty

Investment Overview

Marcus & Millichap is pleased to present for sale Citrus Park Plaza located
at 8608 Citrus Park Drive in Tampa, Florida. Located in the bustling Tampa-
St. Petersburg Metro Area with a population of 2.9 Million residents, this
area boasts a low cost of living and a diverse economy with major industries
including the High-Tech Industry, the Tourism Industry, Military, Finance, and
Seaborne Commerce Industries. Tampa Bay is one of the largest seaports in
the Southeastern United States and hosts cruise ships as well as commercial
freighters.
This five-tenant plaza includes popular tenants Massage Envy, Bed Pros,
Lilis Nails, J. Joseph Salon and AT & T. AT&T currently occupies 27 percent
of the center at rents 50 percent below market. AT&T is currently a tenant at
will, posing significant upside for an investor to raise rents with the current
tenant or a new tenant. The shopping center has a very strong parking ratio
providing for ample parking for restaurant tenants which are currently in high
demand. The area surrounding this well-kept plaza is exploding with brand
new home developments and an influx of people moving to the area each
day. The Citrus Park Area is one of Tampa Bays most sought after areas for
its ideal location, excellent schools and plentiful shopping. There are several
hundred high end homes under construction/sold within a 10 minute drive
of this property.
Citrus Park Drive Extension Project is a FDOT project that will extend Citrus
Park Drive (two parcels from this property) and add a 2.73 Mile section of a 4
lane urban road, add new traffic signals and improve drainage. This is a major
improvement and will drive traffic to this area by connecting neighborhoods
and will add pedestrian safety features to the area. This will create a 4 way
intersection only two.
Citrus Park Plaza is only minutes from Veterans Expressway with 6 general
purpose lanes and easy access to Tampas major employment corridor and
Downtown Tampa. Ed Raice Sports Complex is 4 miles away with 138 acres
and a very popular premier multi sports facility. Also only minutes away is
Tampa Bay Downs, an American thoroughbred horse racing facility which
sees daily attendance of over 2,996 visitors and annual attendance of over
269,603 fans.
Citrus Park is a suburb of Tampa with a population of more than 27,000 and
average household income exceeding $98,000. Citrus Park is in Hillsborough
County and is one of the best places to live in Florida. Many families and
young professionals live in Citrus Park and residents tend to have moderate
political views. The public schools in Citrus Park are highly rated.

Exclusively Listed By

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