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Shopping Strip

Las Villas Market Square

4705 NW 183rd St, Miami Gardens, FL 33055

Listing Price: $21,650,000

Cap Rate
6.37%
Gross SF
84,543
Rentable SF
84,543
Price/Gross SF
$256.08
Lot Size
7.21 acres
Year Built
1974

Investment Overview

Marcus & Millichap is proud to exclusively market Las Villas / Market Square, an 84,543 square foot Dollar General anchored neighborhood retail / service center located in densely populated and booming Miami-Dade County, Florida. The center sits on over seven acres of land immediately west of the City of Miami Gardens, north of Miami Lakes, and south of Miramar. The center is now completing a major remodeling project involving newly expanded industrial design façade /sign band/parapet improvements, new canopy roof, parking lot renovation – restriping, sealcoat resurfacing, ADA revisions, new exterior LED lighting and landscaping improvements. The F.D.O.T. is simultaneously completing a major multi-year road widening project of both busy NW 183rd Street and NW 47th Avenue and projecting a dramatic increase in traffic flow going forward. Despite the challenges of Covid and more impressively through years of road closings, driveway blockages, and construction disturbances endured during the F.D.O.T. road widening project, the center has maintained high occupancy and thrived. With 93 percent occupancy, the center is ideally configured with multiple small bays allowing an owner to maximize rental income per square foot. Additionally, there are multiple short term below market leases including an outparcel Tire store that can be re-leased for immediate upside. This fine neighborhood retail/ service center, anchored by Dollar General and other notable credit and regional tenants including Subway, Penate Medical Center, Acceleration Academy, Trulieve, Florida Department of Health-WIC, CAN Community Health, and numerous neighborhood centered health, beauty, learning, service-oriented tenants make Las Villas-Market Square an internet safe and indispensable hub of this densely populated, diverse and growing area (60 percent Hispanic / 170,000 population within 3 miles).

Investment Highlights

  • 93% occupied, Miami-Dade County small bay shopping center - anchored by Dollar General
  • No COVID-related abatements or deferrals - occupancy has remained unaffected by the pandemic
  • Seller has owned for over 30 years, there are multiple below market, short term leases allowing for immediate upside
  • Additional tire store outparcel has month to month lease on separate folio and can be sold off separately
  • Vast majority of center is occupied by Internet-proof, service-oriented tenants
  • Major remodeling project soon to be completed by seller includes parking lot restriping, sealcoating & ADA revisions, new LED lighting, landscaping improvements, repainting, façade, canopy & signage replacement

Exclusively Listed By

Financing By

Shopping Strip

Las Villas Market Square

Listing Price: $21,650,000

Cap Rate
6.37%
Gross SF
84,543
Rentable SF
84,543
Price/Gross SF
$256.08
Lot Size
7.21 acres
Year Built
1974

Investment Highlights

  • 93% occupied, Miami-Dade County small bay shopping center - anchored by Dollar General
  • No COVID-related abatements or deferrals - occupancy has remained unaffected by the pandemic
  • Seller has owned for over 30 years, there are multiple below market, short term leases allowing for immediate upside
  • Additional tire store outparcel has month to month lease on separate folio and can be sold off separately
  • Vast majority of center is occupied by Internet-proof, service-oriented tenants
  • Major remodeling project soon to be completed by seller includes parking lot restriping, sealcoating & ADA revisions, new LED lighting, landscaping improvements, repainting, façade, canopy & signage replacement

Investment Overview

Marcus & Millichap is proud to exclusively market Las Villas / Market Square, an 84,543 square foot Dollar General anchored neighborhood retail / service center located in densely populated and booming Miami-Dade County, Florida. The center sits on over seven acres of land immediately west of the City of Miami Gardens, north of Miami Lakes, and south of Miramar. The center is now completing a major remodeling project involving newly expanded industrial design façade /sign band/parapet improvements, new canopy roof, parking lot renovation – restriping, sealcoat resurfacing, ADA revisions, new exterior LED lighting and landscaping improvements. The F.D.O.T. is simultaneously completing a major multi-year road widening project of both busy NW 183rd Street and NW 47th Avenue and projecting a dramatic increase in traffic flow going forward. Despite the challenges of Covid and more impressively through years of road closings, driveway blockages, and construction disturbances endured during the F.D.O.T. road widening project, the center has maintained high occupancy and thrived. With 93 percent occupancy, the center is ideally configured with multiple small bays allowing an owner to maximize rental income per square foot. Additionally, there are multiple short term below market leases including an outparcel Tire store that can be re-leased for immediate upside. This fine neighborhood retail/ service center, anchored by Dollar General and other notable credit and regional tenants including Subway, Penate Medical Center, Acceleration Academy, Trulieve, Florida Department of Health-WIC, CAN Community Health, and numerous neighborhood centered health, beauty, learning, service-oriented tenants make Las Villas-Market Square an internet safe and indispensable hub of this densely populated, diverse and growing area (60 percent Hispanic / 170,000 population within 3 miles).

Exclusively Listed By

Financing By

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