355 PLAZA DR Eustis FL 32726

Seller is motivated Bring all Offers

Owner financing could be available

Additional parcel of 2.25 acres.

STRIP CENTER SIZE: 35,722 Square feet

ZONING: C-2

LAND USE: GC (General Commercial) with the following standards:

FAR up to 2.5

35’ max building height

Permitted uses are wide open

LOT SIZE: 7.47 Acres (325,560 SF)

BUILDABLE AREA WITH AMPLE PARKING: 50%

NEW POTENTIAL RETAIL/MEDICAL: 162,780 SF plus multifamily above.

BUILT: 1968

PARKING: 194 Surface Spaces

FEATURES: 3 separate buildings, Pylon Sign

FRONTAGE: Plaza Dr 428’, Ruleme St 345’

• The existing center could see an NOI growth of over 80% in the next five years due to the rents being below market.

• Excellent Redevelopment opportunity for a mixed-use project including retail, medical and multifamily.

• Keep cash flowing until ready to break ground.

• Potential new retail/medical center of 163,000 SF, excluding multifamily.

• The property sits on the most strategic intersection on SR 441 with a traffic count of 41,190 cars per day on Hwy 441 and 17,834 cars per day on Bay Street, the main road leading into the city of Eustis.

• Significant value add potential with most tenants rent well below market.

• The perfect location, 100% visibility and access at the busiest intersection in Eustis, makes this site a perfect re-development opportunity in the future as a medical facility, a grocery anchored center or other high quality retail center.

• Services oriented and recession resilient strip center with tenants tenure starting in 2016.

• Major renovations were done in 2016.

• New roofs were installed in 2020 and 2024.

• The 3 – 5 mile radius is home to over 40,706 and 81,170 residents respectably with an average household income of over $75,000/YR.

• The immediate vicinity includes multiple hospitals and other major employers, serving tens of thousands of residents and retirees.

• Lake County NNN rental rate: $27 per square foot with a very low vacancy rate of 2.8%.

• Immediate vicinity retailers include: Publix, Olie’s Bargains, McDonald’s, Tractor Supply, Big Lots, Save A Lot, Burger King, Starbucks, Pizza Hut, Applebee’s and many more.