Wilshire Plaza II
FOR SALE: Mixed-Use Retail/Office | ±71K SF | Casselberry, FL
Marketing description
Marcus & Millichap is pleased to present Wilshire Plaza II, a 70,874-square-foot mixed-use office and retail property located at 218–384 Wilshire Boulevard in Casselberry, Florida, within the Greater Orlando MSA. The Property sits on a 3.65-acre parcel just west of SR-436 (Semoran Boulevard), a primary commercial corridor serving Seminole County and the surrounding suburban trade area.
Wilshire Plaza II is currently 91% occupied and generates in-place NOI of $685,848. The tenant roster is composed primarily of service-oriented, healthcare, insurance, and professional office users, with income distributed across a broad base of local and regional tenants.
Based on projected stabilization reflected in the financial analysis, pro forma NOI is estimated at $974,149 by Year 3, representing an approximate 42% increase over in-place NOI.
Investment highlights
- Property Size and Composition: Wilshire Plaza II comprises 70,874 square feet of mixed-use office and retail space.
- Occupancy and Income: The Property is 91.3% occupied and produces in-place NOI of $685,848, providing a defined snapshot of current operating performance.
- NOI Profile: Pro forma NOI is projected to reach $974,149 by Year 3, reflecting approximately 42% growth relative to in-place NOI.
- Lease Term Profile: The rent roll has a weighted average lease term (WALT) of approximately 3 years and 8 months, with lease expirations distributed across multiple tenants and suite sizes.
- Tenant Mix: The rent roll is diversified across insurance, healthcare, professional services, education, and service-oriented uses, limiting exposure to any single tenant or industry.
- Suburban Office and Service Retail Use: The Property primarily serves local and regional tenants occupying suburban office and service retail space within Seminole County.
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