|Cap Rate||3.05% / 13.31%|
|Gross Leasable Area (GLA)||75,155 Sq.Ft.|
|Price Per Square Foot (GLA)||$35.93|
Marcus & Millichap is pleased to present for sale Morningside Plaza, a 75,155-square foot shopping center anchored by Walmart (Not Included) and Dollar Tree. Morningside Plaza is located in Dade City, Florida which is the county seat of Pasco County and part of the Tampa Bay MSA.
Morningside Plaza is currently 36 percent occupied, making it one of the few value add opportunities available in Florida. Long term tenants include Subway and Dollar Tree who have both been in occupancy at the property for more than 9 years. Available space at the plaza includes a 33,896-square foot anchor and four in-line spaces. By leasing the the shopping center to the market occupancy rate of 90 percent, an investor can improve the net income by more than 450 percent.
Morningside Plaza is located just 5 miles east of I-75 on US 301, the main north-south thoroughfare through central Florida. Residents looking for affordable housing find Dade City an attractive option with a reasonable commute to major employment centers like Tampa and Orlando. Morningside Plaza enjoys a traffic count of more than 30,000 cars per day on US 301, making this one of the busiest highways in Pasco County.
Area attractions include St Leo University, one of the most prominent Catholic universities in the nation with over 17,000 full-time students and staff. Due to the close proximity and convenience to St Leo University, Dade City plays a pivotal role in serving the university’s robust students and staff.
First Vice President Investments