|Gross Leasable Area (GLA)||11,880 Sq.Ft.|
|Price Per Square Foot (GLA)||$219|
|Lot Size||1.25 Acres|
Marcus & Millichap is please to offer for sale Olympia Plaza, an 11,880 square foot shopping center located in Oldsmar, Florida, an affluent Tampa suburb located only 25 minutes from the Tampa International Airport and the Westshore Business District. Olympia Plaza offers investors an opportunity to acquire a low management asset that is free and clear of existing debt. In addition to the stability of the attractive tenant base on staggered leases, an investor also has significant upside in leasing vacant space.
For just $780,000, a 70 percent LTV, an investor can secure this value-add strip center with about 10 percent vacancy. After leasing up the vacant space, the property has the potential to yield over a 10 percent cash-on-cash return.
The city of Oldsmar is attractive to Tampa Bay residents looking to be in close proximity to local attractions and employment centers, while still enjoying the family friendly benefits of living in the suburbs. The subject property is surrounded be well-known retail tenants such as Dunkin Donuts, Chick-Fil-A, Chili’s, Walgreens, Thornton’s, CVS, Advanced Auto Parts, Steak ‘n shake, Jersey Mike’s, Domino’s, 7-Eleven, Verizon Wireless, KFC, Panera Bread, Office Depot, Ross, Bealls, Ruby Tuesday, Marshalls and Dollar Tree among others. The average household income within a five mile radius of Olympia Plaza is over $83,000 per year compared to the national average of approximately $54,159 per year.
First Vice President Investments