Paraiso Plaza II
Closed3300-3320 W 84th St, Hialeah, FL 33018
Property type
Retail
Price
$16,000,000
Cap Rate
6%
Building size
36,747 SF
Year built
1998
Year renovated
2024
Occupancy
100%
APN
04-2028-063-0040
Zoning code
C-2 - Liberal Retail Commercial District
Number of buildings
2
Uncovered spaces
173
Property description
Franklin Street, as exclusive broker, is pleased to present the opportunity to acquire Paraiso Plaza II, a 34,013 SF strip center 100% leased to a diverse mix of essential service retail tenants like Subway, and medical tenants in Hialeah, FL. The property is ideally located adjacent to a Publix owned and anchored Shopping Center and McDonald's outparcel, with access to Hialeah Gardens Blvd which has exits/entrances to I-75 that sees over 155,000 VPD. Paraiso Plaza II offers investors stabilized cash flow from both local and national tenants, with healthy rent increases throughout their term. There is tremendous upside in bringing rents to market throughout the hold period, in a market with a 1% Vacancy Rate. This is a unique opportunity to acquire a Class A Strip Center in the Miami MSA, with below market rents and tremendous location.
Property highlights
- Miami MSA, Retail Strip Center: 100% Occupied Strip Center, seconds from I-75 in Hialeah, FL.
- Zero Capital Expenditures Needed: Roof Replaced in 2019 and includes a 20 year warranty. Full renovation in 2024
- Internet Resistant Tenant Mix: Great mix of Retail Tenants like Subway and Medical Tenants like Pasteur Medical
- Below Market Rents: Average Rent at the center: $25.07 PSF. Average Market rent: $35 PSF. Percentage Difference: +- 40%. Low WALT of 2.14
- Outparcel Included: Pasteur occupies 100% of the 7,200 SF Outparcel Building, which has an existing drive-thru window
- Excellent Parking: Center provides 173 Parking Spaces, which is a healthy 5/1,000 SF Ratio