Tarpon Village
For saleUnder contract1212-1214 S Andrews Ave, Fort Lauderdale, FL 33316-1828
Property type
Office
Unit / Space count
1
Price
$5,250,000
CAP
6.35%
Building size
8,702 sf
Rentable area
8,702 SF
Year built
1961
Year renovated
Property class
A
Occupancy
Zoning code
Lot size
0.55 Acres
Price per Unit
$5,250,000
Price per SF
$603.31
Property description
Tarpon Village presents a rare opportunity to acquire a multiparcel medical and professional office investment with significant covered land and future redevelopment potential in the heart of Fort Lauderdale. Located along Andrews Avenue, the property consists of seven parcels totaling approximately 1.19 acres with five buildings totaling 17,489 RSF. The asset offers strong in-place cash flow with additional upside through lease rollover and mark-to-market rental growth, as several tenants are currently operating on short-term gross leases at below-market rents. The tenancy is anchored by Holy Cross, occupying approximately 3,200 SF, alongside Sharpe Project Developments, which has successfully operated out of the property for over 20 years and occupies 4,989 SF. In addition to the current income stream, the property offers long-term redevelopment potential with a proposed 107-unit residential concept already studied across the site. While not currently entitled, substantial preliminary redevelopment work has been completed, positioning the asset as a strong future Live Local Act candidate. Strategically located near Downtown Fort Lauderdale, Las Olas, and Flagler Village, Tarpon Village offers investors the rare ability to acquire a stabilized urban infill asset with immediate cash flow, below-market rents, and long-term redevelopment optionality in one of South Florida’s strongest growth markets.
Property highlights
- STRONG IN-PLACE CASH FLOW WITH UPSIDE
- Immediate cash flow from established tenancy
- Average in-place rents approximately 10% below market
- Opportunity to increase NOI through expense recoveries and lease administration
- Additional upside through future lease rollover
- ESTABLISHED TENANCY
- 17,489 SF multi-tenant medical/office property
- Holy Cross anchors approximately 3,200 SF
- Sharpe Project Developments has operated on-site for 20+ years
- Long history of stable occupancy
- PRIME INFILL LOCATION
- Signalized hard corner of Andrews Ave & Davie Blvd
- Minutes to Broward Health, Downtown Fort Lauderdale, Las Olas, Flagler Village & Brightline
- Easy access to I-95, SR-84, US-1, FLL Airport & Port Everglades
- Surrounded by continued residential and mixed-use development
- WELL-MAINTAINED PROPERTY
- Professionally maintained by current ownership for 20+ years
- No significant deferred maintenance
- Operational upside without major capital investment
- Pride of ownership throughout
- FLEXIBLE INVESTMENT OPPORTUNITY
- Attractive opportunity for investors, family offices, and developers
- Multiple value-add and long-term hold strategies
- Strong cash flow with long-term appreciation potential
- LONG-TERM REDEVELOPMENT POTENTIAL
- 1.19-acre assemblage across seven parcels
- Conceptual land use and feasibility study illustrates potential for approximately 107 residential units
- Potential future redevelopment under the Live Local Act
- Significant long-term land value beyond today’s cash flow