1915-1999 N University Dr

Investment Highlights

Mixed-Use Property/4-Story Office Building Seller Financing Maybe Available To Qualifidied Buyers Class A Property Offering Approx. 58,446 SF of Rentable Space Multi-Tenant Retail Located Directly on N. University Drive/ Traffic Counts of 42,500 VPD According To The City Of Coral Springs This Property Allows For A Multi-Family Redevelopment Under The Florida Live Local Act

Executive Summary

Marcus & Millichap proudly presents an exceptional investment opportunity: Promenade of Coral Springs, a prime mixed-use office and retail portfolio nestled in the heart of Coral Springs, Florida. This mixed-use property is situated on two contiguous parcels totaling 5.23 acres (227,964 square feet) and offers approximately 58,466 square feet of rentable space. Approximately 60 percent (or 35,330 square feet) of the total rentable is comprised of class A office space, 23 percent (13,360 square feet) is multitenant retail space and the remaining 9,737 square feet (17 percent) is a Miller?s Ale House outparcel. Promenade of Coral Springs is occupied by a mix of net leased tenants with short term and long-term leases with three percent annual increases. This property is ideal for both professional and retail tenants alike, with excellent upside in increasing cash flows by increasing occupancy and rents. The portfolio is positioned to be well received and strongly sought after by both investors and owner-users alike.Promenade of Coral Springs is located on the hard corner of NW 20th St and N University Drive, a major North-South thoroughfare, which has high traffic counts of over 42,500 Vehicle Per Day (VPD). With close to 500 feet of direct frontage on busy University Drive, this property enjoys outstanding visibility and exposure. The property is surrounded by national retailers and hospitals including Publix, Pet Supermarket, Olive Garden, Total Wine & Spirits, Chipotle, and Coral Springs Medical Center. Promenade of Coral Springs has been meticulously maintained and provides professional curb appeal, monument signage opportunities, and an incredible parking ratio. There are approximately 350 parking spaces, of which some are covered, providing for a parking ratio of six parking spaces per 1,000 square feet of rentable space. The retail strip has seven-in-line neighborhood tenants and is occupied by Avis Rent-A-Car, East Asian Hospitality ? a Chinese restaurant, Nothing Bunt Cakes - a bakery shop, Berger Realty Firm, EM Beauty Group, a Salon, and more. The outparcel is fully occupied by Miller?s Ale House of Coral Springs, which has been a tenant since 2003 . Investors will appreciate the property's exceptional location, stable tenant base, and promising potential for increased cash flows through higher occupancy and rental rates. With a track record of success and a sought-after position in Coral Springs' commercial landscape, Promenade of Coral Springs is an opportunity not to be missed.Please Note According To The City Of Coral Springs This Property Allows For A Multi-Family Redevelopment Under The Florida Live Local Act

• Sale Type    Investment NNN
• Property Type    Retail
• Property Subtype    Restaurant
• Building Size    8,032
• Building Class    B
• Year Built    1980
• Price    5,185,630
• Price Per SF    646
• Cap Rate    6.75
• NOI    350,030
• Tenancy    Single
• Building Height    1 Story
• Building FAR    0.09
• Land Acres    2.00 AC