Santa Barbara Plaza

Shopping Center for Sale
Catylist Listing ID: 30357513
Property Subtypes: Community Center
Building Size (RSF): 21,000 SF
Gross Land Area: 2.70 Acres
Sale Price: $3,250,000
Unit Price: $154.76 PSF
Ceiling: 10 ft.
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Santa Barbara Plaza
Sale Terms: Cash to Seller
Cap Rate: 6.9%
Average Occupancy Rate: 89
Last Updated: 12/17/2018

Overview / Comments

Community Shopping Center located on a prominent corner at a signalized intersection. Tenants are a variety of service oriented business with little exposure to internet sales. Buildings are well maintained with excellent curb appeal to attract customers to the tenants.

The shopping center is located on the south-east the corner of the signalized intersection of Santa Barbara Blvd., a major, 6 lane, north-south traffic artery, and Nicholas Parkway, a major 4 lane east-west artery. The center wraps around a very busy 7-Eleven, with a CVS pharmacy across the intersection to the north, and a Speedway to the west. .

Two buildings 1025 and 1031 Santa Barbara Blvd. provide approximately 21,000 sf of retail and office space. Building one is anchored by a 2800 sf restaurant and building two is anchored by a 2000 sf computer repair and sales tenant.

There are 69 parking spaces in the center and a PDP for development of additional parking on the vacant land at 124-128 Nicholas Pkwy E has been approved. A storm water retention pond is located on SE 11th Terrace to the east of 1031 Santa Barbara Blvd.

Sale includes new parking lot which is under construction on 20,000 sf of land (Lee County STRAP #24-44-23-C1-01027.0120 and #24-44-23-C1-01027.0140).

Highlights:
(1) Proforma Cap Rate 6.9%
(2) 100,000 residents within 10 minute drive time with $61,634 median household income
(3) 194,000 residents with in 15 minute drive time with $59,850 median household income
(4) Located on prominent corner at a major signalized intersection
(5) Easy access from Santa Barbara Blvd, a 6 lane retail corridor traffic artery
(6) Close proximity to the City Government Center and main US Post Office

Financials

Finance Data Year 2018
Real Estate Taxes - Annual($) $25,352 (Annual)
Net Operating Income $215,881 (Annual)
Gross Operating Income $306,199 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Cape Coral-Fort Myers
County: Lee
Taxing Authority: Lee County FL
Tax ID/APN: 24-44-23-C1-01026.0030
Zoning: C-1
Retail Clientele: General
Property Located Between: Center is located on Santa Barbara Blvd between Nicholas Pkwy and SE 11th Terrace
Property Visibility: Excellent
Largest Nearby Street: Santa Barbara Blvd
Feet of Frontage: 123
Traffic/Vehicle Count: 35,000
Airports: RSW
Site Description: Prominent corner at major signalized intersection in high traffic retail corridor
Total Number of Buildings: 2
Number of Stories: 1
Property Condition: Excellent
Year Built: 2008
Year Renovated: 2017
Roof Type: Flat
Construction/Siding: Stucco
Parking Ratio: 5 (per 1000 SF)
Parking Type: Surface
Parking Description: Store front parking (69) and new parking lot (44) underconstruction
Total Parking Spaces: 113
Air Conditioning: Package Unit
Internet Access: Cable
Interior Description: Vanilla shell and built out office, retail, and restaurant spaces
Zoning Description: C-1
Water Service: Municipal
Sewer Type: Municipal
Easements: Ingress/Egress, Utilities

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,412 65,173 153,759
Median Age: 40.19 41.14 43.09
Households: 3,943 24,798 61,450

Contact

Photograph of Listing Agent

Bruce S. Preble

Commercial Realty Specialists LLC
SWFLCA Member
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