8502 N Armenia Ave - Retail FOR SALE


Tampa, FL 33604- Carrollwood
$7,665,000 USD
407-780-9116
8502 N Armenia Ave, Tampa, FL for Sale
$7,665,000 USD
Retail - FOR SALE
1/14
null | 7.14% Cap Rate

8502 N Armenia Ave
Tampa, FL 33604
Carrollwood


HIGHLIGHTS

  • First Time on the Market in Over 30 Years: Rare opportunity to acquire a well-established property with a strong history of stability and success.
  • New TPO Roof Installed in 2019: Durable and energy-efficient roofing system, providing long-term protection and reducing maintenance costs.
  • Parking Lot Resurfaced in July 2024: Freshly paved parking area offering ample, well-maintained space for customers and tenants.
  • Individually Metered Utilities: Separate electric and water meters for each tenant reduce landlord expenses.
  • Value-Add Potential: Below-market rents present a revenue growth opportunity, aiming for a nearly $10M valuation in 3 years.
  • Proven Stability: Self-managed for over 30 years with strong tenant retention and consistent full occupancy, requiring minimal marketing.

OVERVIEW

Tony Nguyen, CCIM with The TRG Group, is proud to present Evershine Square, a well-established shopping center in Tampa, FL, available for the first time in over 30 years. This property features a durable TPO roof installed in 2019, a freshly resurfaced parking lot as of July 2024, and significant HVAC upgrades, making it a low-maintenance, reliable investment. Each tenant has individually metered utilities, providing cost-efficient management for ownership. With below-market rents, this asset presents a clear value-add opportunity, positioning the new owner to increase revenue and target valuation of just under $10,000,000 in 3 years. Strong local demographics, including a population of nearly 20,000 within a 1-mile radius and over 50,000 households within a 3-mile radius, support ongoing demand. Proven stability and high tenant retention further enhance the appeal, with minimal vacancy over three decades. This property represents a strong legacy investment for those seeking a stable asset in a proven market with long-term growth potential in Tampa's market.

FOR SALE DETAILS

PRICE

$7,665,000 USD

PRICE/SF

$262 USD /SF

CAP RATE

7.14%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Evershine Square

PROPERTY TYPE

Retail

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1984

SPRINKLERS

-

PARKING SPACES

101

LAND DETAILS

LAND ACRES

2.77 AC

LAND SF

120,661 SF

ZONING

CG

APN/PARCEL ID

A-22-28-18-152-000000-00010.1

ASK ABOUT THIS PROPERTY

Tony Nguyen, CCIMTRG GroupMore Info
407-780-9116

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Tony Nguyen, CCIMTRG GroupMore Info
407-780-9116

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.