Investment Offering

Surfside Shops

2378-2384 Surfside Blvd | Cape Coral, FL 33991

$4,700,000

Price

7.98%

Cap Rate

$374,875

NOI

22,267± retail strip | high growth market sf

± SF Offering GLA

2.5

± AC Land Area

Investment Highlights

SRS Investment Properties Group, as exclusive broker, is pleased to offer Surfside Shops - a 22,267± SF retail strip center located in Cape Coral, FL. The Property is shadow-anchored by and is an outparcel to Shops at Surfside – a community center anchored by Belk and Dollar Tree, and featuring tenants including Starbucks, Anytime Fitness, Fifth Third Bank, and Better Homes & Gardens – adding to the localized retail synergy. The tenant roster at the Property is characterized by an advantageous blend of internet-resistant retail uses, including almost 50% service-oriented tenants, over 36% food and restaurants, and just one retail tenant – all with NNN leases.

Shops at Surfside boasts 807,700 customer visits in the last 12 months with a trade area of 35 square miles
Outparcel position to Shops at Surfside – a community center anchored by Belk and Dollar Tree with a regional consumer draw and trade area capture up to 25+ miles away
Strategic location in Cape Coral, FL
the largest city in the Cape Coral – Fort Myers, FL MSA, which boasts a bourgeoning tourism industry and youthful, rapidly growing population
Coveted internet-resistant retail line-up with predominantly restaurant and service-oriented tenants, and just one true retail user
Extremely high-growth MARKET with 109,082 people within a 5-mile radius, a projected annual growth rate of 3.06% and average household income of $83,364
Cape Coral is characterized by high barriers to entry as a master-planned community platted with an allotment of 92% residential property and just 8% commercial property
Advantageously-situated at the main entrance To Sandoval – the top performing master-planned community in all of Lee County, covering 524 acres with 1,562 private residences

Location

Located in Cape Coral, just eight miles northwest of Downtown and 13 miles west of Fort Myers, Shops at Surfside is situated in Lee County – roughly 40 miles north of Naples and 110 miles south of St. Petersburg. A very popular tourist destination, Cape Coral is known for its powder white, sandy beaches, excellent fishing and a plethora of shopping. Part of the Cape Coral-Fort Myers, FL MSA, the area is home to a growing population of over 700,000 people. A master-planned city with a fixed number of commercial sites and high barriers to entry, Cape Coral’s population is projected to double over the next 20 years with limited retail shopping destinations to accommodate the influx of new residents. One of the fastest-growing markets in the country over the last several years, Cape Coral continues to experience a massive in-migration of not just retirees, but young entrepreneurs and growing families. With 109,198 people within a 5-mile radius of the Property, and a projected annual growth rate exceeding 2.5%, the local consumer population is set to jump to 121,464 by 2023. Ranked “#2 in the U.S. in Job Growth” by Forbes, Cape Coral hired more people per capita than any other city in the nation in the 1st quarter of 2018. Situated at the entrance to Sandoval - Lee County’s top-performing master-planned community – the center benefits from a strategic servicing location within the sub-market. Positioned at the signalized intersection of Veterans Memorial Parkway and Surfside Boulevard, it accesses 30,000 VPD in addition to the immediately adjacent consumers which reside in the 1,562 homes within Sandoval.

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Executive Summary
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Investment Offering

Surfside Shops

Investment Highlights

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