Herndon Village Shoppes
4900-5032 E. Colonial Drive Orlando, FL 32803
- 64,153 Square Feet
- For Sale
WELL POSITIONED TO MAINTAIN INTERNET RESILIENCE
- As the retail industry is constantly evolving and e-commerce is continuing to capture more market share, brick and mortar retailers rely on strong fundamentals to combat the increasing competition.
- The property offers excellent frontage and visibility along one of Orlando’s most important thoroughfares which sees 67,000± VPD.
- A dense population with above average incomes creates a captive audience for tenants.
- The property is ideally located in a major retail corridor and is positioned alongside many national tenants.
- Proximity to multiple major highways allows for regional draw.
STABLE RENT ROLL WITH UPSIDE POTENTIAL
- There are two vacant spaces that are immediately available for lease up.
- At current market rents, lease-up could potentially increase the annual NOI by $151,300.
- Many tenants have long track records of success at this location and keep renewing according to their leases.
- The net cash on cash return will be higher than usual as the property will depreciate at 100% of the purchase price as opposed to 80%.
- Many tenants are paying below market rents.
- Over 86% of tenants are national or regional.
CENTRAL LOCATION IN ONE OF AMERICA’S FASTEST GROWING MSA’S
- The property is in the heart of the Orlando MSA which has one of the strongest job growth rates in the country, has one of the lowest unemployment rates in Florida, and welcomes over 66 million tourists per year.
- Roughly three (3) miles from Orlando’s bustling urban core that is experiencing rapid growth.
- Located at the entrance to Baldwin Park, one of Orlando’s most affluent master planned developments.
DIVERSE TENANT MIX
- Roughly half of the current tenant roster boasts nationally recognized brands with the remainder being strong regional and local companies.
- There is a great mix of Fashion, Service, Medical, Food/Restaurant, and Specialty Retail tenants at the shopping center catering to a broad audience.
- The synergy between current tenants offers excellent incentive for prospective tenants to consider leasing the unoccupied space.
Property Status: For Sale
Building Size: 64153 Square Feet
Area Available: 64,153 Square Feet