Evershine Square | 8502 N Armenia Ave
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Evershine Square 8502 N Armenia Ave
29,294 SF 100% Leased Retail Building Tampa, FL 33604 $7,665,000 ($262/SF) 7.14% Cap Rate
Investment 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.
- Parking Lot Resurfaced in July 2024: Freshly paved parking area offering ample, well-maintained space for customers and tenants.
- Value-Add Potential: Below-market rents present a revenue growth opportunity, aiming for a nearly $10M valuation in 3 years.
- New TPO Roof Installed in 2019: Durable and energy-efficient roofing system, providing long-term protection and reducing maintenance costs.
- Individually Metered Utilities: Separate electric and water meters for each tenant reduce landlord expenses.
- Proven Stability: Self-managed for over 30 years with strong tenant retention and consistent full occupancy, requiring minimal marketing.
Executive Summary
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.
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.
Property Facts
Sale Type
Investment
Property Type
Retail
Building Size
29,294 SF
Building Class
B
Year Built/Renovated
1984/2019
Price
$7,665,000
Price Per SF
$262
Cap Rate
7.14%
NOI
$547,073
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.24
Lot Size
2.77 AC
Zoning
CG
Parking
101 Spaces (3.45 Spaces per 1,000 SF Leased)
Frontage
327 FT on N Armenia Ave
Walk Score ®
Very Walkable (72)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | A-22-28-18-152-000000-00010.1 | Improvements Assessment | $1,251,828 |
| Land Assessment | $1,142,672 | Total Assessment | $2,394,500 |
PROPERTY TAXES
Parcel Number
A-22-28-18-152-000000-00010.1
Land Assessment
$1,142,672
Improvements Assessment
$1,251,828
Total Assessment
$2,394,500
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Evershine Square | 8502 N Armenia Ave
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