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The Shops at South Middle River 1026-1030 NW 9th Ave 2,700 SF 100% Leased Retail Building Fort Lauderdale, FL 33311 $1,050,000 ($388.89/SF) 7.41% Cap Rate
Investment Highlights
- Prime Location: In Progresso Village / South Middle River, minutes from Downtown and I-95, with exposure to about 31,500 cars daily.
- Strong Returns: Generates an NOI of $75,846 with a 6.6% cap rate from day one.
- Income Growth: Rent increases this December and January 2026 provide immediate and steady revenue growth.
- Fully Leased: Occupied by three tenants—a nail salon, restaurant, and beauty supply store—providing steady income.
- Value-Add Potential: Pro forma income of $105,828 with room to shift to NNN leases for higher returns.
Executive Summary
Located in the Progresso Village / South Middle River area of Fort Lauderdale, just minutes from Downtown and I-95, this 2,700 SF commercial property at 1026 NW 9th Ave offers excellent exposure along a high-traffic corridor with roughly 31,500 vehicles per day. The property features 10 parking spaces and a new roof for reliability. Fully occupied by three tenants—two restaurants and a beauty supply store—it generates an NOI of $75,845.67. All tenants have scheduled rent increases—two in January 2026 and one in December this year—creating immediate and continued income growth. With a pro forma GOI of $105,828.00, this fully leased asset offers stable cash flow and strong upside through rent escalations and potential NNN conversion.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$92,328
|
$34.20
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$92,328
|
$34.20
|
| Taxes |
$12,062
|
$4.47
|
| Operating Expenses |
$4,420
|
$1.64
|
| Total Expenses |
$16,482
|
$6.10
|
| Net Operating Income |
$75,846
|
$28.09
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $92,328 |
| Annual Per SF | $34.20 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $92,328 |
| Annual Per SF | $34.20 |
| Taxes | |
|---|---|
| Annual | $12,062 |
| Annual Per SF | $4.47 |
| Operating Expenses | |
|---|---|
| Annual | $4,420 |
| Annual Per SF | $1.64 |
| Total Expenses | |
|---|---|
| Annual | $16,482 |
| Annual Per SF | $6.10 |
| Net Operating Income | |
|---|---|
| Annual | $75,846 |
| Annual Per SF | $28.09 |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
2,700 SF
Building Class
C
Year Built
1962
Price
$1,050,000
Price Per SF
$388.89
Cap Rate
7.41%
NOI
$77,765
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.41
Lot Size
0.15 AC
Opportunity Zone
Yes
Zoning
B-1 - Retail
Parking
10 Spaces (3.7 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Beverage, Inc.
- -
- -
- -
- Triple Net
- -
- Fancy Nails
- -
- -
- -
- Plus Utilities
- -
- Frienly Discount Beauty Supply Inc
- Wholesaler
- -
- -
- Modified Gross
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Beverage, Inc. | - | - | - | Triple Net | - | |
| Fancy Nails | - | - | - | Plus Utilities | - | |
| Frienly Discount Beauty Supply Inc | Wholesaler | - | - | Modified Gross | - |
Moderately walkable
70/100
Moderately drivable
70/100
Some public transit
50/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 49-42-34-05-1790 | Total Assessment | $581,610 (2026) |
| Land Assessment | $101,270 (2026) | Annual Taxes | $12,062 ($4.47/SF) |
| Improvements Assessment | $480,340 (2026) | Tax Year | 2024 |
Property Taxes
Parcel Number
49-42-34-05-1790
Land Assessment
$101,270 (2026)
Improvements Assessment
$480,340 (2026)
Total Assessment
$581,610 (2026)
Annual Taxes
$12,062 ($4.47/SF)
Tax Year
2024
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The Shops at South Middle River | 1026-1030 NW 9th Ave
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