Asking Price: $1,341,850
Cap Rate: 6.35%
- Visible retail location: The subject property is adjacent to Staples at the intersection of high-traffic Palm Bay Road and S. Babcock St./state Route 507 (more than 79,400 combined ADT). Across from Sabal Palm Square Center (131,000 square foot shopping center) and Publix-anchored Palm Bay Center (more than 135,000 square feet of retail space).
- Centralized, accessible market: Palm Bay is perfectly located on Florida’s Space Coast between Jacksonville and Miami. Cape Canaveral and Kennedy Space Center are about an hour north of the city. Orlando, drawing more than 62 million annual visitors to its tourist attractions, is approximately one hour northwest. Major freeway Interstate 95 runs through the center of Palm Bay with interchanges at Palm Bay Rd. and Malabar Rd.
- Successful, established retail tenant: Dollar Tree is the largest and most successful single-price-point retailer in North America, operating over 14,300 stores throughout the U.S. and Canada.
- Quality investment: Incremental rent increases every five years and minimal landlord responsibilities. No state income tax in Florida provides a low tax burden for the investor.
- Large trade area: Over 126,000 people with an average household income of more than $58,000 live within five miles of the property. Palm Bay is the largest city in Brevard County, and is a principal city of the Palm Bay-Melbourne-Titusville MSA (population of more than 543,000).
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