Turnkey Grocery Store with Rooftop
For Sale
$6,900,000
249 5th Ave, Indialantic, FL 32903
Fully built-out grocery store infrastructure with a rooftop bar and restaurant concept for immediate occupancy.
Property Size16,575 SF
Days on Market49
Property Features for 249 5th Ave
General Information
Standard status
Active
Size
16,575 SF
Property subtype
Commercial
Additional Details
Traffic Count
21,000 vehicles/day
Building Details
Building Size
16,575 SF
Year Built
2020
Listing Agency:
Matthews Real Estate Investment Services, Inc
(407) 745-0685
Listed By:
Brandon Senia · License #SL3540848 (FL)
(407) 745-0685
Source:
Matthews
Added: Jul 3
Changed: Aug 8
Last Checked: Aug 20 at 4:03AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Matthews Real Estate Investment Services, Inc
Investment Insights
Based on property information with market context.
This turnkey grocery store is fully built out and ready for immediate occupancy, with complete grocery store infrastructure designed to support day-one operation. The property also offers a rooftop bar/restaurant dining concept.
Located at 249 5th Ave in Indialantic, Florida, the site sits along 5th Avenue with direct connection into downtown Melbourne. The area is described as benefiting from 21,000+ vehicles per day (VPD) and steady year-round traffic from locals, tourists, and beachgoers.
The surrounding trade area is highlighted as having 79,058+ residents within a 5-mile radius and an average household income of $127,000. Ownership and operations are positioned in Florida, one of only nine U.S. states with no state income tax, and the region’s growth is supported by nearby aerospace and defense activity associated with Kennedy Space Center and Cape Canaveral Space Force Station. Port Canaveral is also noted as attracting millions of passengers annually.
Located at 249 5th Ave in Indialantic, Florida, the site sits along 5th Avenue with direct connection into downtown Melbourne. The area is described as benefiting from 21,000+ vehicles per day (VPD) and steady year-round traffic from locals, tourists, and beachgoers.
The surrounding trade area is highlighted as having 79,058+ residents within a 5-mile radius and an average household income of $127,000. Ownership and operations are positioned in Florida, one of only nine U.S. states with no state income tax, and the region’s growth is supported by nearby aerospace and defense activity associated with Kennedy Space Center and Cape Canaveral Space Force Station. Port Canaveral is also noted as attracting millions of passengers annually.
Key Highlights
- Built in 2020, fully built‑out grocery store infrastructure with rooftop bar/restaurant concept for immediate occupancy
- Florida business‑friendly state with no state income tax
- 79,058+ residents within a 5‑mile radius and average household income of $127,000
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$220,779
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.20%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,415,580
$4.4M
Cap Rate 7%
$3,153,986
$3.2M
Cap Rate 9%
$2,453,100
$2.5M
Market Conditions
NOI Build-Up for 16,575 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$318.2K $19.20/SF
− Vacancy
−$23.9K −$1.44/SF
EGI
$294.4K $17.76/SF
− OpEx
−$73.6K −$4.44/SF
NOI
$220.8K $13.32/SF
Area
Brevard County, FL
Vacancy
7.50%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,415,580
Cap Rate 7%
$3,153,986
Cap Rate 9%
$2,453,100
Alternative Uses
Best Use
Specialty Retail
$3.15M
$2.76M – $3.68M
NOI $220,779 @ 7.0% cap · market cap 3.20%
Second Best
Retail
$2.73M
$2.39M – $3.18M
NOI $191,093 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$4.37M
$3.83M – $5.10M
NOI $306,107 @ 7.0% cap · market cap 4.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
853
Businesses Nearby
101k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 40%
Shops & Services 27%
Dining 21%
Home Improvements & Furnishings 7%
Publix
Groceries
30,819 visits/mo
0.4 miles
Starbucks
Dining
12,635 visits/mo
0.3 miles
ABC Fine Wine & Spirits
Groceries
10,099 visits/mo
0.3 miles
Dollar General
Shops & Services
8,554 visits/mo
0.4 miles
7-Eleven
Shops & Services
8,312 visits/mo
0.3 miles
Demographics for 32903, FL
13,880
Population
7,469
Households
1.9
Avg Household Size
52
Median Age
51%
College-Educated
97%
High-School Grad
3.6 sq mi
ZIP Area
3,856
Density / Sq Mi
$101,549
Median Household Income
$55,718
Median Earnings
$1,700
Median Rent
$495,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Fully built-out grocery store infrastructure with a rooftop bar and restaurant concept for immediate occupancy.
Where is this grocery and convenience store located?
The property is located at 249 5th Ave Indialantic, FL.
What is the asking price?
The asking price for this property is $6,900,000.
What are key features of this property?
This property features: Built in 2020, fully built‑out grocery store infrastructure with rooftop bar/restaurant concept for immediate occupancy; Florida business‑friendly state with no state income tax; 79,058+ residents within a 5‑mile radius and average household income of $127,000
