Retail Building Anchored by
For Sale
Contact for pricing
2959 Garden St, Titusville, FL 32796
21,368 SF retail building with upside potential.
Property Size21,368 SF
Price / SF$135.72
Days on Market198
Property Features for 2959 Garden St
General Information
Standard status
Active
Size
21,368 SF
Class
B
Property subtype
Retail
Occupancy
74%
Lease Type
NNN
Investment Type
Value Add
Net Operating Income
$139,669
Building Details
Year Built
1966
Year Renovated
2021
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
Lightle Beckner Robison Inc
(321) 722-0707
Listed By:
Vitor De Sousa, CCIM · License #FL-3478927
Source:
Crexi
Added: Jan 26
Changed: Aug 8
Last Checked: Aug 8 at 6:38AM
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 Lightle Beckner Robison Inc
Investment Insights
Based on property information with market context.
The property at 2959 Garden Street is a 21,368-square-foot retail building. It is anchored by Harbor Freight Tools, a nationally recognized tenant occupying approximately 15,944 square feet. The remaining 5,424-square-foot suite is currently vacant, offering immediate upside through lease-up in a corridor with strong traffic and retail demand. The property has excellent visibility along Garden Street and proximity to established commercial operators. It presents a compelling investment opportunity in the expanding North Brevard marketplace.
Key Highlights
- Anchored by Harbor Freight Tools, a nationally recognized tenant.
- Significant size: 21,368‑square‑foot retail building.
- Immediate upside potential through lease‑up of vacant 5,424‑square‑foot suite.
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
$246,352
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
8.49%
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%
$4,927,040
$4.9M
Cap Rate 7%
$3,519,314
$3.5M
Cap Rate 9%
$2,737,244
$2.7M
Market Conditions
NOI Build-Up for 21,368 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
$384.6K $18.00/SF
− Vacancy
−$32.7K −$1.53/SF
EGI
$351.9K $16.47/SF
− OpEx
−$105.6K −$4.94/SF
NOI
$246.4K $11.53/SF
Area
Brevard County, FL
Vacancy
8.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$4,927,040
Cap Rate 7%
$3,519,314
Cap Rate 9%
$2,737,244
Alternative Uses
Best Use
Retail
$3.52M
$3.08M – $4.11M
NOI $246,352 @ 7.0% cap · market cap 8.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.64M
$4.93M – $6.58M
NOI $394,624 @ 7.0% cap · market cap 13.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
291
Businesses Nearby
Explore this area
Business Placement
Demographics for 32796, FL
20,818
Population
9,670
Households
2.2
Avg Household Size
50
Median Age
28%
College-Educated
90%
High-School Grad
14.4 sq mi
ZIP Area
1,446
Density / Sq Mi
$67,399
Median Household Income
$40,368
Median Earnings
$1,305
Median Rent
$243,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - 21,368 SF retail building with upside potential.
Where is this retail space located?
The property is located at 2959 Garden St Titusville, FL.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Anchored by Harbor Freight Tools, a nationally recognized tenant.; Significant size: **21,368‑square‑foot retail building.**; Immediate upside potential through lease‑up of vacant **5,424‑square‑foot suite.**
