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    3550 Washington Ave Titusville, FL 32780

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    22-Acre Mixed-Use Redevelopment Project

    Property size:
    280,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    402
    This exceptional 22-acre redevelopment project in Titusville, Florida, presents a unique investment opportunity. Located at 3550 S Washington Ave, Brevard County, 32780, this prime site boasts a master site plan approved for a mixed-use development, including retail, multifamily, and hospitality components. Phase 1, encompassing the demolition of 155,000 square feet of the former Sears Town Mall, is complete. This phase includes three key parcels: a 3-acre site with entitlements for a 153-room Cambria hotel (appraised at $54M, construction cost $23M), a 2-acre parcel approved for a 100-unit multifamily building (appraised at $40M, construction cost $25M), and a 1.3-acre parcel for two restaurants (appraised at $2.4M). A fourth 6-acre parcel is planned for a 240-unit apartment complex (appraised at $90M, construction cost $65M), currently undergoing city review for minor plan adjustments. Phase 2 involves the redevelopment of the remaining 145,000 square feet of the mall into an approximately 110,000 square foot life center, encompassing retail, office, and medical spaces (appraised at $10M). Comprehensive reports, including NEPA, geotechnical studies, contractor bids, appraisals, and market studies, are available. Infrastructure costs for Phase 1 are estimated at $7.1M. The project offers significant potential for substantial returns. Architects and interior designers are finalizing building plans for completion prior to the third quarter of 2024. The property includes 280,000 square feet, 340 units, 153 keys, and 4 pads.

    Property Features for 3550 Washington Ave

    General Information

    Property type
    Lifestyle centers
    Square Feet
    280,000 SF
    Lot Size
    958,320 SF

    Building Details

    Units
    340

    We can help!

    Listing Contact
    Jesse Wright
    Jesse Wright

    Learn more

    Property Insight Report

    HighLights

    • 22‑acre redevelopment project in Titusville, Florida, at 3550 S Washington Ave.
    • Master site plan approved for mixed‑use development (retail, multifamily, hospitality).
    • Phase 1 complete: demolition of 155,000 SF former Sears Town Mall, including three parcels with entitlements for a 153‑key Cambria hotel, a 100‑unit multifamily building, and two restaurants.
    • Phase 2 planned: redevelopment of 145,000 SF of mall into an 110,000 SF life center (retail, office, medical).
    • Project includes 280,000 SF, 340 units, 153 hotel keys, and 4 outparcels.
    Property Profile Location Intelligence

    Current Use by Public Records

    Onyxx express tees ... Custom T-Shirt Store Male Image Tuxedo Shop Sugabears Restaurant Restaurant Valentino's Pizza Pizza Restaurant Titusville Performance Center Dance School

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Titusville
    County
    Brevard
    State
    Florida
    Longitude
    -80.8016146
    Latitude
    28.5753153

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    FAQs

    What type of property is this?
    Lifestyle center - 22-Acre Mixed-Use Redevelopment Project
    Where is this lifestyle center located?
    The property is located at 3550 Washington Ave Titusville, FL.
    What are key features of this property?
    This property features: 22-acre redevelopment project in Titusville, Florida, at 3550 S Washington Ave.; Master site plan approved for mixed-use development (retail, multifamily, hospitality).; Phase 1 complete: demolition of 155,000 SF former Sears Town Mall, including three parcels with entitlements for a 153-key Cambria hotel, a 100-unit multifamily building, and two restaurants.
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3550 Washington Ave Titusville, FL 32780
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    We can help!
    Listing Contact
    Jesse Wright
    Jesse Wright
    Real Estate License ID: CA CA
    Learn more
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