3360 Bayside Lakes Blvd Palm Bay, FL 32909
- Retail properties
Current Use by Public Records
- Retail properties
Property Details for 3360 Bayside Lakes Blvd
- Year built
- 2024
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a brand-new, 2024-built Advance Auto Parts store in Palm Bay, Florida. The property boasts a 15-year NNN lease with a corporate guarantee from Advance Auto Parts (NYSE: AAP), a highly rated (BBB- by S&P) industry leader with over 4,777 locations and $11.3 billion in revenue. The lease includes 10% rent increases every five years, ensuring consistent income growth. The property generates a strong NOI of $200,000, resulting in a compelling 5.85% cap rate. Strategically located at 3360 Bayside Lakes Blvd SE, 32909, this 100% occupied, single-tenant building benefits from a high-traffic location adjacent to a Publix-anchored center and near I-95 (56,580 cars/day). The surrounding area features a rapidly growing population, exceeding 80,000 residents, with an average household income over $75,000 within a 3-mile radius. The property's proximity to major employers like SpaceX, NASA, Florida Tech, and numerous schools further enhances its investment appeal. This is a rare chance to acquire a stable, high-performing asset in a thriving Florida market. The landlord is responsible for the structure and foundation. The property is situated in a tax-free state, offering additional financial advantages. The strong demographics and prime location make this a truly exceptional investment opportunity.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Palm Bay
- County
- Brevard
- State
- Florida
- Longitude
- -80.655
- Latitude
- 27.9529
