Property Details for 106 Florida A1A

Year built

2012

Lot size

0.69 lot acres

Property size

2,393 SF

Property type

Retail properties & Spaces

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a fee-simple, 2,393 square foot retail property in Satellite Beach, Florida, currently leased to MUV Cannabis (Verano Holdings), a corporate-guaranteed tenant. The property boasts a 10-year lease (commencing November 28, 2023, expiring November 30, 2033), with 3% annual rent increases and two 5-year renewal options. The current NOI is $131,325, resulting in a 7.10% cap rate. Situated on a 0.69-acre lot, the building was constructed in 2012 and renovated in 2023. Its prime location along Highway A1A, near Patrick Space Force Base and major retailers (Publix, Walmart, Lowe's), ensures high visibility and strong customer traffic. The property benefits from a lack of cannabis competition within a five-mile radius, serving an affluent demographic with an average household income exceeding $121,000. This strategic location, coupled with the long-term lease and built-in rent escalations, provides a secure and lucrative investment opportunity with significant potential for future growth. The property is offered at $1,850,000. The property's APN is 26-37-23-26-00014.0-0002.00.

Location Insight

City

Satellite Beach

County

Brevard

State

Florida

Longitude

-80.5983

Latitude

28.2119