407 Fern Palm Dr Edgewater, FL 32132

Property Details for 407 Fern Palm Dr

Year built

2007

Property size

34,300 SF

Property type

Warehouses

Property subtype

Industrial properties

Description

This exceptional investment opportunity presents a 34,300-square-foot multi-tenant warehouse portfolio in Edgewater, Florida. Comprising two properties at 407 Timaquan Trail (20,800 SF) and 1731 Fern Palm Dr. (13,500 SF), this property offers 21 units ranging from 1,500 to 2,400 square feet, ideal for small bay light industrial users. The Timaquan Trail location boasts 19-foot ceilings and a recently coated roof with a 10-year warranty, supported by a 6-inch thick concrete parking lot. The Fern Palm Drive property features ceiling heights ranging from 12 to 18 feet. Both properties are meticulously maintained, with no deferred maintenance. The portfolio enjoys a strong occupancy rate with month-to-month leases, primarily with long-term tenants. Leases are modified gross, with tenants responsible only for electricity (individually metered). The average lease rate is $10.97 per square foot modified gross, presenting significant upside potential for new ownership. Built in 2007, this single-story complex generates a Net Operating Income (NOI) of $314,165, representing a 5.16% cap rate at an asking price of $6,088,000. Owner expenses for the past year totaled $1.81 per square foot. This is a prime opportunity to acquire a well-maintained, high-performing industrial asset in a desirable location.