1213 Palm Bay Rd, Melbourne, FL 32905-3781
- Retail space
- 16,844 SF
- 2.33 lot acres
Current Use by Public Records
- Walgreens Photo / (Bike/Boat/Book/etc) Store
- FedEx OnSite / Postal Service / Courier Service
- COVID-19 Drive-Thru Testing at Walgreens / Pharmacy
- Walgreens / Pharmacy
- Walgreens Pharmacy / Pharmacy
Property Details for 1213 Palm Bay Rd
- Year built
- 2000
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 2.33 lot acres
- Zone code
- C1
- Property type
- Retail space
- APN
- 28-37-21-00-00261.0-0000.00
- APU
- 9223372036854775807
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Apr 28, 2025 | $4,200,000 | Ro Properties LLC | Orion Kcpm LLC | Special Warranty Deed | — |
| Mar 1, 2024 | $3,581,700 | Orion Kcpm LLC | Walgreen Co | Special Warranty Deed | — |
| Mar 1, 2024 | — | Walgreen Co | Orion Kcpm LLC | Lease | — |
Description
This fee-simple ownership opportunity presents a 16,844-square-foot Walgreens located at 1213 Palm Bay Rd NE, Melbourne, FL 32905. The property sits on a 2.33-acre lot with 72 parking spaces and benefits from a prominent location at a signalized intersection with high daily traffic volume (71,500 vehicles). Built in 2000 and renovated in 2010, the building is zoned for general commercial use and features a 100% occupancy rate under a 15-year absolute NNN lease with Walgreens, commencing February 20, 2024, and expiring February 28, 2039. The lease includes 12 five-year renewal options and provides for 5% rental increases every five years, ensuring consistent NOI growth. The current Net Operating Income (NOI) is $273,996, yielding a 6.00% cap rate at an asking price of $4,567,000. The property boasts a strong tenant credit with a corporate guarantee and benefits from its location within a dense retail corridor featuring national retailers such as Walmart, Target, and Publix. The 5-mile trade area has a population exceeding 153,300 residents and 64,000 employees, with an average household income of $77,668. This investment offers a management-free opportunity with significant long-term growth potential. The property's APN is 28-37-21-00-00261.0-0000.00.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $3,580,000
- ML approach
- $3,580,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $3,235,000
- 6.5%
- $2,990,000
- 7%
- $2,775,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $4,055,000
- AI Estimate
- $4,050,000
Market price range: $1.50M - $4.34MMarket price range: $947k - $5.32M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $2,890,000 Current use
- COMMERCIAL (GENERAL)
- $5,215,000 Change: +80% Conversion: Easy
- AUTO REPAIR, GARAGE
- $3,765,000 Change: +30% Conversion: Difficult
- MEDICAL BUILDING
- $2,695,000 Change: -7% Conversion: Difficult
- OFFICE BUILDING
- $2,545,000 Change: -12% Conversion: Easy
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Location Insight
- Map
- Local Demand
- City
- Melbourne
- County
- Brevard
- State
- Florida
- Longitude
- -80.6376
- Latitude
- 28.0359
- CBSA code
- 37340
- CBSA name
- PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA
