1213 Palm Bay Rd Melbourne, FL 32905-3781

Property Details for 1213 Palm Bay Rd

Year built

2000

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

2.33 lot acres

Property size

16,844 SF

Zone code

C1

Property type

Retail space

APN

28-37-21-00-00261.0-0000.00

APU

9223372036854775807

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.

Location Insight

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

Property Tax & Assessments