2138 Washington St Palm Bay, FL 32905
- Commercial real estate
- 3,453 SF
Current Use by Public Records
- Commercial real estate
Property Details for 2138 Washington St
- Year built
- 1970
- Property size
- 3,453 SF
- Property type
- Commercial real estate
Description
This 3,453 square foot retail property, located at 2138 Washington Street NE in Palm Bay, Florida 32905, presents a unique investment opportunity. Built in 1970, this single-story building sits on a 6,969.6 square foot lot and boasts a 100% occupancy rate. Currently operating as a church, the property features an open main room, kitchen area, serving room, private office space, and a shower. The roof and A/C system are recent installations. The asking price is $329,900, with a pro-forma cap rate of 9.09% and a pro-forma NOI of $30,000. The seller is offering seller financing and may consider a one-year leaseback. The property has been meticulously maintained, including the adjacent lot, for over 10 years. While not guaranteed, the seller is pursuing adverse possession of the adjacent lot, based on title searches and research suggesting a high probability of success. This presents a potential bonus to the property's value. The ceiling height is 8 feet. This property is a fee simple ownership and is ideal for users or investors seeking a strong return on investment in a growing community. The property includes one unit.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Palm Bay
- County
- Brevard
- State
- Florida
- Longitude
- -80.5990747
- Latitude
- 28.0535792
