2701 Clearlake Rd, Cocoa, FL 32922-5712
- Strip malls
- 12,681 SF
- 1.00 lot acres
Current Use by Public Records
- AT&T Store / Mobile Phone Store / Electronics & Wireless Store
- Dollar Tree / Discount Store
Property Details for 2701 Clearlake Rd
- Year built
- 2009
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 1.00 lot acres
- Zone code
- CN
- Property type
- Strip malls
- Property subtype
- Shopping centers
- APN
- 24-36-18-77-00000.0-0003.00
- APU
- 9223372036854775807
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Apr 19, 2022 | $3,825,000 | Psa Enterprise LLC | Scarpello Development LLC | Special Warranty Deed | — |
| Jul 24, 2008 | — | Scarpello Dev LLC | — | Trustees Deed · related | $620k · Wachovia Bank NA |
| Jun 18, 2008 | $1,240,000 | Scarpello Development LLC | Op Cocoa Ltd | Special Warranty Deed | $620k · Wachovia Bank NA |
Description
This exceptional 12,622 square foot retail shopping center in Cocoa, Florida, presents a compelling net lease investment opportunity. Boasting a 100% occupancy rate with Dollar Tree and AT&T as tenants, this property offers a secure, long-term income stream. Dollar Tree, a corporate guarantor, enjoys a 7-year remaining lease, while AT&T's lease extends for another 3 years. The property, built in 2009 and renovated in 2020 (including a new roof), sits on a 1.06-acre lot in a high-traffic area with over 22,000 average daily traffic counts. Benefiting from a prime location near a Walmart Supercenter, the center enjoys exceptional visibility and accessibility. The strong tenant base, combined with a 5.52% cap rate and a Net Operating Income (NOI) of $211,954, makes this a highly attractive investment. The property's strategic location within a 5-mile radius boasting a population exceeding 78,000 and an average household income over $113,000 further enhances its investment potential. All expenses are reimbursed by the tenants, minimizing operational concerns. This fee-simple ownership opportunity provides a stable and lucrative return on investment. The asking price is $3,838,995, translating to $304.15 per square foot.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $2,815,000
- 6.5%
- $2,600,000
- 7%
- $2,415,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $2,273,000
- AI Estimate
- $1,602,000
Market price range: $781k - $2.88MMarket price range: $399k - $1.60M -
Alternative Use
- Use
- Estimation
- NEIGHBORHOOD: SHOPPING CENTER
- $1,405,000 Current use
- MEDICAL BUILDING
- $1,970,000 Change: +40% Conversion: Difficult
- OFFICE BUILDING
- $1,925,000 Change: +37% Conversion: Moderate
- AUTO REPAIR, GARAGE
- $1,630,000 Change: +16% Conversion: Difficult
- RETAIL STORES
- $1,450,000 Change: +3% Conversion: Easy
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Location Insight
- Map
- Local Demand
- City
- Cocoa
- County
- Brevard
- State
- Florida
- Longitude
- -80.7556
- Latitude
- 28.3948
- CBSA code
- 37340
- CBSA name
- PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA
