301 Ryder Ln Casselberry, FL 32707-3809

Property Details for 301 Ryder Ln

Year built

2006

Construction

CONCRETE BLOCKS

Lot size

0.03 lot acres

Property size

1,200 SF

Property type

Warehouses

Property subtype

Self storage facilities

APN

17-21-30-531-0400-1125

APU

17213053104001125

Description

This exceptional 2,400-square-foot flex space in Casselberry, Florida, presents a compelling investment or owner-user opportunity. Currently housing a state-of-the-art ghost kitchen, the property boasts a strong net lease with a credit-rated tenant and a personal guarantee, ensuring consistent income. The current lease, commencing October 31, 2021, and expiring November 30, 2026, offers a remaining term of approximately two years, with three optional three-year renewal periods. The property features a 7.15% cap rate (projected to increase to 7.33% by December 2024), a significant return on investment. The building, constructed in 2006, is a single-story Class B structure with two units, two loading docks, and 20-foot ceilings. The property includes five parking spaces and is equipped with 3-phase 200-amp power, plus an additional 60-amp sub-panel. Its strategic location near SR 436, I-4, and US Hwy 17-92 provides excellent accessibility. The interior features two ADA-compliant restrooms and two office spaces, ideal for order processing. The kitchen itself is equipped with a Captive Aire Exhaust Hood and Grease Fire Suppression System, a gas water heater, an enhanced grease trap system, and industrial chemical and water-resistant flooring. The drive-in garages offer versatile storage solutions, including EV charging capabilities. The property is zoned I and offers a compelling investment opportunity with strong potential for future growth. The asking price is $570,000, translating to $237.50 per square foot. Annual Net Operating Income (NOI) is $40,742. Rent bumps are set at 2%. The tenant has the option to vacate with 30 days' notice.