3535 9th SW St Vero Beach, FL 32968-4122
- Retail space
- 13,768 SF
- 1.84 lot acres
Current Use by Public Records
- Retail space
Property Details for 3535 9th SW St
- Year built
- 2008
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 1.84 lot acres
- Property size
- 13,768 SF
- Zone code
- CL
- Property type
- Retail space
- APN
- 33-39-27-00001-0030-00001.7
- APU
- 9223372036854775807
Description
This exceptional investment opportunity presents a 13,680-square-foot single-tenant net-leased Goodwill storefront in Vero Beach, Florida, within the West Palm Beach MSA. The property, built in 2008, sits on a 1.84-acre lot and boasts a 6.15% cap rate with a strong NOI of $366,996. The lease, currently 100% occupied, extends to August 31, 2034, offering a remaining term of approximately 9.8 years. Rent escalations are built in, with a 5% increase on May 1, 2030, and 1.4% annually thereafter. Two five-year renewal options further enhance the long-term value. The tenant, a top-performing Goodwill affiliate, recently completed lease extensions, demonstrating a significant commitment to the location and is planning considerable interior renovations in 2024-2025. The property benefits from its prime location with high visibility and easy access to major roadways, including Oslo Road/9th St SW (20,500 vehicles per day) and Interstate-95 (56,000 vehicles per day). Nearby amenities include Publix and Winn-Dixie grocery stores, Walgreens, PNC Bank, CVS, and other national retailers. The area exhibits robust population growth, exceeding 18.5% over the past decade, with over 88,000 people residing within a five-mile radius and average household incomes exceeding $95,000 within one mile. Further enhancing the property's future prospects is a planned $95 million Florida DOT project to improve access to I-95 via 9th St SW, scheduled for completion by 2027. Property upkeep is managed by a local landscaper/manager, with costs reimbursed by the tenant. The property's location in Florida offers the added benefit of being in an income tax-free state. The asking price is $5,967,415, translating to a price per square foot of $436.21. This is a rare opportunity to acquire a high-performing, long-term net-leased asset in a thriving market.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $2,205,000
- 6.5%
- $2,035,000
- 7%
- $1,890,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $1,098,000
Market price range: $556k - $1.98M -
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $2,590,000
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Location Insight
- Map
- Local Demand
- City
- Vero Beach
- County
- Indian River
- State
- Florida
- Longitude
- -80.4227
- Latitude
- 27.5863
- CBSA code
- 42680
- CBSA name
- SEBASTIAN-VERO BEACH, FL METROPOLITAN STATISTICAL AREA
