4290 Babcock St Melbourne, FL 32901-8202

Property Details for 4290 Babcock St

Year built

2014

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.79 lot acres

Property size

9,432 SF

Zone code

C1

Property type

Retail space

APN

28-37-16-00-00774.0-0000.00

APU

9223372036854775807

Description

This exceptional investment opportunity presents a fee-simple, Class A, single-tenant Dollar General store located at 4290 S Babcock St, Melbourne, FL 32901. The property boasts 9,002 square feet on a 1.79-acre lot and is situated in a high-traffic area (30,000 vehicles per day) of Brevard County. Built in 2014, this absolute NNN lease offers zero landlord responsibilities, with a corporate guarantee and 100% occupancy. The current lease term extends to September 29, 2029, with 4.9 years remaining, and includes 10% rent bumps in each option period (4, 5-year options available). The property generates a strong NOI of $123,320, resulting in a 6.00% cap rate and a price per square foot of $228.32. The asking price is $2,055,300. This location benefits from explosive population growth (over 43% increase since 2000) and proximity to a thriving tech economy, including a newly developed multifamily complex with 256 Class-A apartments, Palm Bay High School (over 1,400 students), and the Florida Institute of Technology (nearly 10,000 students). This is a prime investment opportunity in a high-growth area with a strong, creditworthy tenant. The property is suitable for a 1031 exchange.