7161 Lk Andrew Dr Melbourne, FL 32940-6897

Property Details for 7161 Lk Andrew Dr

Year built

2015

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.36 lot acres

Property size

12,420 SF

Zone code

PUD

Property type

Retail space

APN

26-36-09-77-0000A.0-0001.00

APU

263609770000A0000100

Description

This exceptional investment opportunity presents a 12,119 square foot PetSmart storefront located at 7161 Lake Andrew Dr, Melbourne, FL 32940. The property boasts a strong 6.00% cap rate and a substantial net operating income (NOI) of $242,380. Secured by a corporate guarantee, the property features a single-tenant, net lease (NN) with a remaining lease term of 10.4 years, expiring April 30, 2035, and includes three five-year renewal options. The lease commenced May 1, 2015, and includes rent bumps of $0.75 per square foot every five years. Situated on a 1.5-acre lot, this single-story, 2015-built building is part of the Viera Shops shopping center, enjoying high foot traffic and proximity to other popular national retailers. The property benefits from a booming population growth in the trade area, projected to increase by over 11% in the next five years, and is conveniently located off I-95. The surrounding area boasts an average household income of $116,000, further enhancing the investment's appeal. Viera Shops itself ranks in the 76th percentile of all strip centers nationwide in terms of foot traffic, indicating a strong and stable retail environment. The asking price is $4,039,866, translating to a price per square foot of $333.35. This is a rare opportunity to acquire a high-performing, net-leased investment property with significant long-term growth potential.

Location Insight

City

Melbourne

County

Brevard

State

Florida

Longitude

-80.726

Latitude

28.2366

CBSA code

37340

CBSA name

PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments