Verizon Anchored Strip Center
PRICE
CAP RATE
SQUARE FOOTAGE
LEASE TERM

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Kyle Carson

Senior Advisor

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PROPERTY ADDRESS

1445 N Courtenay Pkwy., Merritt Island, FL 32953

PROPERTY INFORMATION

Price:
$1,373,317
Cap Rate:
6.50%
Term Remaining:
Varies by Tenant Years
Year Built:
1997
Status:
Available

INVESTMENT HIGHLIGHTS

  • Located in Income Tax Free State
  • Joshua Cleaners is Adding Drive-Thru for Pickup/Drop-off Laundry
  • Annual Rental Increases Starting in Year 3 for Joshua Cleaners
  • Immense Upside Opportunity with Additional Leasing
  • Property Features Excellent Signage on Regional Traffic Artery
  • In-place Income Allows Investor Income During the Re-positioning of the Asset

INVESTMENT SUMMARY

Fortis Net Lease is proud to present this Verizon Wireless anchored value-add strip center located at 1445 N Courtenay Pkwy, Merritt Island, FL. Verizon Wireless originally signed a 10 year lease at this location in April 2009 leaving just over 2 years remaining on the initial term. The new owner will not only benefit from the 10% rent increase in Verizon’s option period, but also the additional leasing of 4,500 SF. The re-positioning of the asset gives the new investor the potential for 15%+ cap rate.

The subject property is located along a major retail corridor with excellent traffic visibility to more than 31,000 vehicles per day. There are over 75,000 residents within 5 miles of the subject property and this number is projected to grow by 3.71% to 78,377 by 2021. The average household income within 3 miles exceeds $62,000 and the median home value within 1 mile exceeds $164,000. The surrounding national retailers include Aldi, Dollar General Market, Target, AutoZone, Goodwill, Home Depot, BJ’s Wholesale, Ross Dress for Less, TJ Maxx, Publix and many more. The subject property also benefits from it’s close proximity to Merritt Square Mall.