NNN Lease w Minimal Landlord Responsibilities
2162 Harris Avenue, Palm Bay, Florida 32905
Sold: $720,000
Property Details
Property Type
Improved property
Building Type
Freestanding
Building Size
2,420 sqft
Land Size
1 acres
Sewer
City Sewer
Water
City Water
Zoning
Community Commercial (CC)
Electric
FPL
Year Built
1978
Roof
Replaced in 2019
Parking
51 Asphalt Striped Spaces
Cap Rate
7.5%
Property Description
- 100% Occupied Single Tenant Stand-Alone Restaurant.
- 2,420 SF Restaurant + 772 SF Outdoor Patio Seating = 3,192 SF Total.
- NNN Lease. Expires 1/1/2028. One 5-Year Renewal Option.
- Annual CPI Escalator with 3% Floor & 6% Ceiling.
- Est. NOI is $54,000 (Est. 7.5% CAP).
- Piped Underground Gas. Underground Grease Trap. Drive Through Window. Walk-in Cooler.
- New Roof 2019. 51 Asphalt Paved/Striped Parking Spaces.
- Majority of the FF&E Owned by Landlord.
- Strategically Located off of Palm Bay Road with Est. 30,000 VPD.
- Located in the heart of Palm Bay, which is the largest city in vibrant Brevard County. Property is strategically located just off of Palm Bay Road, with close proximtiy to US1, Babcock Street & Interstate 95, which makes this property easily accessible to the surrounding Employers, Schools, Residential & Beaches that the area has to offer. A few of the surrounding employers include L3Harris, Raytheon, Leonardo DRS & UPS to name a few. Call today for details!