- Price: $2,108,614
- Size: 30,001 - 40,000 SF Sq Ft.
- Lot Size: 1 - 5 acres
|Gross Leasable Area||30,660 SF||No. Stories||1|
|Property Type||Retail||Year Built||1977|
|Property Sub-type||Strip Center||Lot Size||1.84 AC|
|Property Use Type||Investment||APN / Parcel ID||30-2229-0000-00-137|
The subject property for sale is 630 Emeralda Road, Orlando, FL 32808, located on the southeast corner of Kirkman and Colonial Drive. At 30,660 heated SF, built in 1977 out of metal frame stucco and sits on almost 2 acres, it was formerly a skating rink. The current owner purchased the property in 1994 and instead of keeping it a skating rink, they split the property into 10 spaces with individual electric, water and sewer meters, new plumbing, electrical, sprinklers and a meter type roof which with routine maintenance, can go another 40 years. The splitting of the spaces and new improvements were completed between 1998 and 2003.
The property is 100% full with 10 tenants. Of the 10 tenants, 4 are month to month, which rents can be increased right away and 1 lease expiring at the end of this year. The current revenue for this property is $276,367 and NOI is $210,861 annually. The asking price is $2,108,614 which equates to a 10% cap rate and a price PSF of $68, which is below the cost to rebuild.
- 100% Occupied, long term Tenants
- 10% Cap rate, an above market cap rate
- Only $75 PSF, below redevelopment cost
- Located in an redevelopmenting area
- C-3 zoning for retail and light warehousing
- All leases are NNN and CAM includes management