Starbucks & MattressOne Indian Harbour Beach, Florida

$3,680,000
Cap Rate: 5.75%
Property type: Multi-Tenant / Shopping Center

Property Details

Cap Rate: 5.75%
Price: $3,680,000
Rentable Square Feet: 6,100
Net Operating Income: $211,550
Price PSF: $603.28
Land Area: 1.00 Acre
Year Built: 2018

840 East Eau Gallie Blvd
Indian Harbour Beach, FL 32937
(Melbourne MSA)

Investment Highlights

  • Two Brand New, Free-Standing Buildings, Occupied by National Tenants
  • Both Tenants Have New, 10-Year Leases With Approximately Nine Years Remaining
  • Starbucks has Four, Five-Year Renewal Options with 10 Percent Increases Every Five Years
  • MattressOne has Three, Five-Yr Renewal Options with 10 Percent Increases Every Five Yrs
  • Surrounding Retailers Include Walmart Supercenter, Publix, Winn Dixie, Bealls, Ross, Office Depot, Panera Bread, Wendy’s, McDonald’s, Bank of America, Wells Fargo and Many More
  • Within Walking Distance to Atlantic Ocean
  • Six Miles from Orlando Melbourne International Airport
  • Nearest Mattress Firm and MattressOne are Nine Miles Away from Subject Property; Nearest Starbucks is 3.5 Miles
  • This MattressOne Location is Considered One of the Top Performing Units in the Chain
  • Starbucks is a Relocation Store from a Unit that was Less Than 1.5 Miles Away – That Unit Did Not Have a Drive-Thru and Sales in This Location Have Increased Significantly

 

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to acquire Starbucks & MattressOne located in Indian Harbour Beach, FL. The subject property consists of free-standing buildings, occupied by two national tenants – Starbucks and MattressOne with a total of 6,100 square feet situated on a 1.00-acre parcel. Starbucks has four, five-year renewal options with 10 percent increases every five years. MattressOne has three, five-year renewal options with 10 percent increases every five years.

Starbucks & MattressOne is ideally situated with excellent access and visibility off Eau Gallie Boulevard, with more than 21,000 vehicles per day. The nearest Mattress Firm and MattressOne are nine miles away from the subject property while the nearest Starbucks is 3.5 miles away. Major national retailers in the area include Walmart Supercenter, Publix, Winn Dixie, Bealls, Ross, Office Depot, Panera Bread, Wendy’s, McDonald’s, Bank of America, Wells Fargo and many more. The subject property is within walking distance to Canova Beach Park. It is also less than six miles from Orlando-Melbourne International Airport.

Located in Brevard County in the heart of the Space Coast, the property offers attractive demographics. The county is best known for Kennedy Space Center, the site of Space Shuttle and Apollo moon mission launches. The area also has a large concentration on military personnel, it is home to Patrick Air Force Base.  It boasts a population of 568,000 residents, and an average household income of $49,200. Brevard County is home to a mix of young families and retirees leading to a high homeownership rate of 71 percent. It also has a great quality of life is the premier destination for surfing in Florida, offers great beaches, a cruise port and the space industry that draw tourists.

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