town square - loopnet · 2017-10-16 · town square merritt island cocoa port st john 1351-1355 n...
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Partnership. Performance.
OpportunityAvison Young is pleased to offer for sale a 100% fee-simple interest in Town Square, a 32,273 square foot multi-tenant office/commercial property in Merritt Island Florida. The offering represents an excellent cash flowing investment with a value add opportunity by leasing remaining vacancy. The Property is located on the main north-south traffic corridor of Merritt Island and at a lighted intersection.
Nathan Eissler, Senior Associate [email protected]
Steve Tanner, Senior Vice President [email protected]
Town Square consists of 3 multi-tenant office buildings totaling approximately 32,273± sf. The buildings are currently 62%
occupied leaving 12,156± sf vacant and available to lease.
TOWN SQUARE1351-1355 N COURTENAY PARKWAY
MERRITT ISLAND, FL 32953
FOR SALE
AccessTown Square has excellent access with a full ingress/egress directly from Courtenay Parkway into the parking lot. The south entrance to Grove Boulevard provides access to the lighted intersection. Additionally a third entrance is available via the shared parking lot with the property to the north.
LocationTown Square is located in the NWC of the signalized intersection of N. Courtenay Pkwy and Grove Blvd. The property is conveniently located less than 2 miles between State Road 528 and to the North and Merritt Island Causeway to the South.
SignageTown Square has excellent signage with a monument sign on Courtenay Parkway with room for 17 tenants in its current configuration. Some tenants also have signage on the facade of the building.
PropertyThe property consists of 32,273 sf of office space in 3 buildings (12,882, 15,642 and 3,749 sf). Tenant Suites range from 608 to 2,400 sf making them ideal size and location for the local office user.
Traffic Counts28,000 vehicles per day on North Courtenay Parkway.
1351-1355 N COURTENAY PARKWAY MER R I T T ISL AND, FL
Site SpecificationsAddress: 1351-1355 N Courtenay Pkwy Merritt Island FL 32953
Submarket: Brevard County
Buildings: 3
Parcel ID(s): 24-36-23-BX-*-17
Total Site Area: 2.89±
Year Built: 1983 / 1987
Current Occupancy 62.3%
Zoning BU-1 CC
Property Use: Professional Office Complex
PricingAsking Price: $2,200,000
Year-One NOI: $162,755.21
Price Per Square Foot: $68
Property Description
2016 REAL ESTATE TAXES Amount ($)Assessed Value $1,650,000
Ad Valorem $25,675.18
Non-Ad Valorem $4,107.31
Total With Discount $28,591.19
1351-1355 N COURTENAY PARKWAY
Site Plan
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N COURTENAY PKWY (28,000 VEHICLES PER DAY)
GROVE BLVD
MER R I T T ISL AND, FL
Financials
1351-1355 N COURTENAY PARKWAY MER R I T T ISL AND, FL
TOWN SQUARE CURRENT RENT ROLL
Ste # Tenant Square Feet Rent / SF"Monthly
Net Rent"Annual Rent
A Kiser Realty 1,187 $10.11 $1,000.00 $12,000.00
B Vacant 1,476 $0.00 $0.00 $0.00
C & D Fidelity National Title of Florida 1,998 $16.05 $2,673.00 $32,076.00
E & F Weiss & Newberry Medical As. 2,272 $13.39 $2,535.16 $30,421.92
G & H The Fathers Home Christian Center 1,998 $8.68 $1,445.25 $17,343.00
I Vacant 1,605 $0.00 $0.00 $0.00
J & K Gary Herbeck (Dentist) 2,346 $12.29 $2,402.70 $28,832.40
L Vacant 1,520 $0.00 $0.00 $0.00
M Vacant 1,005 $0.00 $0.00 $0.00
N Vacant 1,072 $0.00 $0.00 $0.00
O M.L.Young (CPA) 531 $12.00 $531.00 $6,372.00
P Vacant 801 $0.00 $0.00 $0.00
Q Studio Q (Hair Salon) 565 $12.74 $600.00 $7,200.00
R & S Vacant 2,394 $0.00 $0.00 $0.00
T Honey Moon Hill (Contractors) 1,593 $7.42 $984.44 $11,813.28
U Christ Church/Positive Thinking 1,123 $12.00 $1,123.00 $13,476.00
V Elain Renee (Salon) 952 $9.89 $785.00 $9,420.00
W Dance Brevard/2 L. Feet 1,195 $9.47 $943.40 $11,320.80
X Law office of Sean Anderson 608 $6.18 $313.21 $3,758.52
Y & Z Vacant 2,283 $0.00 $0.00 $0.00
AA Pastermack Real Estate 2,400 $12.00 $2,400.00 $28,800.00
BB Pinnacle Financial 1,349 $15.00 $1,686.23 $20,234.76
32,273 Total Base Rent $19,422.39 $238,068.68
UNDERWRITING ASSUMPTIONS
Current NOI (As-Is) Stabilized NOI
Income & Expense Recoveries1. Income Based on Current Occupancy
2. Expenses Based on 2016 Income Statement
3. Management Fee Based on 3% of Gross Income
4. Capital Reserves at $.15 psf
Income & Expense Recoveries1. Current Tenants remain at existing rents
2. Vacant Suites leased up at $8 - $14 psf (net of utilities)
3. Vacancy and Credit Loss of 7%
OSCEOLA
TOWN SQUARE
MERRITT ISLAND
COCOA
PORT ST JOHN
1351-1355 N COURTENAY PARKWAY O R L AND O, FL
PORT CANAVERAL
KENNEDY SPACE CENTER
COCOA BEACH
CAPE CANAVERAL AIR FORCE STATION
VISITORS PER YEAR: 3.9M PASSENGERS PER YEAR
POTENTIALLY OVER 30 LAUNCHES IN 2017
MAP/AERIAL
DOWNTOWN ORLANDO - 42 MILESORLANDO INTERNATIONAL AIRPORT - 35 MILES
FROM TOWN SQUARE:
1351-1355 N COURTENAY PARKWAY O R L AND O, FL
2016 DEMOGRAPHICS: TOWN SQUARE 1 MILE 2 MILE 3 MILE
2016 Estimated Population 9,869 26,593 39,010
Projected Population Growth 2016-2021 1.9% 2.0% 2.0%
2016 Estimated Households 4,509 12,082 17,522
Average Household Income $55,383 $54,480 $56,064
Median Age 45.7 44.4 44.8
Daytime Employee Count 3,257 9,162 20,987
MARKET OVERVIEW & DEMOGRAPHICS
Brevard County/Space CoastBrevard County lies on the Space Coast, the eastern coast of Florida approximately 30 miles east of Orlando. The MSA is largely influenced by the Kennedy Space Center, Port Canaveral and the world famous Cocoa Beach.
The John F. Kennedy Space Center in Cape Canaveral is NASA’s primary launch center. Located on the north side of Merritt Island, the 219 square mile facility is active with launches by: Space X, United Launch Alliance and others. In addition to the Space industry, defence contractors Northrop Grumman, the Harris Company and Boeing plan on expanding into the area and adding thousands of jobs.
Port Canaveral is the second largest cruise port in the world and is a major economic generator for the area and Florida. The port provides about 17,000 jobs and $2 Billion in economic impact to Brevard County. Recent and current development and renovations total over $195M in projects.
The world famous Cocoa Beach is lined with hotels and tourist activity. Ron Jon’s Surf Shop receives 2 million visitors per year.
Partnership. Performance.
© 2017 Avison Young Commercial Real Estate (Ontario) Inc., Brokerage. All rights reserved.
avisonyoung.com
Avison Young135 W. Central Boulevard Suite 700Orlando, FL 32801, USAPhone: 407.219.3500 Fax: 407.219.3501
E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young.
Nathan Eissler, Senior Associate [email protected]
Steve Tanner, Senior Vice President [email protected]
MERRITT ISLAND HIGH SCHOOL
EDGEWOOD JUNIOR/SENIOR HIGH SCHOOLMILA ELEMENTARY SCHOOL
SHOPPES OF VICTORIA SQUARE
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