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30876956
30876957

280 S Yonge St, Ormond Beach, FL 32174

DV
FL SL3294062
Marcus & Millichap - Orlando
RT
FL BK3015549
Marcus & Millichap - Orlando
Listed by Marcus & Millichap - Orlando
$9,675,000
87 days on market
Updated 25 days ago

Prime Ormond Beach Mixed-Use Portfolio

Details
Property Type Retail
Sub Type Shopping Center
Square Footage 107,612
Net Rentable (SqFt) 107,612
Cap Rate 8.00%
Occupancy 73%
Tenancy Multi
Lease Type Modified
Remaining Term 5
Rent Bumps Yes
Pro-Forma Cap Rate 8.24%
Pro-Forma NOI $797,531
Price per SqFt $90
Broker Co-Op Yes
Class B
Year Built 1964 & 1988
Buildings 2
Acreage 9.480
Investment Type Value Add
Ground Lease No
Ownership Fee Simple

107,612 Total SF on 10 Acres | 100% Leased Retail Center (8.0% Cap Rate) + Turn-Key Office Building

Investment highlights

•107,612 SF Mixed-Use Portfolio Consisting of:

-Fully Occupied 78,212 SF Multi-Tenant Retail Center Anchored by Kalin Home Furnishings

-Vacant 29,400 SF Office Building (Most Recently Occupied by a Medical Billing Tenant)

•Kalin has Served Ormond Beach at This Location for 60+ Years | Will Execute a 5-Year Sale-Leaseback at Close of Escrow for Their 73% of the Retail Center

•Office Building is in Turn-Key Condition with High-End Finishes and Nice Offices Throughout | Fixtures and Equipment Convey with Sale

•Properties Can Be Subdivided and Sold Separately –See Agent for Further Details

•Over 600’ of Direct Frontage Along US-1 (24,500 AADT) | Five Entry Points & Monument Signage

•Value-Add Upside Through Lease-Up of Office Building & Below Market Retail Rents

•Hard Corner Location Situated on a Large 9.48 Acre Parcel with Ample Parking | Separate Parking Lot for Office Building Offers Flexibility for Future Lot Split

•Tight Submarket with 4.4% Vacancy Rate

•Five Mile Demographics: 106,000 Population & $78,000 Average Household Income

Listing Contacts

DV
FL SL3294062
Marcus & Millichap - Orlando
RT
FL BK3015549
Marcus & Millichap - Orlando
Listed by Marcus & Millichap - Orlando

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