Two Property Portfolio | Marlin Center
Retail | 7.92% CAP | 11,692 SqFt
Marketing description
This two-property portfolio located at 3100 & 3104 Del Prado Blvd S in Cape Coral, FL offers investors a stabilized cash-flowing opportunity anchored by a mix of credit and local tenants. The asset generates approximately $202K in NOI, supporting an attractive yield at the $2.65M asking price. The tenant mix is highlighted by the State of Florida (Department of Juvenile Justice) providing long-term, reliable income through 2029, alongside Moretti Cucina Italiana with a lease extended through 2031, and additional in-place tenancy offering near-term upside. While the leases are primarily modified gross, resulting in some landlord expense responsibility, the deal presents strong in-place cash flow with the ability to enhance value over time through lease restructuring and operational efficiencies, making it an attractive option for investors seeking yield with upside potential in a growing Southwest Florida corridor.
Investment highlights
- Strong ~$202K in-place NOI providing immediate, consistent cash flow at a $2.55M basis, offering an attractive entry point for investors seeking yield
- Anchored by the State of Florida (DJJ), delivering secure, credit-backed income with long-term stability through 2029
- Long-term lease in place with Moretti Cucina Italiana extending through 2031, providing additional durability to the income stream
- Diversified tenant mix consisting of government, restaurant, and local tenancy, reducing reliance on a single income source
- Attractive yield relative to today's market, with a near 8 cap profile driven by in-place income and management upside
- Value-add opportunity to restructure leases toward a more NNN format, allowing for potential reduction in landlord expense exposure over time
- Ability to increase rents through renewals and mark-to-market adjustments, creating long-term NOI growth potential
- Upside through lease-up or repositioning of shorter-term tenant space, allowing an investor to further stabilize the asset
- Situated along a high-traffic corridor in Cape Coral with strong surrounding residential and commercial growth supporting tenant demand
- Well-positioned for both cash flow investors and value-add buyers looking to enhance returns through operational improvements
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