Listed by Matthews
$3,143,507
Value Add Industrial + Fluent Dispensary
Details
APN 24-36-28-00-00006.0-0000.00
Property Type Retail, Industrial
Sub Type Pharmacy/Drug, Warehouse
Square Footage 14,504
Net Rentable (SqFt) 14,504
Units 1
Cap Rate 7.10%
NOI $223,189
Occupancy 100%
Tenancy Multi
Lease Type NNN
Lease Term 10
Lease Expiration 12/29/2033
Remaining Term 7.6
Rent Bumps Yes
Lease Options 2 x 5-Years
Pro-Forma Cap Rate 9.67%
Year Built 1979
Year Renovated 2023
Buildings 2
Stories 1
Acreage 1.000
Zoning C-G
Investment Type Value Add
Tenant Credit Corporate Guarantee
Lease Commencement 12/30/2023
Ground Lease No
Value-Add | Vacant Industrial + Fluent
Investment highlights
- Owner-User/Value-Add Opportunity: The ±11,931-SF industrial building is currently leased at below-market rents ($3.23/SF) under a short-term lease expiring in March 2029, providing investors withthe opportunity to re-lease the property at higher rental rates in the near term.
- Passive Lease Structure: The property features two NNN leases, ensuring minimal landlord responsibilities.
- High Visibility: The subject property fronts US-1, a major north–south highway running from Key West to Maine near the Canadian border, offering excellent exposure. The property sees approximately 30,000 vehicles per day.
- Great Access: The site benefits from convenient left-in, right-in, and right-out access points.
- Large Parcel: Situated on a ±1.06-acre lot, the property offers ample space for future development or expansion, making it a valuable long-term asset.
- Strong Corporate Guarantee/Multi-State Operator: This lease features a strong corporate guarantee. Fluent is a multi-state operator with approximately 44 dispensaries and 8 cultivation and manufacturing facilities across four states. Notably, Fluent’s full-year 2024 revenue increased 6.4% compared to full-year 2023.
- Attractive Rental Increases: The Fluent lease includes 3% annual rental escalations, providing a hedge against inflation and ensuring consistent income growth.
- Sticky Tenant: Cannabis dispensaries have a lower relocation risk due to strict zoning laws limiting where they can operate. Florida regulations mandate dispensaries be at least 500 feet from any public or private school, making relocation highly challenging.
- Strategic Location: This is the only dispensary in Cocoa, FL fronting US-1. The only other dispensary in Cocoa is about five miles away, with the nearest competing stores located in Merritt Island across the Hubert Humphrey Causeway Bridge.
- Income Tax-Free State: Florida has no state income tax, making it an attractive location for investors and businesses alike.
- Growing Market: Florida continues to experience strong growth, with its population reaching 23.3 million in 2024, an increase of approximately 358,735 residents (1.62%) from the previous year. This surge is partly due to the state’s appeal to businesses; in 2023, Florida saw an 86% net increase in corporate headquarters relocations, leading the nation in attracting new companies. Favorable tax policies, a business-friendly environment, and high quality of life continue to draw both individuals and enterprises to the state.
Listing Contacts
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$223,189.00
$18,599.08/mo
Valuation Metrics
0
DSCR
7.1%
Cap Rate
7.1%
ROI
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