For Sale
$1,850,000

106 Florida A1ASatellite Beach, FL 32937

High-yield, single-tenant net lease.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a fee-simple, 2,393 square foot retail property in Satellite Beach, Florida, currently leased to MUV Cannabis (Verano Holdings), a corporate-guaranteed tenant. The property boasts a 10-year lease (commencing November 28, 2023, expiring November 30, 2033), with 3% annual rent increases and two 5-year renewal options. The current NOI is $131,325, resulting in a 7.10% cap rate. Situated on a 0.69-acre lot, the building was constructed in 2012 and renovated in 2023. Its prime location along Highway A1A, near Patrick Space Force Base and major retailers (Publix, Walmart, Lowe's), ensures high visibility and strong customer traffic. The property benefits from a lack of cannabis competition within a five-mile radius, serving an affluent demographic with an average household income exceeding $121,000. This strategic location, coupled with the long-term lease and built-in rent escalations, provides a secure and lucrative investment opportunity with significant potential for future growth. The property is offered at $1,850,000. The property's APN is 26-37-23-26-00014.0-0002.00.

Highlights

  • Prime location directly adjacent to Patrick Space Force Base, Florida's only such base, ensuring strong future development and investment.
  • MUV enjoys a monopoly as the sole licensed dispensary within a 5-mile radius of Satellite Beach, serving 43,000 residents.
  • High-income demographics: Average household income exceeding $121,000 within the 5-mile radius guarantees a robust customer base.
  • Exceptional beachfront location on Florida's Space Coast, 45 minutes from Orlando and 20 minutes from Cape Canaveral, attracting significant tourism and retail demand.

Property Details for 106 Florida A1A

Property type
Retail properties, Drug stores
Square Feet
2,393 SF
Year Built/Renovated
2012/2023
Buildings
1
Stories
1
Lot Size (sq. ft)
30,056 SF
Units
1

Location Insight

City
Satellite Beach
County
Brevard
State
Florida
Latitude
28.2119241
Longitude
-80.5982595
106 Florida A1A, Satellite Beach, Florida

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106 Florida A1A
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