1159 Altamonte Dr Altamonte Springs, FL 32701

This exceptional mixed-use investment property, located at 1159 E Altamonte Dr, Altamonte Springs, FL 32701, offers a compelling opportunity for value-add redevelopment. The 7,900 square foot building, constructed between 1998 and 2001 and renovated in 2023, features two one-story buildings with 11 tenants currently enjoying 100% occupancy under a modified lease structure with credit-rated tenants. The property boasts 7,224 square feet of net rentable space, commanding a price per square foot of $215.19. The current NOI is $124,553, yielding a 7.33% cap rate, with a pro-forma NOI of $139,868 and a pro-forma cap rate of 8.23%. The property sits on a 0.79-acre lot, offering ample surface parking for 33 vehicles. Additional features include a new roof (2023) under a 10-year warranty, fresh exterior paint, and prominent monument signage. The location is highly desirable, directly across from high-traffic retail complexes, benefiting from an average daily traffic count of 48,500 vehicles on Altamonte Drive. Its proximity to Interstate 4 (just over 2 miles), Orlando Sanford Airport (13 miles), Orlando International Airport (30-minute drive), and Altamonte Mall (1.6 miles) further enhances its appeal. The property is zoned MOC-2 and offers lease options ranging from one to three years, with built-in rent bumps of 4%. The asking price is $1,700,000, and the land value is estimated at $15-$30 per square foot. This is a 1031 exchange-eligible property.