198 Melton AveAuburndale, FL 33823

Property Details for 198 Melton Ave

Year built

1972

Lot size

0.87 AC

Property size (Sq ft)

9,142 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This 9,142 square foot vacant storefront, located at 198 Melton Ave, Auburndale, FL 33823, presents a compelling investment opportunity. Built in 1972 and renovated in 2007, this single-story building sits on a 0.87-acre lot and offers a fee-simple ownership structure. The property boasts a strong pro-forma cap rate of 7.03% and a pro-forma NOI of $91,420, with a list price of $1,300,000 ($142.20/sq ft). The property benefits from a prime location in a high-traffic area, experiencing over 27,750 vehicles per day. Auburndale's strategic location between Tampa and Orlando, coupled with its proximity to Lakeland (ranked #7 in U.S. News & World Report's "Best Places to Move"), contributes to its significant growth potential. The area features numerous national retailers, including Publix, Winn-Dixie, CVS, Planet Fitness, KFC, Walmart, and Dunkin'. Further enhancing the area's economic outlook is the Coca-Cola facility's planned $51 million investment and 50 new jobs. The lease is a single-tenant NNN lease with 3% annual rent bumps. Seller financing is available. This property is priced below replacement cost, making it attractive to both owner-users and investors.

Location Insight

City

Auburndale

County

Polk

State

Florida

Latitude

28.0565

Longitude

-81.7817

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