0 5Th AveIndialantic, FL 32903

Property Details for 0 5Th Ave

Year built

1952

Lot size

0.35 AC

Property size (Sq ft)

4,233 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

Indialantic Plaza presents a compelling value-add investment opportunity in the highly desirable Indialantic, Florida market. This 4,233 square foot, single-story shopping center, built in 1952 and renovated in 2015, sits on a 0.35-acre lot zoned C1. The property boasts 100% occupancy with four local tenants currently under gross leases, offering immediate cash flow and significant upside potential due to below-market rents. The property's strong financial performance is reflected in its pro-forma NOI of $103,632 and an 8.13% pro-forma cap rate. Located on 5th Avenue, this retail center benefits from its prime location, walking distance to the beach, and high foot traffic in a market with a retail vacancy rate below 3%. The inclusion of a valuable rear parking lot further enhances its appeal in an area with limited parking availability. Its proximity to Melbourne, the county's largest employment hub, adds to its investment strength. The remaining lease term is one year, presenting an opportunity to renegotiate leases and potentially convert to net leases. This property offers a unique blend of immediate income and long-term redevelopment potential, making it an attractive investment for those seeking a strong return in a prime coastal location. Please note: Do not disturb tenants.

Location Insight

City

Indialantic

County

Brevard

State

Florida

Latitude

28.0882

Longitude

-80.5786

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