1308 Ridgewood AveEdgewater, FL 32132

Property Details for 1308 Ridgewood Ave

Year built

2024

Lot size

1.20 AC

Property size (Sq ft)

4,887 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional retail investment opportunity presents a fee-simple interest (land and building) in a two-tenant property located at 1308 S Ridgewood Ave, Edgewater, Florida, 32132. The 4,887 square foot building boasts a 5.72% cap rate and a strong net operating income (NOI) of $230,250. The property is 100% occupied by Taco Bell (1,887 SF) and VidaCann (3,000 SF), both under long-term leases. Taco Bell's lease is for 15 years with three 5-year options, featuring 2% annual rent increases. VidaCann's 10-year lease includes a 10% rent increase at the start of year six, with similar increases throughout the initial term and option periods. Both leases are triple-net (NNN), minimizing expenses for the owner. The property sits on a 1.2-acre lot with 34 parking spaces and benefits from high visibility on S Ridgewood Ave, a major retail thoroughfare with an average daily traffic count of 30,500 vehicles. The building, constructed in 2024, features a modern design and high-quality materials. Its strategic location near Florida Shores Plaza (81,000 SF) and New Smyrna Beach Regional Center (213,000 SF), along with other national retailers like ALDI, AMC Theatres, and Wawa, ensures strong tenant synergy and a robust consumer base. The 5-mile trade area boasts over 50,500 residents and 17,100 employees, with an average household income of $92,527. The property is zoned B-3 - Highway Commercial (APN: 70-15-09-476-030). This is a rare opportunity to acquire a high-performing, newly constructed retail asset in a prime location with significant growth potential.

Location Insight

City

Edgewater

County

Volusia

State

Florida

Latitude

28.9791

Longitude

-80.9006

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