28 Old Kings RdPalm Coast, FL 32137

Property Details for 28 Old Kings Rd

Year built

2002

Construction

CONCRETE BLOCKS

Lot size

0.89 AC

Property size (Sq ft)

1,612 SF

Zone code

COM-2

Property type

Healthcare properties

Property subtype

Medical offices

APN

07-11-31-7001-000B0-0010

APU

0711317001000B00010

Description

This exceptional investment opportunity presents a 6,434 square foot retail property located at 28 Old Kings Rd, Palm Coast, FL 32137. The property boasts a strong tenant lineup, anchored by a corporate-guaranteed Trulieve lease with a remaining term of 8.8 years, expiring August 31, 2033. The lease commenced September 1, 2021, and includes a 2% annual rent increase. The current Net Operating Income (NOI) stands at $210,731, yielding a 7.30% cap rate based on the asking price of $2,886,726. The property is currently 100% occupied, with Trulieve occupying 6,434 square feet and paying $153,811 annually. Additional tenants include Flagler Wellness (1,612 sq ft, lease expiring December 1, 2024) and Doc MJ (1,653 sq ft, lease expiring August 30, 2023). The property features a multi-tenant structure with a strong tenant mix, providing stability and diversification. The building was recently renovated. This investment offers a compelling combination of strong cash flow, long-term lease stability, and significant upside potential due to the built-in rent escalations. The property's location in Palm Coast, Florida, benefits from a robust customer base and high volume of traffic. This is a rare opportunity to acquire a high-performing, multi-tenant retail property with a strong anchor tenant and significant remaining lease term.

• CAP approach

  CAP return

  Valuation

  6%

  $288,653

  6.5%

  $266,449

  7%

  $247,417

• Comparable approach

  Method

  Valuation

  Relative Method

  $109,632

  Geo Method

  $109,632

• Alternative Use

  Use

  Valuation

  Residential

  $330,397

  Hospitality

  $302,642

  Educational

  $251,794

  Medical

  $260,454

  Retail

  $391,680

Location Insight

City

Palm Coast

County

Flagler

State

Florida

Latitude

29.558

Longitude

-81.2169

CBSA code

19660

CBSA name

DELTONA-DAYTONA BEACH-ORMOND BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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