This 63,000 square-foot shopping center in Titusville, Florida presents a compelling redevelopment opportunity. Located on a 5.4-acre lot at a prime hard corner location on a main traffic corridor (SR 405) with a four-way traffic signal, this property offers significant potential. Currently 100% occupied by the seller (who occupies approximately 24,000+ square feet), the seller may vacate or consider a leaseback arrangement. Built in 1963, the property is zoned for commercial use and is situated within the thriving North Brevard Economic Development Zone, benefiting from the area's robust aerospace industry growth fueled by major employers like SpaceX, Blue Origin, Boeing, and Lockheed Martin. The asking price is $1,900,000, translating to $30.16 per square foot. This distressed sale offers a unique chance to capitalize on the increasing demand for real estate in Titusville, a city known for its miles of beaches, average temperature of 73 degrees, and 2.5 million annual tourists. The absence of state personal and property income taxes further enhances the investment appeal. This property is a rare opportunity to invest in a rapidly growing area with a strong economic outlook. The remaining lease term is zero years.
Valuation by Paperhouses methods
Valuation date:
Dec 11, 2024
CAP approach
CAP return
Valuation
6%
$12,380,573
6.5%
$11,428,221
7%
$10,611,919
Comparable approach
Method
Valuation
Relative Method
$15,339,990
Geo Method
$14,026,931
Alternative Use
Use
Valuation
Residential
$9,640,132
Hospitality
$8,830,309
Educational
$7,346,714
Medical
$7,599,378
Retail
$11,428,221
Location Insight
City
Titusville
County
Brevard
State
Florida
Latitude
28.6084
Longitude
-80.8197
CBSA code
37340
CBSA name
PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA
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The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.
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