688 Park AveTitusville, FL 32796

Property Details for 688 Park Ave

Year built

1963

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

4.04 AC

Property size (Sq ft)

35,447 SF

Zone code

CC

Property type

Retail properties

Property subtype

Outlet malls

APN

22-35-04-00-00022.0-0000.00

APU

9223372036854775807

Description

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.

• 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

Property Tax & Assessments

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