324 Merritt Island CswyMerritt Island, FL 32952

Property Details for 324 Merritt Island Cswy

Year built

2006

Construction

WOOD

Lot size

0.40 AC

Property size (Sq ft)

5,452 SF

Zone code

BU2

Property type

Retail properties

Property subtype

Retail space

APN

24-36-35-02-00000.0-0003.00

APU

9223372036854775807

Description

This exceptional investment opportunity presents a 3,819-square-foot, single-tenant net-leased Surterra Wellness cannabis dispensary in Merritt Island, Florida. Located on a 0.92-acre parcel at 324 E Merritt Island Cswy, 32952, this property boasts a strong location near major retailers like BJ's Wholesale Club, Publix, and The Home Depot, and a new 120-bed hospital under construction nearby. The property, built in 2006 and renovated in 2019, enjoys 100% occupancy with a current lease term extending to July 31, 2029, offering 4.7 years of remaining lease term with two, 5-year options. The lease includes 10% rent increases every five years, ensuring consistent income growth. The asking price is $1,995,000, yielding a 7.05% cap rate and a net operating income (NOI) of $140,814. This prime retail location benefits from its proximity to Cocoa Beach and Kennedy Space Center, attracting significant tourism and local traffic. The property's strong tenant, Surterra Wellness, is backed by a corporate guarantee, minimizing risk. This is a compelling investment opportunity with significant upside potential in a thriving retail corridor.

• CAP approach

  CAP return

  Valuation

  6%

  $2,023,904

  6.5%

  $1,868,219

  7%

  $1,734,775

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,276,640

  Geo Method

  $2,157,442

• Alternative Use

  Use

  Valuation

  Residential

  $1,575,912

  Hospitality

  $1,443,527

  Educational

  $1,200,998

  Medical

  $1,242,302

  Retail

  $1,868,219

Location Insight

City

Merritt Island

County

Brevard

State

Florida

Latitude

28.3576

Longitude

-80.6937

CBSA code

37340

CBSA name

PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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