3535 9Th StVero Beach, FL 32968

Property Details for 3535 9Th St

Year built

2008

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.84 AC

Property size (Sq ft)

13,768 SF

Zone code

CL

Property type

Retail properties

Property subtype

Retail space

APN

33-39-27-00001-0030-00001.7

APU

9223372036854775807

Description

This exceptional investment opportunity presents a 13,680-square-foot single-tenant net-leased Goodwill storefront in Vero Beach, Florida, within the West Palm Beach MSA. The property, built in 2008, sits on a 1.84-acre lot and boasts a 6.15% cap rate with a strong NOI of $366,996. The lease, currently 100% occupied, extends to August 31, 2034, offering a remaining term of approximately 9.8 years. Rent escalations are built in, with a 5% increase on May 1, 2030, and 1.4% annually thereafter. Two five-year renewal options further enhance the long-term value. The tenant, a top-performing Goodwill affiliate, recently completed lease extensions, demonstrating a significant commitment to the location and is planning considerable interior renovations in 2024-2025. The property benefits from its prime location with high visibility and easy access to major roadways, including Oslo Road/9th St SW (20,500 vehicles per day) and Interstate-95 (56,000 vehicles per day). Nearby amenities include Publix and Winn-Dixie grocery stores, Walgreens, PNC Bank, CVS, and other national retailers. The area exhibits robust population growth, exceeding 18.5% over the past decade, with over 88,000 people residing within a five-mile radius and average household incomes exceeding $95,000 within one mile. Further enhancing the property's future prospects is a planned $95 million Florida DOT project to improve access to I-95 via 9th St SW, scheduled for completion by 2027. Property upkeep is managed by a local landscaper/manager, with costs reimbursed by the tenant. The property's location in Florida offers the added benefit of being in an income tax-free state. The asking price is $5,967,415, translating to a price per square foot of $436.21. This is a rare opportunity to acquire a high-performing, long-term net-leased asset in a thriving market.

• CAP approach

  CAP return

  Valuation

  6%

  $7,636,526

  6.5%

  $7,049,102

  7%

  $6,545,594

• Comparable approach

  Method

  Valuation

  Relative Method

  $8,844,194

  Geo Method

  $8,844,194

• Alternative Use

  Use

  Valuation

  Residential

  $5,946,181

  Hospitality

  $5,446,670

  Educational

  $4,531,566

  Medical

  $4,687,412

  Retail

  $7,049,102

Location Insight

City

Vero Beach

County

Indian River

State

Florida

Latitude

27.5863

Longitude

-80.4227

CBSA code

42680

CBSA name

SEBASTIAN-VERO BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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