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$1,175,000
Est. payment /mo
8,350 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Pending
Purchase Type For Sale
Square Footage 8,350 sqft
Price per Sqft $140
MLS Listing ID 1224449
Year Built 1978
Annual Tax Amount $9,474
Lot Size 1.030 Acres
Lot Dimensions 1.03
Property Sub-Type Retail
Source Daytona Beach Area Association of REALTORS®
Property Description
Value-Add Opportunity! Neighborhood strip center for sale in high-traffic location with excellent parking.
Concrete block construction. New TPO roof in 2018 (as per the owner).
The list price is well below replacement cost ($140/SF).
Center needs to be leased up (currently only 67% occupied with many current tenants paying below market rents). Currently 67% occupied. A city code lien is preventing the owner from leasing any of the vacant units. The building is in code compliance, but the fines will be paid at closing. Once the fines are paid, the new owner will be free to rent the vacant spaces.
After renovation/clean-up, projected income is comfortably $13 per square foot net ($17/SF modified gross). or $100,200-$116,900/year NET income.
Concrete block construction. New TPO roof in 2018 (as per the owner).
The list price is well below replacement cost ($140/SF).
Center needs to be leased up (currently only 67% occupied with many current tenants paying below market rents). Currently 67% occupied. A city code lien is preventing the owner from leasing any of the vacant units. The building is in code compliance, but the fines will be paid at closing. Once the fines are paid, the new owner will be free to rent the vacant spaces.
After renovation/clean-up, projected income is comfortably $13 per square foot net ($17/SF modified gross). or $100,200-$116,900/year NET income.
Location
State FL
County Volusia
Direction xx
Exterior
Parking Features Other
Building
Lot Description Other
Others
Senior Community No
Tax ID 5344-16-00-0230
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Listed by SVN Alliance Commercial Real Estate Advisors