N0390108_1468989.htm


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Retail - 32,750 SF Satellite Beach Shopping Strip 202-254 Highway A1A Satellite Beach, FL 32937



Quick Upside by Converting Gross Leases to NNN Out Parcel Development or Sale Opportunity Fully Renovated in 2002



Directly across from the Atlantic Ocean High Traffic A1A Corridor Little Retail Competition in Immediate Area

Price	$4,150,000
Down Payment	(25%) $1,037,500
Loan Amount	$3,112,500
Loan Type	Proposed New
Interest Rate/Amortization	6.500%/30 Years
Gross Leasable Area (GLA)	32,750
Price per Square Foot (GLA)	$126.72
Year Built	1957/2002
Lot Size	3.5 Acres
Cap Rate - Current	7.34%
Cap Rate - Pro Forma	7.77%
Net Cash Flow After Debt Service - Current	6.79%
Net Cash Flow After Debt Service - Pro Forma	8.52%
Total Return - Current	10.19%
Total Return - Pro Forma	11.91%

OPERATING DATA

INCOME	Current	Pro Forma
Base Rent
Occupied Space	$421,671	$421,671
Vacant Space at Market Rents (3,000 SF)	42,000	42,000
Gross Potential Rent	$463,671	$463,671
Expense Reimbursements	0	73,156
Gross Potential Income	$463,671	$536,827
Vacancy/Collection Allowance	5% 23,184	5% 23,184
Effective Gross Income	$440,487	$513,643
Total Expenses	135,922	191,189
Net Operating Income	$304,566	$322,454
Reserves / Replacements	6,550	6,550
Net Cash Flow Before Debt Service	$298,016	$315,904
Debt Service	227,544	227,544
Net Cash Flow After Debt Service	6.79% $70,472	8.52% $88,360
Principal Reduction	35,208	35,208
Total Return	10.19% $105,680	11.91% $123,568

EXPENSES	Current	Pro Forma
Real Estate Taxes**	35,578	80,873
Insurance**	28,348	35,000
Miscellaneous	3,589	3,589
Management Fee	22,024	25,345
Utilities	5,034	5,034
Repairs & Maintenance	26,161	26,161
Ground Lease	7,000	7,000
Total CAM	$38,195	$38,195
Reserves / Replacements	8,188	8,188
Total Expenses	$135,922	$191,190
Expenses per SF	$4.15	$5.84

Marcus & Millichap is excited to exclusively represent the Satellite Beach retail/strip shopping center. This is an outstanding opportunity to own a well located 32,750 square foot retail center in Satellite Beach, Florida. Half the center sits on a ground lease that runs through 2047 and is well tenanted. Major tenants include:

Domino's Pizza
Gone Coastal
Tattopia
Breakfast at Lili's
The Catwalk
Loon's Lagoon
Boggs Bridal
Cheng's Chinese

Fronting A1A, directly across from the Atlantic Ocean, this center sits on nearly 7 acres with potential to develop or sell off an out parcel pad. The shopping center totals 32,750 square feet. It was built in 1957 and fully renovated in 2002. It has covered walkways, asphalt-paved parking lot, concrete curbs and walks, well lush land-scaping, signage, pole lighting and fencing.

Nearby properties include ocean-front condiminiums, hotels, convenience stores/gas stations, and restaurants. There are also residential properties close by.

Satellite Beach as well as Brevard County show favorable economic outlook with steady employment and strong population growth.

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Listing Office:
5201 Blue Lagoon Drive Suite 100 Miami, FL 33126
Tel: (786) 522-7000
Fax: (786) 522-7010
www.marcusmillichap.com

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. © Marcus & Millichap 2006

(Activity ID: N0390108 Property ID: 1468989)

The representations contained on this internet page are provided based on information deemed reliable. However, the same has not been independently verified. Prinicpals are advised to conduct a thorough due dligigence for any potential transaction. Marcus & Millichap Real Estate Brokerage Company's name and logo are used herein for information purposes only.