About this property
Hugh court ordered price reduction to facilitate a quick sale. Approximately 60% occupied, this building should generate a net income of approximately $120,000 the first year as is. Additional space being leased out would increase that amount.
One unit of 3,570 square feet has not been built out although sprinklers, water, and electricity are in place. Assigning a conservative valuation of $100 square foot on this space, and subtracting this amount from the sales price, the cap rate becomes $10.99 on the remaining units.
This is a newer building in an emerging medical area; this is an unusual opportunity both for current net income, and significant upside potential.
Convenient to hospitals and other medical providers, Melbourne, Rockledge, and Orlando.
Property details
- Property Type
- Improved property
- Building Type
- Freestanding
- Building Size
- 10,949 sqft
- Land Size
- 1.29 acres
- Zoning
- BU-1
Location
- Address
-
8075 Spyglass Hill Road
Melbourne, Florida 32940