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SPYGLASS MEDICAL BUILDING

  SOLD October 2009 for $1,590,000

8075 Spyglass Hill Road, Melbourne, Florida 32940


Building Size10,949 Square Feet
Land Size1.29 Acres
ZoningBU-1

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.

 


The information contained herein is from sources deemed reliable, but is subject to errors, omissions, and withdrawal without notice.

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