MLS Number O5716464
- Commercial
- Year Built 2018
- Water View
- Waterfront 1
- Zoning RETAIL P-D
Zoned p-d planned development up to 60,000 sqft commercial c-1. Rare opportunity to develop with substantial unmet demand for retail development, way below residual the residual land value bearing an irr of over 12%.The subject property straddles four zip codes for its primary trade area (“pta”): 32826, 32828, 32820, and 32833. The total number of households in the pta is 33,464 with a daytime population of 25,994. The average household income is $55,158. The total income in the pta for households is $1,845,798,946, and the daytime retail potential is $48,660,768the pta has potential retail demand at $375 a foot which equates to over 996,057 sqft. The east colonial currently only has 185,839 sqft of retail east of the 408 expressway. The data shows that the majority of the shoppers’ needs are not being meet within the pta. The breaking ground of a major development to the east of the subject property, the grow, will only intensify the need for retail in this area.Bargain deal on retail development, with over $3 million in built-in-equity with an irr higher than 12%• potential to earn noi income of $1,350,000 based on nnn lease of 60,000 at $22.50/sqft.• 13% irr minus a 3% growth equals a conservative 10% capitalization rate. Present value of $13,500,000.• cost of construction of a plain vanilla shell is estimated at $110/sqft or $6,600,000 for 60,000 sqft.• residual land value estimated at $6,900,000.• built-in-equity of $3,400,000 based on a 10% cap rate.
Listing Courtesy of CENTRAL TOWER PROPERTIES
