1051 Port Malabar Boulevard NE # 1, Palm Bay, FL 32905

Description of 1051 Port Malabar Boulevard NE # 1, Palm Bay, FL 32905

Compass Commercial is pleased to present an exceptional investment opportunity in the heart of booming Palm Bay, Florida. The meticulously maintained single-unit commercial condominium at 1051 Port Malabar Blvd NE offers a secure and attractive addition to any investment portfolio. With a single corporate credit tenant on a fully net lease, this property promises stable and entirely passive income for any discerning investor. Situated in a bustling business district in Brevard County's booming Space Coast, this property enjoys high visibility on Port Malabar Blvd NE, a major arterial road in Palm Bay. The location offers convenient access to I-95 and is surrounded by a mix of commercial and residential developments. Tenant: The 2,650-square-foot commercial condominium is 100% leased directly to Smile Brands, which operates under Bright Now! Dental. Smile Brands owns and operates over 700 locations across 30 states and has enjoyed a successful practice in this location since 1996. The lease structure is fully net, with the tenant responsible for all operating expenses, including property taxes, insurance, and maintenance. The current lease expires on December 31, 2025, with an additional 5-year option at a 10.7% rental increase. The tenant is willing to entertain early execution of the option period or negotiate a lease extension for an additional five or 10-year term. Valuation: With minor expense slippage for an association-issued roof loan, the net operating income is $53,977, which represents a 7.6% cap rate at the asking price of $710,000. A 2022 certified appraisal report indicated a valuation of $772,000, so the asset is offered below the appraised value and replacement cost. Investment Potential: This property offers a compelling investment proposition with the following benefits: Steady Cash Flow: With a corporate credit tenant and a fully net lease structure, the property offers stable and predictable income. Low Maintenance: The tenant is responsible for property maintenance and the Property Owners' Association is responsible for all common areas and shared elements, greatly reducing the landlord's burden and expenses. Location Advantages: Positioned in a prime commercial area, this property benefits from high visibility and accessibility, making it attractive to both customers and tenants. Long-Term Growth: Palm Bay is a growing community, and this investment is poised to benefit from the area's economic development. Terms: The Seller will consider providing financing with a minimum down payment of 50%. Brokers protected. All reasonable terms and offers considered.

Property Details for 1051 Port Malabar Boulevard NE # 1, Palm Bay, FL 32905

Flooring

Ceramic Floor, Vinyl, Wood

Heating

Central Individual A/C

Cooling

Central Individual A/C

Pool Private

No

Year Built Details

Resale

Building Information for 1051 Port Malabar Boulevard NE # 1, Palm Bay, FL 32905

Building Area Total

2650

Building Area Units

Square Feet

Stories

1

Stories Total

1

Association

No

Association Fee

$4,183

Association Fee Frequency

Annually

Security Features

Smoke Alarm, Smoke Detector(s), Fire Alarm, Smoke Detector

Property Information for 1051 Port Malabar Boulevard NE # 1, Palm Bay, FL 32905

Lot Size Square Feet

8,712

Waterfront

No

View

No

Roof

Composition Roll

Water Source

Public

New Construction

No

Public Records for 1051 Port Malabar Boulevard NE # 1, Palm Bay, FL 32905

Parcel Number

2837270000511a

Tax Annual Amount

$2,209

Tax Year

2,021

Tax Legal Description

PORT MALABAR PROFESSIONAL CONDO UNIT 1 PORT MALABAR PROFESSIONAL CONDO AS DESC IN ORB 2761 PG 0328 AND ALL AMENDMENTS TH

Zoning

COMM / MEDICAL

County Or Parish

Brevard County

Location