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2739 U.S. 1, Fort Pierce, FL

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Address: 2739 S US Hwy 1, Fort Pierce, FL 34982, USA

Florida & Gulf Coast + Apartment Buildings

Created date: October 13, 2024

Date last updated: October 13, 2024

100% Occupied assuming short term sale lease-back (12 months)
High Traffic Count
Corner location with great street visibility.
Pineapple Patti's Antique Mall in place for over 15 years.

Property Description

The subject property consists of a 100% occupied mixed-use building with a total of gross building area of 11,071 and a rentable area of 10,026 sq.ft., comprising 4,152 sq.ft. of retail, 3,300 sq.ft. of warehouse/storage and 3 apartments with 2,274 sq. ft. Great opportunity to acquire at below market value. Recent MAI appraisal at $600,000. The owner is willing to lease-back retail portion for one year at $2,500/month. That would yield a cap rate of 8.79%. Once rented at market levels (estimated at $3,500/month or $10/psf) the stabilized cap rate is projected at around 10.4%. The owner will pay rent, operate business and more importantly help to find a new tenant during the first year. Asking price is only 6.6x the rent roll. The property has been operating as an antique mall for over 15 years. While this is an investment property, an owner-operator could continue the antique mall, if desired.

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Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$575,000
No. of Units:	6
Average Occupancy:	8.79
Year Built:	1954
Lot Size:	0.72 Sq ft
Opportunity Zone:	No
Price per unit:	$95,833
Property Website	Click Here