2138 Washington StPalm Bay, FL 32905

Property Details for 2138 Washington St

Year built

1970

Property size (Sq ft)

3,453 SF

Property type

Other commercial real estate

Property subtype

Other retail properties

Description

This 3,453 square foot retail property, located at 2138 Washington Street NE in Palm Bay, Florida 32905, presents a unique investment opportunity. Built in 1970, this single-story building sits on a 6,969.6 square foot lot and boasts a 100% occupancy rate. Currently operating as a church, the property features an open main room, kitchen area, serving room, private office space, and a shower. The roof and A/C system are recent installations. The asking price is $329,900, with a pro-forma cap rate of 9.09% and a pro-forma NOI of $30,000. The seller is offering seller financing and may consider a one-year leaseback. The property has been meticulously maintained, including the adjacent lot, for over 10 years. While not guaranteed, the seller is pursuing adverse possession of the adjacent lot, based on title searches and research suggesting a high probability of success. This presents a potential bonus to the property's value. The ceiling height is 8 feet. This property is a fee simple ownership and is ideal for users or investors seeking a strong return on investment in a growing community. The property includes one unit.

Location Insight

City

Palm Bay

County

Brevard

State

Florida

Latitude

28.0536

Longitude

-80.5991

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