500 Pullman RdEdgewater, FL 32132

Property Details for 500 Pullman Rd

Year built

2004

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

2.25 AC

Property size (Sq ft)

16,021 SF

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

7452-22-0A-0100

APU

7452220A0100

Description

This exceptional investment opportunity presents a 16,021-square-foot industrial property situated on a 2.3-acre lot in Edgewater, Florida's Parktown Industrial Park. The property, built in 2004, features a single, 100% occupied building with four units, currently housing three tenants. The concrete block and metal structure boasts a highly visible corner lot location on the main entrance, enhanced by a circular driveway providing convenient access for tractor-trailers. Its strategic location between I-95 and US-1 ensures excellent accessibility. The property's current NOI is $140,000, yielding a 6.41% cap rate, while the pro-forma NOI is $193,800, projecting an 8.87% cap rate. The asking price is $2,185,000, translating to $136.38 per square foot and $546,250 per unit. The property is zoned for industrial and manufacturing uses. This is a rare chance to acquire a well-located, income-producing asset with significant upside potential. Units 1 and 2 are currently combined.

• CAP approach

  CAP return

  Valuation

  6%

  $4,720,144

  6.5%

  $4,357,056

  7%

  $4,045,838

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,264,483

  Geo Method

  $2,772,058

• Alternative Use

  Use

  Valuation

  Residential

  $4,357,056

  Hospitality

  $3,991,040

  Educational

  $3,320,498

  Medical

  $3,434,695

  Retail

  $5,165,220

Location Insight

City

Edgewater

County

Volusia

State

Florida

Latitude

28.9914

Longitude

-80.9186

CBSA code

19660

CBSA name

DELTONA-DAYTONA BEACH-ORMOND BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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