FOR SALE TOWN SQUARE 1351-1355 N COURTENAY PARKWAY MERRITT ISLAND, FL 32953 Town Square consists of 3 multi-tenant office buildings totaling approximately 32,273± sf. The buildings are currently 67% occupied leaving 10,551± sf vacant and available to lease. Partnership. Performance. Opportunity Avison Young is pleased to offer for sale a 100% fee-simple interest in Town Square, a 32,273 square foot multi-tenant office/commercial property in Merritt Island Florida. The offering represents an excellent cash flowing investment with a value add opportunity by leasing remaining vacancy. The Property is located on the main north-south traffic corridor of Merritt Island and at a lighted intersection. Nathan Eissler, Senior Associate 407.660.6658 nathan.eissler@avisonyoung.com Steve Tanner, Senior Vice President 407.660.6652 steve.tanner@avisonyoung.com
1351-1355 N COURTENAY PARKWAY MERRITT ISLAND, FL Property Description 2016 REAL ESTATE TAXES Amount ($) Assessed Value $1,650,000 Ad Valorem $25,675.18 Non-Ad Valorem $4,107.31 Total With Discount $28,591.19 Site Specifications Address: 1351-1355 N Courtenay Pkwy Merritt Island FL 32953 Submarket: Brevard County Buildings: 3 Parcel ID(s): 24-36-23-BX-*-17 Total Site Area: 2.89± Year Built: 1983 / 1987 Current Occupancy 67.3% Zoning BU-1 CC Property Use: Professional Office Complex Pricing Asking Price: $2,200,000 ($68 psf ) Year-One NOI: $181,437 Cap Rate ( In-Place): 8.2% with an additional 10,551 sf lease Property The property consists of 32,273 sf of office space in 3 buildings (12,882, 15,642 and 3,749 sf). Tenant Suites range from 608 to 2,400 sf making them ideal size and location for the local office user. Location Town Square is located in the NWC of the signalized intersection of N. Courtenay Pkwy and Grove Blvd. The property is conveniently located less than 2 miles between State Road 528 and to the North and Merritt Island Causeway to the South. Signage Town Square has excellent signage with a monument sign on Courtenay Parkway with room for 17 tenants in its current configuration. Some tenants also have signage on the facade of the building. Traffic Counts 28,000 vehicles per day on North Courtenay Parkway. Access Town Square has excellent access with a full ingress/egress directly from Courtenay Parkway into the parking lot. The south entrance to Grove Boulevard provides access to the lighted intersection. Additionally a third entrance is available via the shared parking lot with the property to the north.
1351-1355 N COURTENAY PARKWAY MERRITT ISLAND, FL Site Plan GROVE BLVD Y X W Z V U T S R Q M L N P O K J I H G F E C-D A B AA BB N COURTENAY PKWY (28,000 VEHICLES PER DAY)
1351-1355 N COURTENAY PARKWAY MERRITT ISLAND, FL Financials TOWN SQUARE CURRENT RENT ROLL Ste # Tenant Square Feet Rent / SF "Monthly Net Rent" Annual Rent A Kiser Realty 1,187 $10.11 $1,000.00 $12,000.00 B Vacant 1,476 $0.00 $0.00 $0.00 C & D Fidelity National Title of Florida 1,998 $16.05 $2,673.00 $32,076.00 E & F Weiss & Newberry Medical As. 2,272 $13.39 $2,535.16 $30,421.92 G & H The Fathers Home Christian Center 1,998 $8.68 $1,445.25 $17,343.00 I Richard Keonig (Podiatry) 1,605 $12.00 $1,605.00 $19,260.00 J & K Gary Herbeck (Dentist) 2,346 $12.29 $2,402.70 $28,832.40 L Vacant 1,520 $0.00 $0.00 $0.00 M Vacant 1,005 $0.00 $0.00 $0.00 N Vacant 1,072 $0.00 $0.00 $0.00 O M.L.Young (CPA) 531 $12.00 $531.00 $6,372.00 P Vacant 801 $0.00 $0.00 $0.00 Q Studio Q (Hair Salon) 565 $12.74 $600.00 $7,200.00 R & S Vacant 2,394 $0.00 $0.00 $0.00 T Honey Moon Hill (Contractors) 1,593 $7.42 $984.44 $11,813.28 U Christ Church/Positive Thinking 1,123 $12.00 $1,123.00 $13,476.00 V Elain Renee (Salon) 952 $9.89 $785.00 $9,420.00 Current NOI (As-Is) UNDERWRITING ASSUMPTIONS Stabilized NOI W Dance Brevard/2 L. Feet 1,195 $9.47 $943.40 $11,320.80 X Law office of Sean Anderson 608 $6.18 $313.21 $3,758.52 Income & Expense Recoveries 1. Income Based on Current Occupancy 2. Expenses Based on 2016 Income Statement 3. Management Fee Based on 3% of Gross Income 4. Capital Reserves at $.15 psf Income & Expense Recoveries 1. Current Tenants remain at existing rents 2. Vacant Suites leased up at $8 - $14 psf (net of utilities) 3. Vacancy and Credit Loss of 7% Y & Z Vacant 2,283 $0.00 $0.00 $0.00 AA Pastermack Real Estate 2,400 $12.00 $2,400.00 $28,800.00 BB Pinnacle Financial 1,349 $15.00 $1,686.23 $20,234.76 32,273 Total Base Rent $21,027.39 $252,328.68
1351-1355 N COURTENAY PARKWAY O R L A N D O, FL MAP/AERIAL FROM TOWN SQUARE: KENNEDY SPACE CENTER POTENTIALLY OVER 30 LAUNCHES IN 2017 PORT ST JOHN CAPE CANAVERAL AIR FORCE STATION DOWNTOWN ORLANDO - 42 MILES ORLANDO INTERNATIONAL AIRPORT - 35 MILES TOWN SQUARE PORT CANAVERAL VISITORS PER YEAR: 3.9M PASSENGERS PER YEAR MERRITT ISLAND COCOA COCOA BEACH OSCEOLA
1351-1355 N COURTENAY PARKWAY ORLANDO, FL MARKET OVERVIEW & DEMOGRAPHICS Brevard County/Space Coast Brevard County lies on the Space Coast, the eastern coast of Florida approximately 30 miles east of Orlando. The MSA is largely influenced by the Kennedy Space Center, Port Canaveral and the world famous Cocoa Beach. The John F. Kennedy Space Center in Cape Canaveral is NASA s primary launch center. Located on the north side of Merritt Island, the 219 square mile facility is active with launches by: Space X, United Launch Alliance and others. In addition to the Space industry, defence contractors Northrop Grumman, the Harris Company and Boeing plan on expanding into the area and adding thousands of jobs. Port Canaveral is the second largest cruise port in the world and is a major economic generator for the area and Florida. The port provides about 17,000 jobs and $2 Billion in economic impact to Brevard County. Recent and current development and renovations total over $195M in projects. The world famous Cocoa Beach is lined with hotels and tourist activity. Ron Jon s Surf Shop receives 2 million visitors per year. 2016 DEMOGRAPHICS: TOWN SQUARE 1 MILE 2 MILE 3 MILE 2016 Estimated Population 9,869 26,593 39,010 Projected Population Growth 2016-2021 1.9% 2.0% 2.0% 2016 Estimated Households 4,509 12,082 17,522 Average Household Income $55,383 $54,480 $56,064 Median Age 45.7 44.4 44.8 Daytime Employee Count 3,257 9,162 20,987
SHOPPES OF VICTORIA SQUARE MERRITT ISLAND HIGH SCHOOL TOWN SQUARE LOCUS RD INDIAN RIVER N TR AL T R L N COURTENAY PKWY OPIC MILA ELEMENTARY SCHOOL EDGEWOOD JUNIOR/SENIOR HIGH SCHOOL E MERRITT AVE Partnership. Performance. Avison Young 135 W. Central Boulevard Suite 700 Orlando, FL 32801, USA Phone: 407.219.3500 Fax: 407.219.3501 Nathan Eissler, Senior Associate 407.660.6658 nathan.eissler@avisonyoung.com Steve Tanner, Senior Vice President 407.660.6652 steve.tanner@avisonyoung.com E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young. avisonyoung.com 2017 Avison Young Commercial Real Estate (Ontario) Inc., Brokerage. All rights reserved.