2575 Doreatha Fields Avenue NE, Palm Bay, FL 32905

$2,750,000

Virtual Tour

https://www.propertypanorama.com/instaview/spc/934186

Property Type: Residential Income Square Footage: 11,734 Lot Size (sq. ft.): 148,540 Status: Closed

Current Price: $2,750,000 List Date: 5/06/2022 Last Modified: 10/23/2024

Overview

Description

Excellent opportunity to purchase a single-tenant income producing industrial property in the heart of Palm Bay!! Republic Services has a 10-Year Agreement with City of Palm Bay Commencing 6/1/20. Long Term NNN Lease with Escalators Every 2-Years. Estimated 2022 NOI is $179,220 which is approximately a 6% CAP. There are two buildings for a total of 11,734 SF. Exterior is approximately 3.41 acres of paved/fenced/cleared yard. New roofs on both buildings in 2020 (Techgum Deck Fastened to Trusses). Flexible City of Palm Bay Light Industrial Zoning allows Warehousing, Light Manufacturing, Outdoor Storage & More! Close proximity to US1, Palm Bay Road & Interstate 95. The Melbourne International Airport is approximately 15-minutes away.

Listing Details MLS# 934186

General Property Information

Number Of Units Total: Yes
Living Area: 11734
Living Area Source: Public Records
Building Area Total: 11734
Year Built: 1974
Garage YN: No
Carport YN: No
Lot Size Acres: 3.41
Lot Size Square Feet: 148540
Association YN: No
Use Code: 48 / WAREHOUSING, D
Water Body Access YN: No
Waterfront YN: No
Pool Private YN: No
List Price/SqFt: 254.56
Sold Price/SqFt: 234.36
Garage Spaces: 0
Carport Spaces: 0

Property Features

Appliances: None Construction Materials: Block; Concrete; Frame; Stucco; Wood Siding Cooling: Central Air Flooring: Concrete; Vinyl Listing Terms: Cash; Conventional Owner Pays: Other Pool Features: None Possession: Close Of Escrow Road Surface Type: Paved Roof: Other Special Listing Conditions: Standard Utilities: Electricity Connected; Sewer Connected; Water Available Water Source: Public Showing Considerations: Occupied Showing Requirements: Appointment Only; Call Listing Office; No Sign

Contract Information

Original List Price: 2987000
Listing Contract Date: 2022-05-06
Property Sub Type: Multi Family

Location Tax and Legal

Street Number: 2575
Street Name: Doreatha Fields
Street Suffix: Avenue
Street Direction Suffix: NE
County: Brevard
State: FL
Postal Code: 32905
MLS Area Major: 340 - NE Palm Bay

Remarks and Miscellaneous

Public Remarks: Excellent opportunity to purchase a single-tenant income producing industrial property in the heart of Palm Bay!! Republic Services has a 10-Year Agreement with City of Palm Bay Commencing 6/1/20. Long Term NNN Lease with Escalators Every 2-Years. Estimated 2022 NOI is $179,220 which is approximately a 6% CAP. There are two buildings for a total of 11,734 SF. Exterior is approximately 3.41 acres of paved/fenced/cleared yard. New roofs on both buildings in 2020 (Techgum Deck Fastened to Trusses). Flexible City of Palm Bay Light Industrial Zoning allows Warehousing, Light Manufacturing, Outdoor Storage & More! Close proximity to US1, Palm Bay Road & Interstate 95. The Melbourne International Airport is approximately 15-minutes away.

Status Change Information

Major Change Timestamp: 2022-12-11T18:56:53Z
Major Change Type: Status Change
Status Change Timestamp: 2022-12-11
Purchase Contract Date: 2022-08-19
Close Date: 2022-12-11
Close Price: 2750000

More Information

Income and Expenses

Net Operating Income: 179220

Historical Information

Public Historical Remarks 3: Site Location-Near Railroad: Y, Style-Other - Call Agent: Y, Number of Buildings: 2 Buildings

Location, Tax, and Legal

Tax Account: 2857737
Parcel Number: 28-37-14-00-00019.0-0000.00
General County Location: South
Elementary School: Palm Bay Elem
Middle School: Stone
High School: Palm Bay
Tax Annual Amount: 6973.28
Tax Year: 2021
Tax Legal Description: PART OF W 1/2 OF NW 1/4 OF NE 1/4 & PART OF LOT 6 BLK B OF PB 18 PG 121 AS DESC IN ORB 3955 PG 3936
Directions: From Robert J. Conlan, turn north onto Northview Street NE. Property will be located on the east side at the Doreatha Fields Avenue & Northview Street intersection.

Appliances

None: Yes

Construction Materials

Block: Yes
Concrete: Yes
Frame: Yes
Stucco: Yes
Wood Siding: Yes

Cooling

Central Air: Yes

Flooring

Concrete: Yes
Vinyl: Yes

Listing Terms

Cash: Yes
Conventional: Yes

Pool Features

None: Yes

Possession

Close Of Escrow: Yes

Owner Pays

Other: Yes

Road Surface Type

Paved: Yes

Roof

Other: Yes

Special Listing Conditions

Standard: Yes

Utilities

Electricity Connected: Yes
Sewer Connected: Yes
Water Available: Yes

Water Source

Public: Yes

Showing Requirements

Appointment Only: Yes
Call Listing Office: Yes
No Sign: Yes

Showing Considerations

Occupied: Yes

Listing Office: The Ullian Realty Corporation

Last Updated: October - 23 - 2024

Information is deemed to be reliable, but is not guaranteed.