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1790 Highway A1A - Parkside Center, Satellite Beach, FL

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DetailMap
1790 Highway A1A - Parkside Center

Satellite Beach, FL 32937-5438 - Brevard County Submarket


Property Type:Office Sub Type:- Status:Existing Year Built:1983
Stories:2 Typical Floor:13,849 SF Building Size:26,000 SF
For Sale Price:Condo (see detail) Price/SF:For Sale
Cap Rate:-
Condos:This property has 1 condo for sale. Parking:136 Surface spaces are available; Ratio of 5.23/1,000 SF


Condos For Sale:
Floor
Suite
Unit SF
Price
Space Use
  Portfolio  
-
5,184 SF
$595,000
Office
 
1584877


Floor
Suite
Unit SF
Price
Space Use
Portfolio
-
5,184 SF
$595,000
Office
1790 HWY A1A, Satellite Beach, FL

Property Summary


The subject property is comprised of four condo units making up a sit down casual dining restaurant within a two story office condo building. The building is approximately 20,278/SF. The subject condo’s are approximately 5,184/SF. The property is located in a great area on A1A directly across from the Atlantic Ocean. The asset does not have beach frontage or direct access to the beach.

The office building which is "garden style”, has a private exterior entrance for each unit. The vacancy for the entire project is roughly 65%. There are a number of brokers advertising spaces for lease/sale within the complex. In speaking with them the asking rental rate is between $8.00-$10.00/SF gross. The building shows well and is in good physical condition. The building appears to have been a motel at one point in time but this could not be confirmed. The rear exterior of the building is not as desirable as the front. On the backside of the asset there appears to be some unfinished stucco work and the blacktop is in need or repair. Access in the rear is challenging and parking is extremely limited behind the building.

The interior of the space is in fair condition but needs some general cosmetic work. The space was left "as is" including inventory such as food, liquor, etc. Walking through the space it appears abandoned and looks as if the owner just up and left one night. The food and beverage has since been removed but the interior is still in need of a thorough cleaning. There is restaurant equipment in the space including fryers, stove tops, grills and walk in coolers. The working condition of this equipment could not be verified.

The buyer pool will be somewhat limited because the space is a condo. That same buyer pool will be seeking a discount due to this fact. Signage and visibility are limited making this site most likely a "word of mouth" neighborhood restaurant in the future. The site would not be suitable for a national or regional concept due to the above mentioned. The space is ideal for a local restaurant operator.

It is our recommendation that someone be hired to clean up the interior of the space. The space does not need to be detailed but put back into a clear working manner. It is also our recommendation that the power be turned on for all showings of the space. It is very difficult to navigate around the kitchen area without working lights. The space shows well from the outside and no cosmetic adjustments need to be made to the exterior.

Our belief is that the biggest objection will be that the space is a condo within a two story office condo project. The space is ideal for a local operator.






Evans Butler Realty, Inc.
Daniel Evans
(321) 727-1000 x103


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