1906-1998 State Road 44 - Freestanding FOR SALE


New Smyrna Beach, FL 32168
$15,769,000 USD
813-939-7732
1906-1998 State Road 44, New Smyrna Beach, FL for Sale
$15,769,000 USD
Freestanding - FOR SALE
1/11
null | 6.7% Cap Rate

1906-1998 State Road 44
New Smyrna Beach, FL 32168


HIGHLIGHTS

  • All tenants have five year options to renew and the majority have scheduled rent increases.
  • The lease features 10% rental increases every 5 years and at the beginning of each option.
  • The Starbucks was constructed in 2024 and features high-quality materials, high-level finishes, and distinct Starbucks design elements.
  • Starbucks recently signed a brand new 10-year lease with 6 (5-year) options to extend, demonstrating their long-term commitment to the site.
  • The lease is corporate signed by Starbucks, an investment grade (S&P: BBB+), nationally recognized, and established firm with over 39,000 stores.
  • Other recent lease renewals include Firehouse Subs, which has been a tenant since 2014, and signed a 5 year renewal in 2024.

OVERVIEW

The center is currently 100% occupied and consists of two buildings - one being the recently constructed Starbucks out-parcel building Ollie’s Bargain Outlet and Beall’s Outlet anchor the site and account for 67% of GLA Beall’s has been a tenant at the center since 2012 Ollie’s Bargain Outlet assumed a Big Lot’s lease in 2025, the lease is through January 2029 Beall’s Outlet Stores signed a 5 year renewal in 2023, extending their lease through April 2028

FOR SALE DETAILS

PRICE

$15,769,000 USD

PRICE/SF

$180 USD /SF

CAP RATE

6.7%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Fast Food, Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1987

SPRINKLERS

-

PARKING SPACES

380

LAND DETAILS

LAND ACRES

10.15 AC

LAND SF

442,134 SF

ZONING

B-5

APN/PARCEL ID

7343-06-00-0720

ASK ABOUT THIS PROPERTY

Robert DillardSRS Real Estate PartnersMore Info
813-939-7732

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Robert DillardSRS Real Estate PartnersMore Info
813-939-7732

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.