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328 N Ridgewood Ave 7,800 SF 100% Leased Office Building Edgewater, FL 32132 $1,100,000 ($141.03/SF) 6.80% Cap Rate
Investment Highlights
- 1.84 acres+/- w/ prime road frontage on US-1
- B-3 Highway Commercial Zoning - Edgewater
- 3 bay warehouse(1,800 SF)-currently vacant, easy to rent
- 1.3 acres adjacent land can be developed(340 RW)
- 20+ parking spaces
Executive Summary
10.3% PRO FORMA CAP RATE
Located in the quickly growing city of Edgewater, this office/warehouse space is suitable for investors or owner users. 0.53ac parcel with 7800sf warehouse/office space on busy US-1. Current owner converting renewing tenants to NNN leases. Ability for year two 10.3% cap rate by filling office vacancies. Owner/user would benefit from 6k square feet of office space and small bay warehouse in the rear of the building, with ability to sublet unused space to office tenants.
Located in the quickly growing city of Edgewater, this office/warehouse space is suitable for investors or owner users. 0.53ac parcel with 7800sf warehouse/office space on busy US-1. Current owner converting renewing tenants to NNN leases. Ability for year two 10.3% cap rate by filling office vacancies. Owner/user would benefit from 6k square feet of office space and small bay warehouse in the rear of the building, with ability to sublet unused space to office tenants.
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Office/Residential
Building Size
7,800 SF
Building Class
B
Year Built
1982
Price
$1,100,000
Price Per SF
$141.03
Cap Rate
6.80%
NOI
$74,792
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
3,900 SF
Building FAR
0.34
Lot Size
0.53 AC
Opportunity Zone
Yes
Zoning
B-3 Highway Commercial - B-3 Highway Commercial
Parking
43 Spaces (5.51 Spaces per 1,000 SF Leased)
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Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 7450-01-00-0210 | Improvements Assessment | $720,688 |
| Land Assessment | $93,955 | Total Assessment | $814,643 |
Property Taxes
Parcel Number
7450-01-00-0210
Land Assessment
$93,955
Improvements Assessment
$720,688
Total Assessment
$814,643
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328 N Ridgewood Ave
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