Marine Bank & Trust | Signalized Hard Corner Intersection

3303 Suntree Blvd, Melbourne, FL 32940, USA
$2,239,000

Description

Marcus & Millichap is pleased to present for sale this Net Leased Marine Bank & Trust located at 3303 Suntree Boulevard in Melbourne, Florida. The freestanding single-tenant property consists of a 4,000 Square Foot building and is situated on an oversized 1.21 Acre parcel of land.
The property is located within the Palm Bay-Melbourne-Titusville MSA and is part of an affluent submarket which boasts annual average household incomes in excess of $110,000 in both a 3-mile and 5-mile radius. Melbourne has been one of the fastest growing economies in the nation over the past five years due to the explosive growth of the privatized space sector, including thousands of high-wage jobs added by world-renowned firms such as Blue Origin, OneWeb, and SpaceX. Defensive-related jobs and announcements have also surged during this time from Harris Corporation, Northrup Grumman, and Lockheed Martin. The region similarly receives a significant boost from robust tourism in coastal areas like Cocoa Beach. Strategically situated on the signalized intersection of North Wickham Road and Suntree Boulevard, the property also benefits from great visibility and exposure to 55,600 vehicles per day.
Marine Bank executed a 10 Year Lease with attractive rental increases of 10 percent every five years in 2017 and has over 5 years of initial term remaining with two five-year options to extend.
Marine Bank is a full-service community bank committed to the success of the community, its residents and its businesses. As a fixture in the community since 1997, Marine Bank has helped
its clients from securing the capital for a mortgage to the cash management tools to improve cash flow.

  • High Traffic Counts | 55,600 Vehicles Per Day
  • Signalized Hard Corner Intersection
  • Superb Demographics | Over 75,000 Full Time Residents in the Immediate Trade Area
  • Affluent Market | Average Household Income Exceeds $110,000 in 1-Mile, 3-Mile and 5-Mile
  • Melbourne is One of the Fastest Growing Economies in the Nation
  • Exponential Growth and Expansion Due to Increased Activity in Private Space Sector
  • Thousands of High-Wage Jobs Added by Blue Origin, OneWeb, and SpaceX
  • Oversized 1.21 Acre Parcel
  • Robust Coastal Tourism Location
  • Florida is a No Income Tax State

Property Documents

  • Marine-Bank-Melbourne-FL-om-ib
  • City: Melbourne
  • State/county: Florida
  • Zip/Postal Code: 32940
  • Country: United States

Detail

  • Price: $2,239,000
  • Year Built: 2000

Additional details

  • CAP RATE: 5.65%
  • NOI: $126,500

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