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424 Luna Bella Lane B+C, New Smyrna Beach, FL 32168

$617,500
Property Type: Commercial Sale Square Footage: 6,604 Status: Closed
Current Price: $617,500 List Date: 2/07/2024 Last Modified: 9/28/2024

Overview

Description

Two Commercial Condos totaling 6,604 SF with storefront on busy Luna Bella Lane. -Unit C (Suite 131): 4,354 SF is leased by Snap Fitness through April 2033. $62,819.12 Current Annual Base Rent 1/1/2024-12/31/2024, 4% annual increases except 2029 which has 19% increase, PLUS Tenant pays condo dues and real estate taxes. -Unit B (Suite 133): 2,250 SF is vacant and available for lease at projected $24.00 per SF base rent. $54,000 Annual Base Rent, PLUS Tenant will pay condo dues and real estate taxes. Projected Initial Cap Rate 7.8% with both units leased. Projected Overall Cap Rate 9.1% when factoring in all increases. Location has some of the best demographics in East Volusia County.

Supplements: The Downtown Venetian Bay Town Center has approximately 2,000 homes within a short walking distance and over 2,900 homes currently, with plans to grow to over 4,000 homes at full build-out. Additionally, there are 322 apartments under construction across the street. Currently estimated to be over 7,000 potential customers with over $75,000 plus Ave ...

Listing Details MLS# 1119218

General Property Information

Number Of Units Total
2
Building Area Total
6604
Year Built
2007
Association YN
No
Water Body Access YN
No
Waterfront YN
No
Directions
Located west of Interstate 95 between Pioneer Trail and SR 44 just off Airport Road.
Public Remarks
Two Commercial Condos totaling 6,604 SF with storefront on busy Luna Bella Lane. -Unit C (Suite 131): 4,354 SF is leased by Snap Fitness through April 2033. $62,819.12 Current Annual Base Rent 1/1/2024-12/31/2024, 4% annual increases except 2029 which has 19% increase, PLUS Tenant pays condo dues and real estate taxes. -Unit B (Suite 133): 2,250 SF is vacant and available for lease at projected $24.00 per SF base rent. $54,000 Annual Base Rent, PLUS Tenant will pay condo dues and real estate taxes. Projected Initial Cap Rate 7.8% with both units leased. Projected Overall Cap Rate 9.1% when factoring in all increases. Location has some of the best demographics in East Volusia County.
List Price/SqFt
227.14
Sold Price/SqFt
93.5

Property Features

Building Features: Showroom Business Type: Commercial; Professional Service; Professional/Office; Residential; Retail Current Use: Residential; Retail Sale Includes: Building & Land

Contract Information

Listing Contract Date
2024-02-07
Property Sub Type
Business

Location Tax and Legal

Street Number
424
Street Name
Luna Bella
Street Suffix
Lane
County
Volusia
State
FL
Postal Code
32168
MLS Area Major
97 - New Smyrna Beach S of Pioneer, W of 95

Status Change Information

Major Change Timestamp
2024-07-12T17:24:34Z
Major Change Type
Status Change
Purchase Contract Date
2024-05-22
Close Date
2024-07-12
Close Price
617500

Building Features

Vac Off/Retail SqFt
6604
Showroom
Yes

More Information

Historical Information

Public Historical Remarks 1
Zoning (Text): PUD; Bldg Type/Location: Attached; SqFt - Total: 6604.00; Confidential Listing: N; Franchise Opt In: No

Location, Tax, and Legal

Country
US
Parcel Number
7307-04-00-0020 & 7307-04-00-0030
Tax Legal Description
x

Currently Not Used

Unit Number
B+C
Year Built
2007

Current Use

Residential
Yes
Retail
Yes

Business Type

Commercial
Yes
Professional Service
Yes
Professional/Office
Yes
Residential
Yes
Retail
Yes

Sale Includes

Building & Land
Yes
Listing Office: SVN Alliance Commercial Real Estate Advisors
Last Updated: September - 28 - 2024
Information deemed reliable but not guaranteed.

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