Shopping Neighborhood
Wickham Retail Plaza | $166 PSF | Below Replacement Cost | NNN
1120 S Wickham Rd, West Melbourne, FL 32904
Listing Price: $1,500,000
Investment Overview
Marcus & Millichap is pleased to present 1120 S Wickham Rd, Melbourne, FL 32904, a multi-tenant retail
center sitting on just under 1-Acre with strong visibility along one of Melbourne’s busiest thoroughfares,
seeing nearly 27,000 vehicles daily. Anchored by a diverse mix of long-term tenants, the property benefits
from stable occupancy and minimal landlord responsibilities due to its triple-net (NNN) lease structure, with
tenants reimbursing for all expenses, including capital reserves and management fees. Recent capital improvements, including a 2022 roof replacement with a 20-year transferable warranty and all HVAC units under five years old, ensure minimal near-term maintenance costs. Current net rents of $10.20 PSF remain well below the market average of $19.50 PSF per CoStar, offering strong rental growth potential.
The property is situated on just under an acre in a high-growth area, with an average household income
exceeding $85K within a one-mile radius and over 132K residents within five miles. This investment offers a
rare opportunity to acquire a well-maintained, high-visibility retail center priced well below replacement cost.Nearby major retailers include Lowe's, Walmart Neighborhood Market, Home Depot, Best Buy, Burlington, Aaron's, and many more.
Wickham Retail Plaza | $166 PSF | Below Replacement Cost | NNN
Investment Highlights
- Recent Capital Improvements: Roof Replaced in 2022 With a 20-Year Transferable Warranty; all HVAC Units are Less Than 5 Years Old.
- Triple-Net (NNN) Leases: Tenants Reimburse for all NNN Expenses, Including Reserves for Capital Expenditures and Management Fees, Minimizing Landlord Responsibilities.
- Below-Market Rents: Current Net Rents at $10.20 PSF, While Market Rents per CoStar Average $19.50 PSF, Providing Significant Upside Potential.
- Stable Tenancy: Majority of Tenants Have Been in Place for 3+ Years, Ensuring Consistent Occupancy and Cash Flow.
- High Traffic & Visibility: Located Along S Wickham Rd with Nearly 27,000 Vehicles per day, Offering Strong Exposure.
- Strong Retail Presence: Nearby Major Retailers include Lowe's, Walmart Neighborhood Market, Home Depot, Best Buy, Burlington, Aaron's, and Many More.
- Strategic Location & Demographics: Property Sits on Just Under an Acre in a Growing Market. Average Household Income Within a 1-Mile Radius Exceeds $85K, With a Population of Over 132K Within 5 Miles and Continued Growth Expected.
- Value-Add: Priced Well Below Replacement Cost at $166 PSF, Enhancing Long-Term Value Appreciation Potential.
Exclusively Listed By
Financing By
Shopping Neighborhood
Wickham Retail Plaza | $166 PSF | Below Replacement Cost | NNN
Listing Price: $1,500,000
Investment Highlights
- Recent Capital Improvements: Roof Replaced in 2022 With a 20-Year Transferable Warranty; all HVAC Units are Less Than 5 Years Old.
- Triple-Net (NNN) Leases: Tenants Reimburse for all NNN Expenses, Including Reserves for Capital Expenditures and Management Fees, Minimizing Landlord Responsibilities.
- Below-Market Rents: Current Net Rents at $10.20 PSF, While Market Rents per CoStar Average $19.50 PSF, Providing Significant Upside Potential.
- Stable Tenancy: Majority of Tenants Have Been in Place for 3+ Years, Ensuring Consistent Occupancy and Cash Flow.
- High Traffic & Visibility: Located Along S Wickham Rd with Nearly 27,000 Vehicles per day, Offering Strong Exposure.
- Strong Retail Presence: Nearby Major Retailers include Lowe's, Walmart Neighborhood Market, Home Depot, Best Buy, Burlington, Aaron's, and Many More.
- Strategic Location & Demographics: Property Sits on Just Under an Acre in a Growing Market. Average Household Income Within a 1-Mile Radius Exceeds $85K, With a Population of Over 132K Within 5 Miles and Continued Growth Expected.
- Value-Add: Priced Well Below Replacement Cost at $166 PSF, Enhancing Long-Term Value Appreciation Potential.
Investment Overview
Marcus & Millichap is pleased to present 1120 S Wickham Rd, Melbourne, FL 32904, a multi-tenant retail center sitting on just under 1-Acre with strong visibility along one of Melbourne’s busiest thoroughfares, seeing nearly 27,000 vehicles daily. Anchored by a diverse mix of long-term tenants, the property benefits from stable occupancy and minimal landlord responsibilities due to its triple-net (NNN) lease structure, with tenants reimbursing for all expenses, including capital reserves and management fees. Recent capital improvements, including a 2022 roof replacement with a 20-year transferable warranty and all HVAC units under five years old, ensure minimal near-term maintenance costs. Current net rents of $10.20 PSF remain well below the market average of $19.50 PSF per CoStar, offering strong rental growth potential. The property is situated on just under an acre in a high-growth area, with an average household income exceeding $85K within a one-mile radius and over 132K residents within five miles. This investment offers a rare opportunity to acquire a well-maintained, high-visibility retail center priced well below replacement cost.Nearby major retailers include Lowe's, Walmart Neighborhood Market, Home Depot, Best Buy, Burlington, Aaron's, and many more.
Exclusively Listed By
Financing By
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