Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire 119 Mustang Way, a 7,904-square-foot multi-tenant retail property located in Merritt Island, Florida, within the Orlando-Daytona Beach-Melbourne MSA. The property sits on 0.59 acres and consists of a single-story retail building with five tenant suites, serving a variety of local businesses. The property benefits from an established and stable tenant base, with every tenant having over five years of operating history at this location, providing reliable in-place income and operational stability. The investment offers strong in-place cash flow with a 8.05% capitalization rate, delivering an attractive initial return for investors. Additionally, the property is offered at an attractive basis of approximately $151 per square foot, which is well below replacement cost and below the broader Brevard County retail market average sale price of approximately $200 per square foot, presenting investors with a compelling entry point and long-term appreciation potential. The property is located in a dense and steadily growing residential submarket, with over 9,400 residents within a one-mile radius and more than 39,000 residents within three miles. Population growth is projected to exceed 8% over the next five years, supporting continued demand for neighborhood-serving retail and service-oriented tenants. In addition to stable in-place income, the property offers long-term rental upside, with average gross rents currently at $16.47 per square foot compared to the submarket average of $19.81 per square foot NNN. This gap presents investors with a clear opportunity for future mark-to-market potential. Overall, 119 Mustang Way represents an opportunity to acquire a stabilized retail asset with strong in-place cash flow and long-term appreciation potential in an established market.