777 East Merritt Island Causeway, Merritt Island, FL
CAP RATE: 7.50%
NET OPERATING INCOME: $978,795
SQUARE FEET: 65,253 SF
This is the unique opportunity to purchase Cobb Theatres, a net leased offering in Merritt Island, FL This lease calls for zero landlord obligations. There is a scheduled increase in rent of 9.3% in 2019. The asset is well situated amongst major retailers in the Merritt Square Mall.
Merritt Island is a census-designated place in Brevard County, Florida, located on the eastern Floridian coast,
along the Atlantic Ocean. As of the 2010 United States Census, the population was 34,743. It is part of the
Palm Bay – Melbourne – Titusville, Florida Metropolitan Statistical Area. The name “Merritt Island” also refers to
the extent of the former island, which is now a peninsula. Merritt Island National Wildlife Refuge and NASA’s John F.
Kennedy Space Center are located on the northern part of Merritt Island. The southern area is heavily residential, with
centralized light commercial and light industrial areas. The island does not belong to any official city. The central
part of Merritt Island, previously known as Merritt City, is home to the majority of the population and includes the
local high school, library, and shopping district.