Synergy Equipment

1740 West King Street, Cocoa, FL 32926

$3,072,000

Cap Rate 6.25%

$2,954,000

Cap Rate 6.50%

Views: 133 DOM: 110 Updated: 08.22.24 Posted: 05.08.24 Status: Sold 08.26.24

Summary

Price $3,072,000 $2,954,000	Built/Renov 1987/2024	Tenant Synergy Equipment
Cap Rate 6.25% 6.50%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 5,000	Lease Start 01-08-2024	#Units 24
Price/SF $614.40 $590.80	Expiration 01-31-2034	Tenant Type Industrial
NOI $192,000	R. Term 9.0	Ownership Fee Simple
Rent/SF $38.40	Increases 10.0%/5/yrs	Pop 5Mi 84,913
Lot/AC 5.46	Options 3/5yrs/10%	AHHI 5Mi $87,854

Lease Highlights

Synergy Equipment recently executed a brand new 10-year lease with 3 (5-year) options to extend
The lease features 10% rental escalations throughout the initial term and option periods
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Synergy Equipment is strategically located on West King Street, with access to 24,500 vehicles passing by daily. The property intersects with Interstate 95 (83,500 VPD) less than 1 mile westbound, offering excellent visibility and multiple points of ingress/egress. Additionally, it is positioned in an industrial and manufacturing hub with well-known national tenants including U-Haul, United...

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Key Features

Recent renovation
Oversized lot
Dense retail corridor
Near major nationals
Top 100 MSA
Affluent suburb location
Income tax free state
Brand new lease
Absolute NNN
Corporate Guarantee

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Links

Synergy Equipment Wikipedia Cocoa, Florida Zip Code 32926 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Synergy Equipment
Guarantor:Corporate
Company:Avance Investment Management
# Units:24
Stock:Private

About Tenant

Synergy Equipment is a leading service and equipment provider with operations in the Southeastern U.S. The Company offers general equipment and specialty pump rentals with a focus on construction...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	6,328	37,977	85,672
2023 Total Population :	6,307	36,880	84,913
2023 Employed Civilian Pop :	2,994	17,436	40,991
2023 Total Businesses :	287	2,160	4,818
2023 Average Household Income :	$ 48,774	$ 73,222	$ 87,854
2023 Total Consumer Spending :	$ 102 M	$ 990 M	$ 2762 M
2023 Median Age :	36	42	46
2023 Total Households :	2,384	15,454	36,182
2023 Pop Age 25+: Bachelor's Degree :	409	3,903	11,966
2023 Average Home Value :	$ 208,039	$ 304,375	$ 356,159

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Clearlake Rd	Peachtree St	2000	13,500	0.22 mi
Clearlake Road	Peachtree St	2022	14,800	0.24 mi
Clearlake Rd	Sue Dr	2009	13,490	0.26 mi
King St	Lois Ln	2000	21,399	0.27 mi
King St	Lois Ln	2009	20,260	0.34 mi
Clearlake Road	Jackson St	2018	5,000	0.39 mi
Clearlake Road	Jackson St	2020	4,800	0.46 mi
Clearlake Road	Jackson St	2022	4,000	0.46 mi
Lake Drive	Lazy Ln	2022	3,500	0.47 mi
Peachtree Street	Dora Ave	2021	4,300	0.47 mi

Listing Broker

Patrick Nutt

SRS National Net Lease Group

Contact

262 Listings
32816 Views
93 Sold

William Wamble

SRS National Net Lease Group

Contact

186 Listings
25573 Views
49 Sold

Patrick Nutt

Patrick Nutt joined SRS as executive vice president for the National Net Lease Group and market leader in the Fort Lauderdale office in 2019. He leads the Fort Lauderdale office where he is tasked with recruiting and expansion efforts in the region and elevating the SRS brand throughout Florida. Additionally, Patrick Co-heads the National Net Lease Group for SRS, a group of 50 investment sales professionals who in 2020 managed over 500 transactions with an aggregate value of nearly $2 Billion

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William Wamble

Will Wamble joined SRS in early 2019 and specializes in the advisory and sale of net leased properties, specifically in the Southeast. With more than $350M worth of transactional experience in his career, Will prides himself on valuing hard work and dedication to his clients. Will emphasizes collaboration and putting the best team together to find creative solutions to getting transactions completed. He started his commercial real estate career in 2013 with Marcus & Millichap where he focus

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