Florida Luxury Homes For Sale /
Daytona Beach / Ponce Inlet Restaurants For Sale / convenience stores
Excellent current CAP rate of 10.5% for this cash on cash business. 2 for the price of 1. Convenience store and Italian Pizzeria for sale - mini strip mall on a giant 1.89 oceanview parcel across from the beach. Pizzeria makes documented gross of 525-550k per year. If overall bev and food cost is averaged to 33%, then gross a profit is approx. 346k. Most Italian pizzeria's can keep food costs down to a low of 25% to provide a gross of 400k, but lets conservatively say 33%. Payroll is 2 cooks plus a pizza cook plus 3 waitresses; total payroll of approx. 100k. Utlilities are less than 24k per year. This Yields an NOI 346k - 100k - 24k = 222k for just the pizzeria. Now add the convenience store which pays a lease of 40k per year. This lease expiring May 2008!!! Total actualized NOI = $262k and CAP rate of 10.5%. If the convenience store is run by the new owner and not leased out then NOI can be closer to $300k. There is tons of parking and space to add even more storefronts and an oceanview deck/beer garden. Both short and long term potential is excellent. Very rare B4 zoned 1.89-acre parcel in city of ponce inlet with panoramic ocean views - the beach is across the street. Presently, there is an Italian pizzeria on the premises and a convenience store. The possibilities are endless to add onto the strip mall: coffee shop, bookstore, liquor store, etc. Down the road, convert to under ground parking; build a mini village, and town homes above the commercial spaces. If you are a developer OR strictly a passive investor, the sellers will lease back the premises from you until you are ready to build. Opportunities; such as this come, but once in a lifetime.
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The source of the listing data is as follows:
Daytona Beach Area Association of REALTORS (updated 10/19/18) , My Florida Regional MLS (updated 10/19/18)