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.
Call Aswin for more information
All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independent verified. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law.
The source of the listing data is as follows:
Daytona Beach Area Association of REALTORS (updated 6/23/18) , My Florida Regional MLS (updated 6/23/18)