Below Market Rent Value Add NNN 3555 W New Haven Ave 25,523 SF Retail Building Melbourne, FL 32904 $7,235,037 CAD ($283.47 CAD/SF) 5.75% Cap Rate

Colliers is proud to present 3555 W. New Haven Avenue, a generational real estate opportunity in the heart of Florida's Space Coast. This 25,531 square foot retail building sits on a 3.43 acre parcel along Highway 192, one of Melbourne's most active retail corridors and a corridor where comparable infill sites of this size rarely trade.
The investment thesis here starts with the rent. Northern Tool + Equipment occupies the building on a long-term lease at a rental basis well below current market for the corridor, which gives this asset a level of downside protection that is uncommon at this price point. Scheduled increases support income growth through the balance of the term, but the more important story is the low going-in rent. An incoming owner is not underwriting tenant credit in a vacuum. The dirt itself, 3.43 acres on a signalized retail corridor feeding the Space Coast Town Centre, would command meaningful value in any redevelopment, repositioning, or backfill scenario.
That is what I mean by generational real estate. When you acquire a building this size, on a parcel this large, at a rent this far below market, in a growth market like Melbourne, you are buying an asset that holds its value through cycles. If Northern Tool renews, you collect a growing income stream from a national tenant in a recession resistant category. If they ever vacate, you own one of the largest contiguous retail pads on the corridor at a basis the next operator can absorb comfortably. Either outcome favors the owner.
Melbourne is one of the strongest growth stories in Florida today. Aerospace and defense employers including SpaceX, Lockheed Martin, Blue Origin, L3Harris, and Northrop Grumman are driving sustained population and wage growth across the Space Coast. The 170 acre Space Coast Town Centre mixed-use development sits within minutes of the site and is reshaping retail demand patterns throughout the submarket. National co-tenancy along New Haven Avenue continues to deepen, and land pricing on the corridor has moved materially over the past several years.
For sophisticated investors who weigh tenant credit, lease structure, and long-term land value together, this is the kind of asset you hold. You let the escalations compound, you let the corridor mature around you, and you pass it to the next generation. Opportunities to acquire 3.43 acres improved with a 25,531 square foot national tenant building at a below market rent on a Florida growth corridor are scarce, and at this price point they are nearly impossible to replicate.