Offering Memorandum | Pelican Plaza

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Pelican Plaza2341 S. Ridgewood Avenue

Edgewater, FL 32141

Offering Memorandum

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Offering Memorandum | Pelican Plaza

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TABLE OF CONTENTS

The information within has been obtained from sources believed reliable. While we do not doubt its accuracy we make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. Hold Thyssen, Inc. is a licensed real estate broker.

For more information, contact:

SAXON EVANST: 407-691-0505 ext. 322M: 239-384-1432sevans@holdthyssen.com

301 S. New York AvenueSuite 200Winter Park, FL 32789

Executive Summary 3

Location 4

Financials 5

Market 6

Offering Memorandum | Pelican Plaza

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EXECUTIVE SUMMARYPelican Plaza is pound for pound one of the best value properties on market in Edgewater Florida. The property is for sale at $1,800,000 and totals 32,810 square feet. The site is 95% occupied with both local and national tenants.

The property itself, including the roof, is in great shape. The parking lot has recently been sealed and the signage directly on US 1 was redone.

Pelican Plaza is priced at just under $55 a foot for a fully stabilized and under market rented building. Many of these tenants have not had their rents increased in nearly a decade. Opportunities like Pelican Plaza only come around once every couple decades.

32,810 SF Retail Plazaon 1.46 AC

Parcel Number: 02-18-34-44-00-00208402-44-00-0020

07B3 Zoning

Built in 1981

Asking $1,800,000

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LOCATION

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PTraffic Count of 21,000 ADT

29 Minutes (24 Miles) to Daytona Beach Int’l Airport

Pelican Plaza sits directly on US 1 (Ridgewood Ave.). US 1 stretches from Miami all the way up the east coast to New York, boasting some of the highest vehicle traffic counts in the state.

This one of a kind retail property is located within one mile of some of the most prestigious tenants in the United States. Chick-Fil-A, Dunkin’ Donuts, Domino’s, Bank of America, O’Reilly Auto Parts, Family Dollar, AT&T, CVS, and Advanced Auto Parts are just a few of the national chains that choose this 1x1 mile market to do business in.

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FINANCIALS

TENANT SUMMARY

Square Total Rent Total RentTenant Name Suite Feet Per Month Per Year

HarryMarsh 1 $425.00 $5,100.00

KidsCityUSA 2 $3,558.39 $42,700.68

LightofCalvary 3 $850.00 $10,200.00

Vacant 4 $0.00

Upholstery 5 $744.10 $8,929.20

BageGolf 6 $1,700.80 $20,409.60

RotaryClub 7 $700.00 $8,400.00

AnimalClinic 8 $850.40 $10,204.80

ChoiceMeats 9 $850.40 $10,204.80

OrderofMoose 10 $3,200.00 $38,400.00

KirkMarketing 11 $903.55 $10,842.60

InandOutCellRepair 12 $773.55 $9,282.60

Total 32,810 $14,556.19 $174,674.28

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95% Occupied

$14,556.19 Monthly Rent

$174,674.28 Annual Rent

The information within has been obtained from sources believed reliable. While we do not doubt its accuracy we make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. Hold Thyssen, Inc. is a licensed real estate broker.

Offering Memorandum | Pelican Plaza

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MARKETDaytona Beach’s retail market is thriving. The metro’s strong, consistent demand is driven by a large local population base, high household formation, and further strengthened by a robust tourism industry.

The Daytona Beach metro encompasses Volusia County, the 11th-most populous county in Florida and home to nearly 500,000 residents, as well as Flagler County. Many retail centers in the metro are built in close proximity to the metro’s primary visitor draws, such as Daytona International Speedway and the world-renowned beaches.

Fundamentally, the retail market in Daytona is relatively strong. Average vacancies are well below the metro’s long-term historical trend as well as the national average. A significant portion of the recent demand has been driven by grocery expansions and entries by national chains, most likely due to the robust population growth rates. For example, Aldi announced plans to open a new store in mid-2019 in Ormond Beach. This would mark the German company’s fifth entry into the Daytona metro.

The tight fundamentals have promoted steady rent gains over recent years, including establishing an all-time high for annual rent growth in early 2018. Nearly all retail segment property owners have realized consistent rent increases, including notably high gains for mall landlords.

Investment activity is moderately high compared to similarly-sized metros and total sales volume has been booming over recent years. However, sales have cooled from the cyclic peak years of 2014 - 2016, with relatively flat yields over the last four years. The market also maintains low relative liquidity, as most years tend to see four percent or less turnover.