Description
| Price | $3,700,000 | CAP Rate: | |
| Property Type | Land | Total Lot Size | 25.51 AC |
| Property Sub-type | Industrial | Zoning Description | LI |
| Sale Type |
| Listing ID: | Date Created: 09/10/2020 |
Property Description
| Price | $3,700,000 | Lot Size | 25.51 AC |
The Subject which is 25.51±Acres currently zoned LI (Light Industrial &Warehousing District) and located in the designated Kirby Industrial Area,and within the boundaries of the Bayfront CRA district of Palm Bay, which was established in 1994, and makes the Subject eligible for certain incentives such as ad valorem tax abatement for qualified industries. The LI zoning allows for flexible permitted and conditional uses including warehouse, office, trade school, and certain retail uses. Subject benefits by close proximity to US 1 (22,500 AADT), Palm Bay Road (27,500 AADT)and the FEC Railway, as well as easy access to Interstate 95.
Sale Notes
The Kirby Industrial Area offers ample industrial land inventory and great opportunities for tax increment revenue generation. Because of this revenue potential, industrial development is an important component of the Bay front Community Redevelopment Plan. The total acreage of vacant and improved property is approximately 394 acres with the following proposed land uses: 41 acres of commercial, 253 acres of industrial and 84 acres of single-family residential, 2 acres of public open space and 14 acres of mobile home residential.Palm Bay is a city in Brevard County, Florida. The city’s population was103,190 at the 2010 United States Census, making it the most populous city in the county. Palm Bay is a principal city in the Palm Bay – Melbourne-Titusville Metropolitan Statistical Area, which had a population of 543,376at the 2010 census. The city of Palm Bay offers a high potential for growth,innovation and opportunities for businesses, both domestic and international. Palm Bay has enacted an aggressive Economic Development Program to assist existing businesses expand, and also attract new business, to make Palm Bay competitive with other cities in theState of Florida, and the Country. These incentives include job creation bonuses, loan guarantee programs, sales tax credits, and economic development zones.
