SRS Real Estate Partners Brokers $4.7M Sale Of Chipotle In Palm Bay With 15-Year NNN Lease
1491 Emerson Drive Northeast
$4,700,000
$1,880/SF
Building Size
2,500 SF
Asset Type
Retail
Closing
Nov 19, 2025
About this deal
AI
The property asset involved in this transaction is a newly built retail space located at 1491 Emerson Drive Northeast in Palm Bay. The sale price was $4,700,000 for a retail space measuring 2,500 square feet on a 1.04-acre lot. The property features a corporate-guaranteed 15-year absolute NNN lease.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $4,700,000
- Square Footage: 2,500 SF
- Price Per Square Foot: $1,880
- Market: Palm Bay
- Acres: 1.04
- Sellers Representative: Patrick Nutt - SRS Real Estate Partners
- Sellers Representative: William Wamble - SRS Real Estate Partners
- Buyers Representative: Jeff Gates - SRS Real Estate Partners
SRS Real Estate Partners facilitated this transaction, where Patrick Nutt and William Wamble represented the Florida developer while Jeff Gates represented the 1031 exchange buyer from San Francisco. The property is situated in a high-growth trade area, providing passive long-term income through its lease structure.
On the Map
$4,700,000
$1,880/SF
Retail
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Players
Palm Bay Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.38%
Cash-on-Cash
-0.96%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93