INDUSTRIAL PROPERTY SHOWCASE – 2023 CONSTRUCTION – 100% OCCUPIED 8.31% CAP RATE

Palm Bay

2720 Kirby Cir NE | Palm Bay Flex Portfolio | 17,482 SF | $2,995,000 ($171.32/SF) | 8.31% Cap

Executive Summary

Welcome to the Palm Bay Flex Portfolio, a 2023-built, 100% occupied industrial gem that delivers both stability and scalability. Eleven flex warehouse units, all fully leased under NNN structures, combine into a 17,482-SF asset that offers investors day-one income and long-term durability.

Situated in the heartbeat of Palm Bay’s industrial corridor, this property offers unmatched proximity to I-95, US-1, and major employers such as L3Harris, Tibbetts Lumber, ABC Supply, and Leonardo DRS. With modern construction, high tenant demand, and an 8.31% cap rate, this portfolio blends industrial strength with small-bay versatility.

Why It Works / Investment Highlights

• Day-One Cash Flow — 100% leased with projected 2025 NOI of $248,736 (8.31% cap).
• 2023 Vintage Build — Modern tilt-wall flex with concrete floors, 45 grade-level doors, and functional clear heights (11’–14’).
• Tenant-Proof Design — Individually metered electric, NNN leases, and flexible floorplans across 11 warehouse bays.
• Prime Location — Just off Palm Bay Road with direct reach to I-95, US-1, and local employment hubs.
• Institutional Features, Local Scale — Small-bay flex product in scarcity supply, highly liquid on exit.

Property Facts

• Price: $2,995,000
• Price/SF: $171.32 Cap Rate: 8.31%
• Rentable Building Area: 17,482 SF
• Lot Size: 1.78 AC
• Year Built: 2023 Sale Type: Investment
• Property Type: Flex / Light Distribution
• Parking Ratio: 0.8/1,000 SF (14 striped spaces)
• Doors: 45 grade-level (10’ x 10’)
• Clear Height: 11’–14’
• Utilities: City water/sewer, 3-phase FPL electric
• Zoning: LI – Palm Bay Light Industrial

Strategic Angle

For investors: This property is a plug-and-play NNN portfolio with strong cash flow and low management intensity.

For future exit: Flex product like this is in high demand from 1031 exchange buyers and private equity firms targeting small-bay portfolios across Florida.

The takeaway — a modern, cash-flowing flex asset with scarcity, location, and tenant stickiness baked in.

Bottom Line

2720 Kirby Circle is more than a collection of bays — it’s a turnkey income engine in a supply-constrained market. With a fresh build, 100% occupancy, and a strong cap rate, this Palm Bay flex asset is industrial investment, simplified.

Industrial Market Report | Palm Bay / Space Coast Submarket

• Leases: L3Harris recently renewed over 100,000 SF in Melbourne, reinforcing strong aerospace demand.
• Sales velocity: Institutional buyers circling Space Coast flex as cap rates compress in Orlando/Miami.
• Rental growth: Small-bay industrial rents in Palm Bay averaging $12–$14/SF NNN, with absorption outpacing deliveries.
• Development: Limited new flex supply in Palm Bay; most new construction focused on Brevard logistics parks.

Links

Argossy International Properties
Palm Bay Economic Development Dept.

Transportation Snapshot

• Cargo Rail: Florida East Coast Railway – Palm Bay spur, <15 min
• Cargo Air: Melbourne Orlando International – 18 min / 7.4 mi
• Cargo Port: Port Canaveral – 55 min / 47.2 mi