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+/- 3,808 Sq. Ft. Freestanding Retail/Office

Building with 4 Lane Drive-Thru, on 1.37 acres

in

Altamonte Springs, Florida

803 North SR 434 Altamonte Springs, FL

Asking Price: $2,150,000

Alex Garcia | SVP, Director of Real Estate & Facilities

50 SE Kindred Street, Suite 201 Stuart, FL 34995

Alex.Garcia@SeacoastBank.com | C: 407.242.4086 | O: 772.403.0297

FOR SALE

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Summary of Salient Facts

Property Name: Former First Green Bank

Address: 803 North SR 434

Altamonte Springs, Florida 32714

Assessor’s Parcel Number: 09-21-29-519-0000-0010

Zoning: C-L, Commercial Light

Land Use: Commercial/Office

Existing Improvements:

Age/Condition: Built in 2001; renovated in 2016/good condition

Property Type: One-story building; masonry construction with CBS exterior walls, gable and hip

roof with metal covering, storefront doors and windows, slab floor system; five-

lane motor bank facility

Size:

Gross Building Area: 5,568 SF

Bank NRA: 3,808 SF

Additional Amenities: Building has received a Green Globe Certification for environmental sustainability

efforts including recycled and recyclable building materials. Photovoltaic (PV)

Solar System with “net metering arrangement”, Generac 2,000 series generator;

electric vehicle charging station, motion activated LED lighting; solar powered site

lighting; low flow water usage plumbing fixtures

Physical Characteristics:

Site Area: 59,850 square feet, or 1.37 acres

Shape: Rectangular

Topography: Generally level terrain at 60’ above mean sea level; above road grade; slight

downward slope to the south, towards drainage retention area

Parcel Location: Corner lot configuration.

Access:

Street Name: The city is engaged in development and redevelopment along the State

Road 434 corridor, which presents mixed use, commercial/retail and residential

opportunities.

At Signalized Intersection: No

Overall Visibility: Visibility and exposure is considered good from the its respective roadways

Site Improvements

On-Site Improvements: The site features 285.00 FF along the east side of SR 434 and 185.00 FF along the

north side of Little Wekiwa Drive. SR 434 is a four-lane, asphalt paved roadway

with center turn lane, concrete curb, gutters, and sidewalks, overhead electric

service with street lights, and underground drainage.

Flood Zone Data:

Flood Map Panel: #12117C0145F, dated 9/28/2007

Flood Zone: The subject site is located in Flood Zone X, an area of minimal flood hazard

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Regional and Market Area Analysis

REGIONAL MAP

Location: The subject property is located in the town of Altamonte Springs. This incorporated area is located about eight miles north

of Orlando’s central business district and has a population of about 44,000 residents. Interstate 4 bisects the city in a

north/south direction and most of the intense development is located proximate to the I-4 corridor. According to the

Florida Department of Transportation, more than 100,000 cars travel State Road 436 and 120,500 cars travel Interstate 4 in

the Altamonte Springs area on a daily basis. The intersection of Interstate 4 and SR 436 (Altamonte Drive) in the vicinity of

the subject makes the market a destination for thousands of people on a daily basis. Three major roadways, State Road

434, I-4, and State Road 436, intersect, connecting the City of Altamonte Springs to all of Central Florida. The city is

engaged in development and redevelopment along the State Road 434 corridor, which presents mixed use,

commercial/retail and residential opportunities. The subject’s location along SR 434 is ideal for commercial development.

Economic Base: Altamonte Springs is a healthy and varied market with numerous commercial, industrial and residential uses. According to

the City of Altamonte Springs Economic Development Commission, infrastructure has been put in place to sustain over

four million square feet of development. The major east/west corridor is SR 436, which is nearly 100% developed with

commercial and retail uses. Development includes the regional Altamonte Mall, Florida Hospital Altamonte, numerous

restaurants, national fast food franchises, branch banks, professional and medical offices, big box retailers (Best Buy,

Target, and Rooms To Go, among others), unanchored retail strip centers, and automobile service uses. Major office

and mixed-use projects in the area include the Centerpointe office complex, the Renaissance Center, and Uptown

Altamonte.

Orlando MSA: The MSA encompasses 4,012 square miles (10,400 km2) of total area (both land and water areas). The Orlando–Kissimmee–

Sanford MSA is further listed by the U.S. Office of Management and Budget as part of the broader Orlando–Deltona–

Daytona Beach, Florida Combined Statistical Area. This includes the Metropolitan Statistical Areas of Deltona–Daytona

Beach–Ormond Beach (Volusia County) and Palm Coast (Flagler County), as well as the “micropolitan” area of The Villages

(Sumter County). This Combined Statistical Area was reported as having a total population of 2,861,085 in 2011.

The collapse of the housing market in the middle to late 2000’s put Metro Orlando, along with most the rest of the state

and country in a recession. Indications and reports have shown that the severe economic down turn has subsided and

economies and markets have improved. The prior recession negatively impacted the demand for all property types with

the exception of education, healthcare and defense. As a result, the majority of metropolitan and suburban markets were

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left with an inordinate amount of supply. However, as the economy began to improve over the last few years as the

inventory slowly lessened. Based on recent economic data from market participants along with local economic

development commissions, depressed markets have returned to a stable equilibrium. Improved economic conditions

specifically in the real estate market have allowed for market participants to become more active in the market. Both

commercial and residential inventory has significantly decreased resulting in a stabilized market which has fostered a

larger amount of equally motivated buyers and sellers. In addition, commercial and consumer lending availability has

significantly improved allowing businesses to strategically leverage borrowed funds. Generally, Metro Orlando was ahead

of the curve in rebuilding their economy because of the emerging companies and industries that, in the past, Orlando has

not been known for. The Orlando MSA, despite the past economic downturn, Orlando is an attractive and popular location

for companies and families.

Overall, Florida continues to be among the nation’s leaders in population growth. From the year 2000 to 2011, Florida’s

permanent resident population increased by more than 3 million. This was an increase of 19.24% to 19,057,542. That mark

was the third-largest numeric increase and the eighth largest percentage increase in the country. However, most recent

projections indicate that Florida’s population growth will continue to increase but at a slower rate than experienced in the

past from 2030 to 2040.

ORLANDO-KISSIMMEE-SANFORD MSA

Alongside the theme parks, a $13.4-billion technology industry has risen thanks to the digital media, life science,

simulation, and photonics industries. Metro Orlando serves these industries as home to 25 colleges and universities and

more than 50 professional and technical schools. The 2011- 2012, enrollment figures at the University of Central Florida

consisted of 58,699 students representing over 140 countries.

The majority of the student population is located on the university's 1,415-acre main campus approximately 13 miles (21

km) east-northeast of downtown Orlando. The university offers over 210 separate degree options through twelve colleges

and eleven satellite campuses throughout Florida. The Orlando region is positioned in the heart of one of the top 12

clusters for digital media in the country. As new applications for digital technology have continued to emerge, the industry

has kept pace in Metro Orlando. With a focus on content creation and enabling technologies, the digital media sector

features:

1,200+ companies

30,000 workers

Annual revenue of an estimated $9 billion (figure includes location-based entertainment)

The VA Hospital, along with the University of Central Florida's College of Medicine, Nemour’s Children’s Hospital, and the

Burnham Institute for Medical Research, all have expanded to Lake Nona’s Medical City in Southeast Orlando.

The three top employers in the Orlando-Kissimmee-Sanford MSA are (1) Walt Disney World, (2) Orange County Public

Schools, and (3) Florida Hospital Orlando. Other major employers include the Lockheed-Martin Corporation, Darden

Restaurants (Red Lobster, Olive Garden), Sea World, Southwest Airlines, and Rosen Hotels. The 2012 Orlando-Kissimmee-

Sanford MSA labor force is 1,134,562, according to the Florida Department of Economic Opportunity.

The metropolitan Orlando area is served by a network of north-south and east-west thoroughfares. The major

thoroughfare through the metropolitan Orlando area is Interstate 4. Interstate 4 is an east-west artery originating in the

city of Tampa proceeding northeast to its terminus near the city of Daytona Beach. It should be noted that Interstate 4

traverses the Orlando area in a north-south direction.

Total Population 2,171,360

Median Age 36.2

Number of Households 768,639

Median Household Income $49,137

Median Per Capita Income $24,976

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